Hey there, viewers!
Are these hard times stressing you out?
If so, you’ll be joining the millions of other people around the world hurting for
money.
It seems like everywhere you go, young people are facing financial trouble.
With the current pandemic underway, pressures have only been added.
As of 2020, the collective student loan debt in the United States has reached 1.6 trillion.
Believe it or not, things can improve.
But it does require some work on your end.
Can carpooling help?
How important is packing your own lunch?
Should you be shopping for clothes on sale?
Let’s take a look at 6 Budgeting Tips That Can Improve Your Life.
Start Carpooling Driving to work is a part of life for many
of us.
Until we calculate our funds, we often go without realizing just how much driving is
costing us.
Do you have a friend who drives?
Do they go in a similar direction in the morning?
If so, try carpooling as an alternative.
The benefits of carpooling are endless.
As of 2015, Americans spent more than 84 billion hours a year behind the wheel.
Think about the money you are spending on gas each week.
These same people spend almost 400 a month on gasoline.
Unless you have a pass, your parking fees also take a chunk out of your wallet.
If you simply jump in a car with a friend, that means more cash in your pocket and less
in the hands of gas stations.
It can cut your expenses by almost 50%.
If there are more people in your carpool, you may save additional money.
Just make sure you are all pitching in for gas.
Depending on the distance you are travelling, the price will vary.
Money aside, carpooling can reduce mental stress.
Instead of travelling to and from home by yourself, you now have a companion.
You can pass the time in traffic by making conversation.
It beats being lonely.
We would also go through the benefits of carpooling on the environment, but I think that’s enough
material for a whole separate video.
Save Your Spare Change
Many of us are sitting on a goldmine and don’t even know it!
Ever heard someone say, “Every penny counts”?
It’s true.
Whether it's a piggy bank, spare jar, or empty Coke can, if you have a container to shove
your loose coins in, use it.
Those who spend cash on a regular basis know the struggle.
You end up with a pocket of loose change.
Over the years, we end up accumulating a mini-fortune that we could be putting towards something
positive.
It can either help us pay our debt, or be added to our bank accounts.
It’s always good to have something for a rainy day.
But saving money isn’t the only method of easing financial strain.
Have you ever thought of investing?
It doesn’t even occur to younger people that they could be putting their cash toward
investments.
There are several apps on your phone that can help you invest your spare change.
After you make a purchase, the app connects to your debit or credit card, rounds to the
nearest dollar and makes your spare change available to invest in possible stocks and
bonds.
If this interests you, it’s best to research more on the subjects.
Financial experts are ready to assist you.
While loose change likely won’t save you from financial ruin, it can certainly help.
If it’s been years since you tallied your change up, you could potentially have hundreds
of dollars collected.
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Start Paying Off Loans
This one is going to hit home with many of our viewers.
I’ll preface by saying I know some people owe more money than others.
I’ve certainly been down that road, and it’s not fun.
The world of debt is filled with anxiety and frustration.
But on top of it, there’s an ugly truth we need to face in order to overcome it…
Our spending habits don’t make it any easier.
We live in a time where people are swallowed by debt, yet still indulging in vacations
and wild nights at the bar.
While this certainly doesn’t apply to everyone, we all know somebody who falls in this category.
Make it a goal to put more money towards paying off your loans.
The best planning method is to start a payment schedule.
This will outline crucial details like how often you pay and the amount paid each time.
This can bring you one step closer to being debt free.
Students are advised to begin the process of paying off their loans immediately.
Not after graduation.
In the United States, the average loan between $20 - $40,000 takes up to 20 years to pay
back.
You’ll want as much of a head start as you can get.
This leads into my next point...
But before we continue, are you concerned about the overall state of your health?
Have you considered changing your diet?
Perhaps you’d like to have a look at our video discussing the Impact of Obesity on
Your Body and Health?
Now back to our discussion on budgeting and how it can improve your wellbeing...
Pack Your Own Lunch
As I pointed out a moment ago, we are surrounded by so much excess that we often lose track
of the important things.
If you’re constantly being tempted by material items and delicious food, you’re going to
be spending a lot of money.
Part of budgeting and sorting your finances out, is having the discipline to say ‘no’.
As of 2017, Canadian households spent over $2600 on restaurant outings.
One of the best ways to reduce these expenses is to start packing a lunch.
It’s very easy to fall into the habit of eating fast food everyday.
You’ll be shocked to hear that this is a reality for many people in North America.
Let’s say you ate McDonald’s for lunch every week day.
In the USA, the average Big Mac combo is $5.99.
If you’re eating that 5 days a week, you’re spending over $30 plus additional tax.
If you’re buying breakfast in the morning as well, you may be spending twice that amount.
Instead of buying that burger everyday, try making yourself a sandwich.
In Canada, the average grocery bill for a household is $214 dollars for a whole month.
If you’re eating your food in moderation and carefully planning out your lunches, you’ll
be able to last a whole four weeks without eating take out.
This is one of the best measures you can take to carve out a better budget.
By eating less fast food, you’ll be cutting back on excess calories as well.
This can reduce your stress level by bringing down your blood pressure.
A healthier person is a happier person.
Shop For Clothes On Sale
Face it, in today’s world, it’s impossible to live without spending at least a little
bit.
But in the case of budgeting, you’re going to need to make some sacrifices.
Keep a close eye out for the good deals at your local stores.
This includes clothing.
Don’t go for the expensive brands.
You can maintain a decent wardrobe without blowing hundreds of dollars on new gear.
While the average adult spends around $161 on clothing each month, women spend 76% more
money than men on clothing per year.
This can easily be reduced if you go for cheaper items of attire.
Either that, or you cut back on buying clothes completely.
I don’t mean to judge, but a lot of you aren’t hurting for clothing.
I mean there’s people in my life that I’ve never seen wear the same outfit twice.
Again, sacrifice!
Reducing our spending habits often requires us to stop purchasing things we enjoy.
At least for the time being.
If you need new clothing, it’s best to go to stores where the prices are cheaper.
Maybe there is a generous sale happening you may want to take advantage of.
If you are hurting for cash, your local thrift shop is happy to oblige you.
If you get coupons, use those.
If you’re a student, use your discount privileges where you can.
These things are too convenient to not utilize in times of financial struggle.
Double Your Credit Card Payments
In the USA, the total consumer debt is almost $14 trillion.
The average household has a credit card debt of $8400.
If you are among these people suffering from heavy credit card bills, make sure you’re
staying on top of them.
It is one of the ways people can really hurt themselves financially, as your interest rates
will shoot through the roof.
When making a credit card payment, try and double the amount you owe.
I know this may seem like a lot, but it will show the bank that you are serious about paying
your credit back.
Keep in mind this is simply a suggestion.
If you’re hurting for dollars, pay what you think is appropriate.
As long as it isn’t under the amount due.
Are you feeling financial stress?
Now that you’ve heard our tips, would you consider using any?
Let us know in the comments below.
We would love to hear from you!