How can you ensure you don’t go over your budget? Staying focused with money can be challenging for many of us (raising my hand here!). The temptation to overspend, unexpected expenses, and lifestyle inflation are just a few obstacles that can get in the way. However, with the right strategies, learning how to stay on budget can be done!

In this article, I’ll go over key tips and techniques to show you how to stay organized and not overspend with money. Let’s dive in!

Fundamentals for budgeting success

Before we can figure out how to stay on budget, it’s helpful to understand some basics. At its core, budgeting involves three fundamental steps: defining our financial goals, tracking our expenses, and creating a system that aligns with our objectives. Here’s a little more about each of these:

Define your financial goals

As we begin our journey, defining and clarifying financial goals is essential.

Whether buying a house for the first time, eliminating debt, or building an emergency fund, establishing clear and measurable goals is key. Once we have those goals in place, we can better determine what kind of system to create.

Track your expenses

With our goals in mind, it’s time to gain a thorough understanding of current spending habits. As they say, we can’t move forward if we don’t know where we are right now.

Keep meticulous records of expenses for a few weeks, categorizing each and identifying patterns.

For instance, where do you like to spend? Struggle with overspending? By doing this, you can start to pick out areas where adjustments can be made.

Whether through the use of apps, spreadsheets, or an old-school notebook and pen, tracking your expenses is one of the first steps toward exercising control over finances.

Create a realistic budget

With an understanding of our financial goals and insights into our spending habits, we’re ready to create a system. While there are many ways to create and make a better budget, one key is to make sure ours is realistic.

I like to account for all sources of income and expenses, including fixed costs and discretionary spending, like clothes and gifts. Be authentic when setting your budget. You don’t want to set yourself up for disappointment.

Focus on creating a balanced system that reflects your current financial reality, leaving plenty of room for adjustments.

6 Tips for staying on budget

With an understanding of what a budget is and a solid financial system firmly in place, here are six tips to help you stay on budget:

1. Set spending limits

It’s important that you establish clear spending limits within each category. This is key to preventing overspending. Allocate specific amounts for essentials such as groceries, transportation, housing expenses, and fun money/discretionary categories like dining out and entertainment.

It’s okay to spend on certain “frivolous” things. Nobody is stopping you from occasionally indulging in what you love. But we should set limits for ourselves.

For example, if you love shopping at Sephora (who doesn’t?), include that, but set yourself a cap and vow to stop spending once you hit that limit. That way, you can still indulge here and there but won’t blow your money goals because of it.

2. Automate your bill payments

Automating our finances is one of the most effective strategies for staying organized.

By setting up automatic transfers or payments for recurring expenses such as rent and utilities, we can be sure we’ll meet our financial obligations on time.

Not only does this minimize the risk of late fees or missed payments, but it can also help ensure those bills are always paid first before we begin to spend on discretionary things.

3. Practice the 24-hour rule

Impulse purchases are the downfall of many money-conscious people, derailing even the most meticulously crafted plans.

To combat impulse spending, adopt the 24-hour rule: before making non-essential purchases, wait twenty-four hours and reassess whether the purchase aligns with your financial goals. This cooling-off period provides an opportunity for reflection and helps prevent impulsive decisions.

I’ve successfully used this rule to help me curb my impulse spending. I’m aware that social media ads can easily lure me into buying something I didn’t even know existed before logging on that day, so I’ve implemented the 24-hour rule for online shopping.

If I see something I like, instead of adding it to my cart and instantly buying it, I make myself wait a day. Usually, I don’t even remember I saved something in my cart until days or weeks later, and by that time, I’m no longer interested. But, if I still am, and if it’s in my budget, I can still buy it!

4. Plan for unexpected expenses

Are you wondering how to stay on budget when something unexpected happens? Life is unpredictable, and unexpected expenses are inevitable.

To mitigate the impact of these surprise costs, establish an emergency fund with three to six months of living expenses. You can weather financial storms by setting aside funds for emergencies, such as hospital bills, car repairs, or home maintenance.

5. Practice self-compassion

Like most areas of personal finance, cultivating a sense of self-compassion is essential. Everyone will veer off course and throw their budget out the window at some point.

Instead of beating ourselves up over a slip-up, reacting with kindness is important. Remember—it’s about progress, not perfection when it comes to sticking to a money system.

