As the U.S. inches towards another Great Depression, you might find yourself feeling a little stressed out about your financial situation. With 30 million Americans now unemployed, it’s more important than ever to begin thinking about a savings account and other forms of financial buoyancy to keep you afloat during tough times.
Whether you’re thinking of starting a savings account or adding to it, the extra cushion can certainly offer you many opportunities in a state of emergency – i.e. during a pandemic, hurricane evacuation, unexpected earthquake, or fire, or job loss. But— there is definitely a method to the madness of saving, and we, at Greenhouse Apartments, are here to break it down for you! Check out our tips:
Define Your Needs & Wants.
There’s a difference between what you need and what you want! Sure, you can afford some things you want, but not everything. Create a list of essentials you need to pay every month, including rent, utilities, student loans, and other bills. At the same time, keep a running list of what you want, whether it’d be a new TV, high-end shoes, or maybe just some high-end takeout for date night! Once the essentials are paid off, you can consider your wish list!
Start to Save Automatically.
Smart savers automatically redirect a set amount of money into their designated savings account every time they are paid. Why? Well, you shouldn’t really trust yourself to save money on your own volition, because there’s just too much temptation out there. Instead, you must hold yourself accountable, and by depositing a set sum in your savings account every time you receive a check or cash amount, you won’t give saving a second thought – because you won’t have to!
Adopt the 30-Day Rule.
For larger purchases over a certain dollar amount, apply the 30-day rule. This means you need to set the item aside for 30-days while you ruminate over its impact to your budget, its importance to your household, and its worth to you as a whole. If you still want to purchase the item after a month or so, you should go for it! Although this trick won’t stop all bad purchases, it will cut out more irrational ones that you’ve been guilty of making in the past.
Shamelessly Use Coupons
Ain’t nothing wrong with a strong coupon game! Simply put, you shouldn’t only use coupons when you’re broke. Get into the habit of using coupons as often as possible. For example – rather than just heading to your local grocery store of choice, take a look through the print and online advertisements first and attune your weekly menu to the big-ticket sales items for the week. This can be done with clothing, shoes, electronics, and so much more!
Looking for must-know information about health, finances, and family life? End your search with this blog, delivered to you by the team at Greenhouse Apartments in Houston, Texas.