Trainer Tips to Get You Back on Track After the Summer
At The Gym, we like to say the summer is to our bank accounts, as the winter is to our bodies. We plan weekend getaways, go to impromptu rooftop happy hours, and try to soak up the summer fun as much as possible. By the end of the summer though, once we look at all we've spent, we feel like this:
But we are here to tell you it is okay! Although some mistakes in life can't be undone, financial ones usually can. All you have to do is put your summer spending behind you and turn those automatic deposits back on!
To help, we've rounded up ALL of the trainer tips we've given you in our weekly newsletter to inspire you to get back to being your fabulous and frugal self.
1. Try to identify wasteful spending habits and find ways to cut them. Remember every dollar spent on things that don't add value takes away from saving for your goals. Saying no now means saying yes to your future self!
2. Set small goals for yourself and set up a rewards system for when you achieve them. For example, put yourself on a Starbuck's ban for a month, if you succeed, treat yourself to your favorite drink at the end of the month.
3. Do the work and find out what your new monthly payment will be when you purchase your home (mortgage+insurance+taxes). Make sure that you practice paying this monthly payment before you go to contract so that you're sure your budget can absorb the new costs.
4. Using travel rewards points is a great way to keep costs low! Make sure you do your research and find out which card is best for you based on your spending habits and how the points are redeemed.
5. Keep 2 different checking accounts. One for your bills and another for your day to day spending. This way you always know how much you actually have to spend.
6. In some instances, applying for a personal loan may be a good way to consolidate debt, especially high interest credit cards. Personal loans can offer a single monthly payment at a low interest rate along with a flexible repayment period.
7. If you're ready to start investing, you should be sure that you know what time frame you're investing for. Short-term goals require different asset allocations than long-term goals like retirement.
8. If you are a first time home buyer, look into the different programs offered to those looking to buy their first homes. These programs often provide competitive interest rates, smaller down payments, and lower closing costs.
9. Considering staying with friends or family when traveling domestic and internationally. Locals know the best 'off the beaten path' restaurants, parks and nightlife. Plus all that cash you save from not having to pay for accommodations means more mullah for dining and shopping.
10. If you have federal student loans that you are struggling to pay, take full advantage of the various income based repayment and loan forgiveness programs that are available.
11. When you get your first credit card, you should start out by only putting recurring expenses on the card and then set an automatic payment each month to ensure you have a good payment history and low credit utilization. This will jump start your credit score!
12. If you're trying to stick to a weekly budget, but don't like using cash, set a weekly goal for yourself and pay off your credit card at the end of every week so that your balances don't accumulate and you can keep yourself in check!
13. If one budget doesn't work for you, don't throw in the towel, keep trying new ones until one or two of them stick and keep you on track. Budgeting is just like working out, you have to find the right one that fits you!
14. Set S.M.A.R.T goals for yourself and enlist someone else to help you stay accountable!