6. Regularly review and adjust your budget

How can you ensure you don’t go over your budget? One of the best ways is to do a budget review periodically.

As our circumstances change and our financial priorities shift, we need to remember to adjust our financial system accordingly. Whether due to changes in income, expenses, or personal goals, we will all see lots of changes in our financial lives.

We should set aside time each month to assess our money, identify areas for improvement, and make the necessary changes.

Expert tip: Try loud budgeting

In recent years, there’s been a big shift in how we talk about money. And this is a good thing!

No longer is money the taboo topic it used to be. For example, it’s become more commonplace to share salaries with our coworkers or tell our friends how much our end-of-year bonus was. That’s why “loud budgeting” is having a moment right now.

To make loud budgeting work for you, start by being more open about what you want to and can spend your money on. We can thank Gen Z for promoting this idea, but it can help all of us stick to our budgets!

How can you ensure you don’t go over your budget?

In addition to the strategies outlined above, here are some more tips to help safeguard us from overspending:

Use apps

Digital tools are one of the best ways to streamline our finances and stick to our goals. From expense tracking to goal setting, apps offer many features designed to keep us on target.

Some of our favorites include You Need a Budget (YNAB) and Microsoft Excel’s budget templates, in addition to our own best budget templates, of course!

Know your spending triggers and keep away

Identify the triggers, such as emotional spending, that lead to impulsive shopping.

For me, it could be stress, boredom, or anxiety. We can develop strategies to prevent overspending when we become aware of our triggers and temptations.

For example, if I know I always shop online when bored, I can replace this behavior with calling a friend.

One of my big spending triggers is procrastination. More specifically, I procrastinate when I’m anxious about a task that I don’t know how to start. When this happens, I will do anything to avoid that task!

Often, that “anything” includes shopping. I’ll convince myself I have to shop to avoid the discomfort of not knowing how to do something. Luckily, I can usually identify when I am doing this, have a little chat with myself, be kind to myself, and force myself just to start.

Find an accountability partner

Want to know how to stay on budget? Ask a good friend or family member to serve as an accountability partner on your money journey. Share your financial goals, challenges, and progress with this person.

In addition, you can use their support and encouragement to stay motivated, and they can get the same benefits from you.

What is the best way to stay on a budget?

Staying on budget requires planning, discipline, flexibility, and self-awareness. Here are some additional tips to help us stay consistent with our finances and achieve long-term financial success:

Find a method that works for you

Explore different methods, such as zero based budgeting, the cash envelope system, or the 50-30-20 rule, to find an approach that resonates with you and your financial goals. Experiment with various techniques until you discover the best method for your needs.

Be disciplined yet flexible when learning how to stay on budget

While sticking to our goals is essential, staying flexible is just as crucial for long-term success. Life is full of surprises, and maintaining flexibility in our budgets allows us to navigate unexpected expenses or income fluctuations, such as irregular income, without sacrificing our financial stability.

Celebrate small wins along the way

How can you ensure you don’t go over your budget? Acknowledge and celebrate your achievements, no matter how small, as you progress.

Whether it’s paying off one credit card or sticking to your financial system for one week or an entire month, each accomplishment brings you one step closer to your goals. Celebrating your successes reinforces positive financial habits and motivates you to continue your journey.

Why can’t I stay on a budget?

Despite our best intentions and efforts, we may fail to stick to our budgets.

In fact, we probably will, and that’s okay! The important thing is that we adjust and get back to it. Here are some common reasons why people might struggle with how to stay on budget:

Failure to adjust for income or lifestyle changes

We’re likely to face changes in income or expenses, which can significantly impact our money. If we don’t adapt our finances to accommodate these changes, it can cause a lot of frustration, not to mention financial strain.

We need to be proactive by reassessing our finances regularly and making adjustments as necessary to reflect our current circumstances.

For example, a few years ago, I left a job with a high salary. It was the best thing I could have done for my mental health, but it wasn’t the best financial move because I did not account for my adjusted (lower) income.

I kept my lifestyle and spending habits for a few months, not adjusting my finances to my new reality. Luckily, I did correct course quickly to live below my means, but it’s something to be aware of because our financial circumstances are often changing. It’s important to make sure our spending and budget change, too.

