Does it feel like every passing year, life’s expenses keep going up? It’s not in your imagination. According to Forbes, the cost of living in major cities is surging. But that’s where everyone wants to be, in the happening cities. Most Americans prefer saving over spending, but the fact remains that the average U.S. household debt is increasing year after year. Student loans may have a lot to do with this. In order to see more green in your savings account, you have to re-examine your relationship with money. Many times it’s as easy as direct depositing $25 from every check into a small savings account, calling your insurance company to save an extra $36, or canceling subscriptions your never even use. Whatever it takes, be willing to explore changing with your money. Here are some tips we think can help you get on the right track:
Kick shame to the curb and face the music
Conquering shame when it comes to your finances is a tough pill to swallow. You’re getting older, you have no savings, in fact, you’re actually drowning in debt. This may be your situation but it is NOT who you are. Taking a hard look in the mirror to realize you’re standing in your own way takes courage. But YOU GOT THIS! No more shame or embarrassment when it comes to money. Kicking shame to the curb is the first step. Taking action is the second.
Write down your savings goal and track it every week
Tiny step, big reward. Saving starts by breaking down those barriers and myths that saving money is “hard.” Writing out your plan is a step in the right direction. We are huge fans of saving, whether it’s for that dream job, dream wedding or dream business, having a debt-free mindset will set you apart. Download our ‘Savings Tracker’ printable and start tracking your savings today! It’s super easy, just write down what you’re saving toward, your goal amount, and goal date.
Take action and start small
There’s this misconception that you have to save large amounts of money to see your account grow. SO FALSE! Instead, review your budget and aim to start saving toward your financial goals by following the “pay yourself first” strategy. Under this method, you set up your savings to be automated every month and you save before you spend money on variable expenses. The goal is to save 20% of your net income–but don’t let that amount scare you. Even if its $25 per check, it’s a start. Ask yourself: If I had no belief about money being good or bad, what are all the different areas money can come into my life or my business?
Be open to change everyday
Your money or business goals and decisions are not set in concrete. Be open to making a different decision every day, every hour or even every 10 minutes. You hold the keys to change. Never doubt your ability to accomplish something. There is no expiration date on your potential. Make a plan and stick to it.