While insurance can help you when it comes to needing care, but what about your caring for your finances? Most of us don’t even use a budget, so it’s amazing that the norm is just sort of a free for all for spending and hope that you have more money coming in than going out. If you take a step back and pull last month’s debit or credit card statement, you can see every dollar that is going out and look to pull back some of the money wastes and free up extra money to put towards better use, such as building an emergency fund, paying off debt, or increasing retirement savings.
Going Out to Eat
Sure, it’s nice to stop for a bagel and coffee in the morning, grab lunch at work, or stop for carryout on the way home from work so you don’t have to prepare dinner, but that adds up pretty quickly, not to mention they probably aren’t the healthiest of options. If you can look through your refrigerator and pantry and make a list of items you need to meal prep throughout the week, you’ll notice the dollars will add up immediately, not to mention the waistline will start to decrease.
Paying Credit Card Interest
There certainly isn’t anything wrong with using a credit card if used responsibly, charging what you can afford to pay off, but if the balance gets larger than you can pay when the statement balance is due, you will begin to be charged interest, which depending on the card and balance could put a dent into your monthly budget, especially if you are really looking at paying off quickly, instead of only paying the minimum and having to get used to the idea of that debt being around for possibly decades.
Missing Out on Free Money
Money certainly doesn’t grow on trees, so when you’re able to take advantage of a little extra coming your way you should jump at the chance. Using a rewards credit card is a great way to earn points to redeem for gift cards, or cashback, just by making the purchases you were going to make anyways, which could add up to hundreds of dollars in free money each year. On a larger scare, check at work to see if you are taking full advantage of any company-matching retirement contributions, as that could be thousands of dollars a year you’re missing out on, not to mention what that balance would be if it grew in the next few decades until retirement.
Not Taking the Time to Find the Best Deal
Now that we don’t have to drive all over town to the find the best deal and having virtually an endless supply of websites to choose from, there should be no reason to pay top dollar for anything you can get cheaper, and with free shipping no less, so you don’t have to waste your day driving around and fighting crowds to save a few bucks.