If you are trying to accelerate your savings progress, but are frustrated by what feels like an already very tight budget, breathe a sigh of relief: most of us can find valuable funds by tweaking the way we spend. Specifically, the way we spend on ourselves and social entertainment. Try freeing up your funds in these three ways:
- A Brunch Bunch: We all feel replenished after time with friends, but we don’t need to deplete our bank account to get that time! While an occasional brunch is special, take a look at how often you dine out, see a movie, or spend on other forms of entertainment. Consider telling your friends about your financial goals, and suggest a new tradition of potlucks or home visits, instead of large meals out over cocktails.
- A Rich Reward: We all work hard. Chances are, our time at work is eased by the promise of eventual reward and relaxation. Take your budget overhaul as an opportunity to find more affordable alternatives to treating yourself with a relaxing frappuccino, a new pair of shoes, or an exciting new tech device. If you get massages or facials every week, consider dialing them back to once a month. Consider simpler modes of rewarding yourself, like cooking a healthy meal, or drawing yourself a bath with a good book or show.
- Mandatory Fun: As much as we try to live our weeks as frugally as possible, we still wind up staring down three weddings and two birthdays in one month. Be wary of how much credit card debt you can accrue on new clothes, left alone gifts, or hefty airfare. Consider building a savings fund in anticipation of these special events, to avoid disrupting your budget and credit.
Struggling to keep up financially with your social obligations, or to afford time to take care of yourself? Try adding a second career to your plate in order to relieve your financial stress.
To learn more ways to improve your financial life, visit the Syncis blog at https://www.syncis.com/blog/.