Tuesday,
December 28, 2021
Top Story
How to Cut Back on Spending
When it comes to budgeting, some of us live by the saying, “Out of sight, out of mind.” If you can’t see those charges coming through on your credit card, did they ever really happen?
But burying your head in the sand can only go on for so long. At some point, bills will be due, and everything will need to be sorted out. Instead of letting your spending hit you like an avalanche, consider adopting some smart budgeting strategies that take the stress out of spending.
Cutting back on spending doesn’t have to involve a complete overhaul of your lifestyle. You can get started by looking at all of your recurring expenses and seeing if you can reduce or, if possible, eliminate, at least some of them. Even if the amounts are small, they add up simply because they come every month without fail.
You can also cut back on unnecessary spending with a few behavior changes, such as waiting before you make purchases, carrying only cash, shutting off the lights, and getting into the meal-planning habit.
Get Payment Reminders for Recurring Expenses in the SoFi App
Building good financial habits can require having the right routine and finding the tools to get you there. Even small changes, over time, can add up to healthier financial habits. Set up SoFi Relay to get payment reminders.
Deep Dives from SoFi Learn
5 Ways to Keep Track of Your Expenses Tracking daily expenses can be a drag, but it’s an important part of staying on course toward your goals. Read more >> Determining The Right Budget Categories Budget categories combined with the 50/20/30 rule might just help you get a better picture of your spending and work toward your goals. Read more >> Getting Back on Track After Going Over Budget Going over budget happens, so let’s talk about a few ways to get back on track after going over budget. Read more >>Financial Planner Tip of the Day
“If you truly want to get better at spending and saving, then you may want to track both your daily spending habits and your long-term progress on your savings goals. This may feel difficult at first, but as with most things, it becomes easier with practice and as you hone the methods that work for you.”
Brian Walsh, CFP® at SoFi