Ten tips for living within your means
Published by: LifeWorks,
In the last few years financial well-being has emerged as one of the four key pillars of total well-being alongside mental, physical and social wellness. But financial well-being isn’t about having lots of money – it’s about living within your means, saving for what you love while avoiding stress, and setting budget goals in a way that works for you.
With holiday season approaching and major shopping events such as Black Friday, Christmas and January sales on the horizon, it’s a time of year when financial well-being can suffer. So if you’re looking for ways to save money or simply become a more budget-friendly you, boost your money saving skills in 10 easy-to-follow steps that will help you live within your means:
1. Make a personal budget and stick to it. Keep track of everything you spend – save receipts, use a notebook or a budget app.
2. Think about your financial goals. Identify your top short- and long-term financial goals and create a realistic plan to reach them.
3. Look for ways to overcome bad financial habits. If you spend money to reward yourself, try to overcome this habit.
4. Take control of your credit cards. Better yet, operate on a cash-only basis. Buy what you can pay for with a debit card.
5. Call your credit card companies and ask for a lower interest rate. Many companies will lower rates to keep your business.
6. Pay your credit card bills on time. Try to pay more than the minimum required.
7. Review your TV, internet, and phone rates. Call and ask if current providers can give you lower rates.
8. Meal prep is saving. Bring your lunch to work. Brew coffee at home or work.
9. Avoid impulse buys. Find other activities that you enjoy and avoid shopping as a form of entertainment.
10. Talk openly about finances with your family. Set financial goals and come up with ideas together to reduce expenses and increase savings.
Bonus tip: Remember that LifeWorks by Morneau Shepell offers a wide range of Perks, benefits, discounts and savings for any budget. Calculate how much you could be saving!