Whether you want to start saving towards a goal like buying a house or starting a family, or you find yourself in a never-ending cycle of debt or simply not earning enough, you may be wondering how you can improve your financial situation and get your money back on track. If you need help in this area, this collaborative/contributed post may help.
Create a Financial Wellness Plan
I don't believe in budgets because asking us all to "stick to something" isn't all that realistic, especially when your income is inconsistent. But I do believe in a creating a financial wellness plan. AND I believe in tracking what's coming in and what's going out because 1) clarity helps with manifesting more money 2) so you can choose and decide where you want your money to go rather than wondering at the end of each month, where did all of my money go?
Change your spending habits
You’ve more than likely acquired some spending habits you're not so proud of over the years, which has resulted in you spending more than you should. Things like spending unnecessarily on clothes you wear once or twice or buying take out food regularly. If you're looking to save money on what you need to buy, like the best quality glasses or getting new car insurance, take some time to research lower rates.
Stop using credit cards
When money is tight, it’s easy to resort to using credit cards. But if you keep using these as a means to get by you end up in a cycle of debt. Even if you pay your credit card bills off each month, using them all the time means you are still in debt. Try putting your credit cards away or leaving them at home, as this will stop you from being tempted to use them.
Develop new skills
You might be wondering how this ties into your financial situation, but if you try to develop a new set of skills, they can help you find a better job that pays more. Improving your skills allows you to stay competitive in the workplace, so when promotions are being considered, you have the opportunity to progress. Look for ways to improve your skills by training programs your employer may offer, or free online courses that you can do from home.
Cancel unused subscriptions
One of the easiest ways to save money is by cutting down on your monthly expenses, like things you no longer use or only use from time to time. Maybe it’s a gym membership, a streaming service that you could get for free by using a coupon code, or cable TV. You might have a Netflix or Hulu subscription, so by canceling your cable TV you can save money while still being able to watch your favorite shows. It's a good time now with the coronavirus to take a look at what you're not missing and be able to permanently cut it out of your life.