Unexpected expenses

Emergencies and unforeseen expenses will occur. For all of us.

Failing to plan for these costs can disrupt even the most carefully crafted budgets. To minimize the impact of these unexpected expenses, prioritize building an emergency fund and maintain a financial buffer.

Emotional spending

Emotions play a powerful role in our financial decision-making processes. No matter the root cause, emotional spending can sabotage our efforts and derail our financial goals.

If we can learn to recognize the underlying triggers behind our spending habits and develop healthier coping mechanisms to address them effectively, we’ll be well on our way to sticking to our budgets.

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Want to learn more about creating an ideal system for your money? Check out these great posts!

• How To Budget By Paycheck: 5 Key Tips For Success
• Budget Not Working? Here Are 5 Tips For Better Budgeting!
• 15 Key Tips For Living On One Income
• Save More! Try A No Spend Challenge!

Embrace these principles to help you stay on budget!

By embracing the principles discussed here, we’ll all be one step closer to staying on target with our finances.

Remember your finances won’t always be perfect, and you might slip up here and there, but you can always regroup and get back to successfully budgeting. Focusing on your goals and keeping organized finances will help you make progress!

The post 6 Practical Tips For How To Stay On Budget appeared first on Clever Girl Finance.

Do you know someone who takes the bus to work, makes their own lunches, and never takes luxurious vacations? Or perhaps you have a neighbor who lives in a modest house, drives an average car, and cuts their own grass? We all know people like this, and we might even be people like this who’ve achieved stealth wealth!

Most of us probably make assumptions about people based on their spending habits and what they seemingly have or do not have. That’s a mistake because it doesn’t account for those around us who have built wealth quietly.

What is stealth wealth? Is it something you should aspire to?

That’s just what we’re going to talk about here! Read on for the benefits, signs, and secrets of stealth wealth that you can adopt in your own financial life.

Stealth wealth meaning

What is stealth wealth really? It means having a lot of money but not flaunting it. It means keeping the (large) amount of money you have a secret from everyone, including your friends and family.

People that do this don’t necessarily hide their wealth to be deceitful, they just don’t feel the need to show it off. That’s why it’s difficult to tell the “stealthy wealthy” apart from everyone else.

The benefits of stealth wealth

Why would you want to practice this? There are some real benefits to hiding your true net worth from the rest of the world, including:

Make real connections

There are many reasons why stealth wealth can benefit your relationships.

First, as much as you might try, it can be difficult to maintain a friendship when one person has quite a bit more wealth than the other. By concealing how much money they have, those with money essentially close the (perceived) wealth gap.

Friends won’t feel pressured to keep up with expensive nights out or dinners they can’t afford, and you can stick to doing things together that fit within both of your budgets.

Second, money can get in the way of genuine relationships. You might wonder if someone is friends with you because of your money and what they can get from you.

By taking money off the table, you’ll be more certain that whoever you surround yourself with is there for you, not because you’re rich.

In addition, you won’t have to think so much about setting boundaries in friendships with people who may care too much about your money.

Live a happier life

Many wealthy people get caught up in spending lavishly to show off how much they make. But spending money on material things doesn’t necessarily make a person happier.

Instead, you can look for happiness within yourself.

Not only that, but spending too much money can cause a lot of stress. By cutting back on luxuries you don’t even want, you can learn how to save money fast and lower your stress.

Instead of trying to keep up with everyone else, those who practice stealth wealth spend their money on things they truly enjoy. Whether that’s experiences or material possessions they want, it doesn’t matter.

What matters is that spending money on what you want, rather than what you think will make you look good in front of others, leads to a more relaxed and happy life.

Financial security

Those who are financially secure no longer have to worry about money. Imagine the peace of mind you’d have, knowing that you have enough in your savings and retirement accounts to fund your lifestyle forever.

One of the hallmarks of stealth wealth is living below your means, which can ultimately lead to financial security.

Stealth wealth signs

Those with this type of life usually live a traditional middle-class lifestyle despite all their money. There are, however, some stealth wealth signs that you can look out for if you are curious to know if someone is rich or not.

Even with these signs, it might still be impossible to tell the difference between stealth wealth and average wealth! Some possible stealth wealth signs include:

They talk about money in a healthy way

Those with money talk about it as a way to learn or develop new ideas. They don’t brag about how much they have, and even more telling, they don’t talk about what they don’t have, either.

