Man, these are the days when a brother or sister can’t catch a break! From rising gas prices to inflation, it puts you in a situation where it seems like you and your account are on bad terms. But before you get ready to sign any loan papers, let me drop five tips on how you and your finances can get back on track and stay in a healthy relationship forever-ever.
Be Out with The Takeout
Remember when you were young, and your parents used to say, “We got food at home” every time you asked them if you could go to McDonald’s? You got mad, but when you got older, you understood why. Eating out is one of the main culprits of finances dwindling as fast as they do. According to the website ‘A Financially Fit Life,’ more money was spent eating out this year than it was on groceries. To combat this, incorporate your creativity and remake your favorite takeout meal; make it fun. Try it for a week and, just by doing that alone, see how much money you save.
The average U.S. household spends $2,375 annually on dining and takeout purchases.
Cash and Carry
We get so caught up in swiping our debit and credit cards and then turn around and wonder why we barely even have money for a 4 for 4 from Wendy’s. I was told that it’s better to keep track of what you spend when you carry cash with you. It also helps you make better decisions on what you spend the money on, especially if you limit the money you carry with you to a certain amount. With the pandemic still lingering, I know this might cause some pause, but this is a method I would still advise.
Keep a Close Eye
Take a look at your account balances at least once a day to make sure there’s no funny stuff going, i.e., excessive overdraft fees or unauthorized charges. This will help you get a better understanding of your overall financial picture as well as a game plan on how to move.
Normalize Missing Out
If you have to decide which bills to pay late, you’re not in a place to go on that girls’ trip to Tulum or hit that brunch on Sunday, and it’s okay. You’re doing it for a reason; you have a mission; you’re trying to get back tight with your coins. Cozy up with that new book you’ve wanted to read or binge that new series; you’ll catch up with them later.
Still, Live Financially Conservative
Even when your finances are back in a good place, don’t backslide and live outside your means. Make good decisions. Remember those times when you and your finances were on the outs, and there was no hope in sight. Keep this in mind, and you’ll be in good shape.