Use these 5 money tips to get clear on the state of your finances and move yourself closer to a blissful financial future.
Detox Your Systems
Combat the clutter in your life, and to make it that much easier to keep track of your money and where it’s going. First, create a filing system for your bills, payment stubs, and any other important documents. Try a free online tool, like Google Drive or Dropbox, for easy, paperless filing. Next, create a simple monthly budget that lists all of the money coming in (like your paycheck and government benefits) and all of the money that’s going out (utilities, rent, and car payment). Allocate enough money each month to cover your expenses. Split what’s left between your savings and monthly spending money. Lastly, start to automate payments from your checking account, so that bills can be automatically withdrawn from your account and paid by the due date.
Detox Your Habits
Look back at your spending, as a way to become familiar with how you typically spend your money. Identify any spending behaviors that were avoidable or that don’t benefit you positively, like parking tickets, overdraft and late fees, or high fast food and alcohol consumption. Commit to eliminating “bad habit” expenses for 30 days. After that, go for 60 days, and then double it from there – until your bad habits are officially no more.
Detox Your Spending
This is one of my favorite detoxes, and perhaps one of the easiest. Simply choose not to spend any money for a set period of time. It’s a great way to help you realize what is a need and what is a want, and to get you into the habit of living with less. How? Consider leaving your debit card at home, so that you’re not tempted to spend carelessly throughout the day. I know it seems like a scary thing but when you carry your debit card you are more likely to spend unnecessarily. And if there’s an expense that you can’t avoid, like gas for your car, withdraw the exact amount in cash ahead of time.
Cut back on an activity that costs you money regularly. For instance, if you usually go to brunch every week, try two or three weekends a month instead. You’ll still get the joy of doing the things you love, but you’ll have more money left in your pocket.
Shop Your Closet (and nowhere else!)
Don’t become a victim to marketing or fashion magazines. Commit to no new clothing purchases for an entire season and instead, get creative with the items that are already in your own closet, and the closets of friends and family. During this time, you’ll begin to realize that you care much more about what you’re wearing than others do. Maybe even turn this into a fun challenge by inviting your friends to participate too.
All data and information provided on this blog is for informational purposes only. The opinions, conclusions and other information expressed reflect the views of the author and does not necessarily reflect the views or positions of UniRush, LLC.