While it would be cool to find out there’s a National coin shortage because everyone is being financially responsible right now, the sheer amount of Amazon boxes out on recyclable day makes it pretty clear that’s not the case. If you’re stuck at home right now, there’s a fine line between “treat yo’self” and “break yo’bank.” Here are some tips to start saving instead of spending.
Automate Whatever You Can. In many cases, automation is bad, but for your budget, it’s great. Sid Misra of Beacon Financial Group says “the average person will spend what is available to them, so make less money available for yourself.” The best way to do that is to sit down and take a deep dive into your budget, automate all the transfers you can, and set up another one that will turn all that money just sitting in your checking into retirement savings.
Protect Yourself. Here’s a scary thought. Are you safe from work-related lawsuits while doing stuff at home? The president of Bone Fide Wealth Douglas Boneparth recommends “seeing if you need additional liability or umbrella insurance for bringing your work home with you.” It will be worth the time and expense upfront to get yourself covered because getting sued for remote work isn’t exactly budget-friendly.
Focus On Yourself. Do yourself a favor and stop judging yourself based on other people’s Instagram posts. Like Misra says, “the reality is that these posts are a carefully curated snapshot of one moment in someone’s life. It’s the tip of the iceberg, and we don’t know what’s really under the surface.” You don’t know what they did, what bridges the burnt, or what debt they built up to flex on IG. Really, what are those likes going to be doing for you ten years from now?
Get some more tips on saving while working remotely HERE.
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