Scrolling through social media can make you feel broke in the blink of an eye. Aside from all the hilarious memes and thought-provoking quotes, all that’s left is a constant feed of people showing off the good life. Who can blame you if you get a little intimidated by the nonstop sports cars, vacation selfies, high-end jewelry, and money-phones? Don’t let your eyes deceive you though. Regardless of the opulence on display all over the internet, most of the people you see are actually struggling with money. According to the Bureau of Labor Statistics, the majority of adults in the U.S. – an average of 80% across all age groups – live in debt. That basically means that even though it’s easy to look like a billionaire on the internet, the reality is that everybody under the sun could do with a little extra cash to get by.
Here are seven quick life hacks on how to streamline your finances by cutting costs:
- Make your Own Food – Restaurant food might be delicious, but it also costs an arm and a leg. Homemade food is healthier and cheaper.
- Stop Trend-Setting – Constantly upgrading your fashion, electronics, cars and so on just to keep up with fads can drain you of cash. Only change your property after you’ve exhausted it.
- Read your Bank Statements – Sometimes a quick glance at your bank balances can provide a much-needed wake-up call. Thoroughly read all of your account statements at least once every three months.
- Switch Off – Don’t leave electronic devices and appliances running if they aren’t in use. Switch off every light bulb and every device that uses electricity on your way out of a room.
- Say Yes to Rewards – Store rewards programs can offer incredible discounts if you’re willing to take advantage of them. If you shop somewhere frequently, say yes the next time they offer you a rewards card.
- Use Shopping Lists – Trying to guess what you need every time you go shopping always results in forgetfulness. If you write down a shopping list before actually shopping, it will save you time and money.
- Be a Homebody – As much fun as it is to hit the club every week, partying up can start to seriously add up if you aren’t careful. Spend the weekend at home every now and then to give your bank account a break.
The path to success and financial freedom is all about understanding how to be efficient with your resources. If you want to build wealth over time, concentrate on both your income and expenses. Anything you can do to ensure you spend less than you make will ultimately help you generate valuable savings. In turn, the more you save, the more prepared you’ll be in the event of emergencies or investment opportunities. If you like what you just read from our blog, you’ll love the various informative workshops and events listed on our website and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Programs Academy for Business Coaching and Leadership Training can help you break past your daily struggles and start soaring in success.