Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact one’s mental and physical health.
Reducing Expenses to Increase $avings
In order to commit to a budget, you must first track your expenses so you know how much you are spending on a daily, weekly, monthly and annual basis. Once you know what your expenses are and how much of an income you have, you can then begin to save towards your financial goals. To start saving, you’ll likely either need to increase your income or reduce your expenses.
How can you begin to reduce expenses? Here are some tips to help you get started:
- Dine out one less day per week and cook at home more or stick to your meal plan when possible. Yes, this means less meals delivered, too!
- Shop around and compare rates for services such as cell phone plans and car insurance. Many insurance companies offer discounts for completing defensive driving courses or maintaining a B or better grade point average.
- Utilize price comparison websites to be sure you are getting the best price. Prices can vary quite a bit between retailers and these sites can help you not overpay and keep more of your income for other important needs.
These are just a few tips for reducing your expenses, but all of these actions and their subsequent savings can add up over time and help you achieve your financial goals – both small and big!
Be sure to follow the Financial Literacy team on Facebook, Twitter, or Instagram for more financial tips throughout the semester!
