Budget Weekly, Not Monthly
One of the reasons we lose control of our finances is because we handle them monthly. In a span of 30 days, you are bound to make transactions which are quite easy to forget about. Now if you are using debit cards as your primary method of expenditure, you know that it can be very easy to reach your spending limit and even go overboard if you aren’t fully aware; leaving you with overdraft fees.
Budgeting weekly will allow you to not only stay within your boundaries, but the knowledge of your spending pattern will also allow you to make adjustments to your spending habits and perhaps enable you to save more efficiently. The bottom line is that budgeting weekly will allow you to be fully in charge of all your finances.
Increase Your Automatic Savings by 1%
At EconomyZoom, saving towards a stable future is an idea that is fully endorsed and we love thinking of great ways to help you do just that. For many people, saving is usually made off of what is left over, while we encourage that you save an appropriate amount first, and spend the remainder. In order to help you save more, we encourage you to allot 1% (this is a minimum; do increase it to 5-10% if you can!) more towards your saving than you would conventionally. This can pertain to your 401(k) and/or your savings account(s).
Understand Your Debt
If you are under a debt burden, then we encourage you to tackle it headfirst this year. People that are under debt must immediately make paying it off their first responsibility; forget about buying the nice expensive things and that vacation! Chances are you are paying off your debts in installments arranged by the lender – unfortunately; following that plan is exactly what they want. The longer you spend paying off your debt, the more you are spending on paying the interest. Now it’s understandable if you cannot make room to pay more towards this monthly bill, but if there is any wiggle room where you can deposit more, then please do! That extra money will be going towards your principle – allowing you to finish paying the debt off faster and with more money in your pocket in the end. For more ways to solve your debt situation, we recommend you check out our tips on how to handle them here.
Check Your Credit Score
For you to be able to live a comfortable life with confidence, you simply must have a good credit score. Knowing your credit score will allow you to be confident if you are planning to take out loans for school, cars, and/or a house, and traveling. – granted it is “good”. If you feel you aren’t satisfied with your (newly discovered) credit score, you will now be able to make all the necessary improvements in your behavior in order to improve it!
Ask for a Raise
If you can justify qualifying for a raise, then it simply makes sense to seek for it. How you go about it matters a lot more. We suggest you check out our post on How to Ask For a Raise to get in depth steps on how to take this approach properly.
Bring your Lunch
This may seem like an odd tip to include, but it’s our favorite (because it’s the easiest) and it does wonders! On average, people can spend anywhere from $6-10 daily on lunch by eating out – that’s a lot of money spent weekly. Plus, the damage you could be doing to your body from the food choices you may be making is only adding to various health complications that can arise at a later age. Making food at home will allow you to eat healthy and you will only be spending a very minute percentage compared to eating out every day.