Financially Fit Friday - January 26, 2018

January is already coming to an end! Here is the final Financially Fit Friday tip in our series for a fit 2018.

Have you ever tried a monthly spending ban?

People fear hearing ‘spending ban’ but it’s short-term and can save you hundreds of dollars. These 6 tips will help you save plenty of cash in no time:

  1. Avoid shops where you typically spend a lot of money.
  2. Delete apps on your phone that entice you to impulse shop.
  3. Adopt a new coffee making ritual at home during your morning routine.
  4. Have fun coming up with a new meal with items you have in your pantry.
  5. Search the back of your closet and see what items may be lurking that you’ve never worn instead of buying that new outfit.
  6. Search the web for free things to do in your area.

Before you start your ban, tally up your essential expenses so you can measure how much you saved. Make sure you decide how long the ban will last and determine an end goal.

Know that you will need to make sacrifices (define your necessities upfront), and have a plan for emergencies (real emergencies, not a caffeine meltdown).

Don’t forget to have a plan for your savings. Will you put the money you save in a savings or retirement account or use it to pay off debt? Maybe you’ll extend the spending ban and save for a down payment on a car or house? Most importantly, remind yourself not to go on a buying spree before and after your ban!

FIT TIP: Focus on what you have and not what you want and know the payoff in the end will be rewarding. Whether you stop for a month or a year, you’ll learn a lot about your spending habits!

Railway Credit Union offers financial solutions that give you the power to live life your way. Stop in and see us for more ways we can help you save.

To read previous tips, follow these links: Week 1Week 2 | Week 3