This is the type of conversation we all avoid… we know we got to save money if there’s any debt keeping on track all the payments and also maintaining a budget. Surely this is not an easy task, so make sense we all procrastinate from time to time.
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Lucky for all of us we have numerous resources that give simple solutions- millennial-friendly- that will allow us to balance our relationship with money and actually transform it into something positive.
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Here are the best resolutions to start applying:
SET REALISTIC GOALS
Typical, we promise ourselves not eating out but as soon we receive an invitation for dinner we get tempted and forget about the promise. Let’s be honest giving up restaurant meals altogether sounds wonderful (let’s not even talk about the money you will save!).
“It might feel good at first to set a big goal, but it won’t lead you to success,” says Jude Boudreaux, certified financial planner, and owner of New Orleans-based firm Upperline Financial Planning. If you’ve had previous dilemmas with your budget in the past, don’t be too hard on yourself so star with a strategy you can accomplish. So don’t stop going out, just limit yourself to once or twice a week.
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WHAT DO YOU WANT?
The secret to financial happiness and freedom? Don’t see it as a sacrifice. It’s so easy to be annoyed by the restrictions of not spending the money you would like. Yet, according to Boudreaux “You can’t say ‘no’ until you have a bigger ‘yes,’”. Find your motivation: a vacation, buying your house, retirement at 50, you need to figure out what excites you and then work backward from there.
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RECORD YOUR SPENDING
Let’s not ignore our spending habits. If you gain knowledge of the big picture, this can allow you to see and analyze if you’re really happy with your current choices or if you need to make regulations. Nowadays, technology comes into handy like ‘You Need a Budget’ and ‘Mint’ make it easy. In my personal case, I rather write everything down and check my account manually almost every day.
STAY AWAY FROM UNNECESSARY PURCHASES
It’s so easy to fall into senseless purchases- too many lattes?- let’s try cash for a while whenever we go out. “You’ll always have a backup if you need use a credit card or go to an ATM, but putting space between your decision and action gives you crucial time to reflect,” says Boudreaux.
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After saving your money, it’s fair to say that in order to achieve the balance you must spend it in a responsible way too. So travel, purchase a product you being dying for, attend to your favorite artist concert, the list it’s endless.
It’s key to have money on hand if something unexpected happens. Boudreaux recommends establishing at least three months of monthly expenses- now it makes sense to have an idea of what you usually spend every month.
DON’T BE SHY ABOUT MONEY
Sometimes I can’t believe how shy we can be regarding our income or our limits regarding our spending. What’s the problem with saying ‘You know, I rather past on tonight’s invitation cause I’m trying to do chill plans that will not include a big spending’. Make a need to talk about money with your closest friends- it’s nice to be in the same chapter about finances. Boudreaux says the more you talk about your financial goals with people you trust, the easier they are to integrate into your everyday life.
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