Did your 2019 self write some checks your 2020 booty can’t cash? If you’re looking to get smarter with your money it’s actually easier than you’d think.
Here are some simple steps you can take to decrease your spending and increase your peace of mind.
- Rank your expenses. List out your monthly expenses into need, wants, and treat yo’self. Your needs are things like housing and transportation, your wants are things like retirement savings, and your treat yo’selves are your Netflix, cocktails, fancy tacos, and more.
- Challenge every expense. Now that you’ve got your list, really think about each thing you’re spending on. Could you pay less on this somehow? Maybe it’s time to find some cheaper car insurance, or look find a cheaper option for other things.Looking at you pricey gym membership that you thought would motivate you to go, but you’re basically just donating.
- Make some cuts. Could you maybe just cut down to one streaming service instead of five? Make Marie Kondo proud and get rid of anything you aren’t using. And don’t forget to shrink your food budget. In the words of your Mother “there’s food at home!”
- Rein in impulse purchases. You might have to treat this one like you’re kicking a nasty drug habit. It’s just too easy to spend online, so you’ll have to make it harder. Limit your social media time, take your credit card off of your favorite online store, and stop watching the things that are triggering you to buy buy buy.
- Go on a cash diet. Give your credit cards a rest somewhere and switch to debit for the rest of the month. You shouldn’t be buying anything with a credit card that you can’t pay off in full the next month anyway. That’s literally “how they get you.”