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Financial Fitness Tips

a woman holding a stack of cash and writing something down in a notebook, presumably budgeting

Welcome to 2019 and The Luxe at Creekside Blog. It’s a new year, and for many of us, the beginning of the year signals the need to take inventory of our life, including our finances. Which is what our blog post is about today. We’ll begin with budgeting.

Forming a budget doesn’t seem like the most fun activity in the world, but doing so can really give some perspective on how much you’re spending. Keep your receipts and look at what you’re spending for a week. You might not realize how much those morning coffees really add up. Once you’ve done this, spend time making a list of necessities. For some, that coffee might be breakfast. But if that morning coffee is just a fun errand on the way to work, consider bringing a thermos from home. Figure out which things you really need to spend money on and which things can probably take a back seat. The purpose of budgeting is not about figuring out how much you can spend, but how much you can save!

Figure out your monthly income and subtract all expenses from it. If you’re in the negative, you probably have too many expenses and you should make changes. If you’re in the positive — good for you! This is where you can make a plan for saving, as well as getting out of debt. Use this debt reduction calculator to see how quickly you can reduce/eliminate debt.

If you have direct deposit, consider an automatic transfer to your savings accounts each month. You can watch your funds grow without putting forth too much effort. Setting up a savings account at a different bank than you have your typical debit cards set up through is another option. This way you don’t have a ton of access to your money.

Using the “envelope method” works for some people. Once you know how much you are spending each week, multiply that by four and put that amount in 4 envelopes. Each week of the month, spend only from one envelope. Handling cash is a great way to know just how much you’re paying. Seeing tangible money makes your brain want to hold on to it and you’re less likely to spend!

We hope these tips are helpful in achieving your financial goals this year! Thanks for reading The Luxe at Creekside Blog! Have a fantastic month here at your apartment in New Braunfels, TX!