Financial Wellness: How To Get Fit
May 04, 2012 | Alliant Credit Union
Does this sound familiar? You are late to pay for your car payment, while your mortgage is paid on a credit card and your checking account is in overdraft. If it does, it is time to take a pulse on your finances!
Many times when we think of "wellness" we immediately think of physical or mental wellness. While these things are important to health, financial wellness should also be consistently well balanced.
Consider refinancing your car or home to receive a lower interest rate, saving you money. Utilize online banking tools and check your balances regularly - being aware of your finances will help you create a budget. A simple spreadsheet or personal finance management tool can help you see where you are spending, which will allow you to see where you can start saving!
There are many simple ways to decrease spending, such as limiting coffee trips, lunches out and after work drinks. Brewing your own coffee in the morning saves about $4 per day, which is a savings of over $1,000 per year! Packing your own lunch is also an easy way to save some dough, as the average sandwich meal for lunch is around $6.50. If you brought lunch three out of five workdays, you will save over $800 per year. Lastly, meeting for drinks after work is an age-old tradition, which gets more costly every year. Save yourself the cash and meet in social groups monthly rather than individually every few nights after work.
SOURCES: ptmoney.com, bankrate.com
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