You’ll never hear someone with stealth wealth boasting about their income or their appreciating assets. Likewise, you’ll never hear them complaining about being in debt or unable to afford something they want.

Why not? Because they are debt free and they can afford whatever they want.

Those with wealth don’t show off on social media

The stealthy wealthy value privacy and don’t flaunt their money on social media, ever. Mostly, they don’t acquire things to show off.

But, even if they do decide to spend on a fancy dinner or lavish vacation, they don’t feel the need to tell the rest of the world about it. They leave that kind of posting to those seeking attention and trying to show off the wealth they might not even have.

They seem “average”

Another stealth wealth sign? Don’t look for a flashy sports car or giant mansion. Instead, those who understand the true stealth wealth meaning appear average.

They drive average cars, have regular jobs, and seem just like the rest of us. They understand that buying an expensive car or house doesn’t make you rich; it just makes you look it.

Secrets of the stealthy wealthy that you can use in your own life

You can’t just decide to have stealth wealth one day. Like most things, it requires dedication and financial planning to achieve. But, you can take the secrets of the stealthy wealthy and incorporate them into your own life to get your financial house in order.

Here are various ways to do that – and, who knows, you might decide that you’d like to be “stealthy wealthy” one day, too!

1. Avoid lifestyle inflation

More money can appear in your bank account in so many ways. Perhaps you got a raise (congratulations!). Or, maybe you switched jobs and got a nice salary bump along with it.

No matter how you come into it, the more money you have shouldn’t mean the more you spend.

Lifestyle inflation – increasing your spending as your income increases – is something that those with stealth wealth actively avoid. While you could be tempted to spend more as you make more, it’s not the way to become truly wealthy.

Those who know the secrets of wealth know that avoiding lifestyle inflation is one of the key ways to grow their assets and become financially secure.

2. Don’t try to keep up with the Joneses

Just because a friend or neighbor got a shiny new toy (car, house, or gadget) doesn’t mean you need to get one, too. Keeping up with others’ spending only causes financial troubles. If you want to become wealthy, focus on yourself, not others.

Whenever you are tempted by emotional spending or buying something because someone else has it, take a moment to reflect on whether you truly want it. If you do, it’s ok to purchase it.

Those with stealth wealth don’t restrict themselves fully, but they only purchase things they need and truly want. They aren’t influenced or pressured by others or by trying to keep up appearances.

3. Be intentional about your spending

Society tends to regard wealthy people in two ways; they either spend frivolously or live like a miser. To join the rank of millionaires, the popular advice is to save every dollar and only spend on basic necessities. Not exactly enticing!

I learned that wealthy people are neither irresponsible nor stingy with money when I worked as a nanny for many households in an old-money neighborhood.

Instead, they practice living on less by being smart with their money. They spend on things that make them happy and cut anything that doesn’t.

For instance, one of my bosses has a total of zero designer handbags but is a proud owner of a rare diamond. Another client asked me to bank my hours and pay me bi-weekly to avoid bank fees.

You don’t have to give up everything you enjoy to build wealth. But you need to be clear on what you want and be intentional about your spending.

4. Diversify your assets to achieve stealth wealth

Another secret of the wealthy? They don’t keep all of their money in one place. And they definitely don’t keep it all in a checking account!

Instead, they diversify their assets and strive to build multiple income streams.

The wealthy invest in the stock market (in various asset classes), bonds, and real estate. On top of that, they might even have a business or two.

If you want to steal this secret, one of the best ways is to create a plan for your future self through investing.

5. Build generational wealth

Those focused on quiet wealth building are also focused on building wealth for their families for many years to come.

They know the importance of building generational wealth – wealth passed down from generation to generation. This means they typically don’t spend money on material possessions or experiences that don’t last.

Instead, they focus on growing their wealth over time. They invest in the stock market, build businesses to pass down and create estate plans.

Everything they do with their money is with an eye toward security for themselves, their kids, their future, and future generations.

6. Be generous in private

Just because they don’t flaunt it doesn’t mean that those with stealth wealth hoard all of their money. Many wealthy people are extremely generous, but they do so in private.

Whether it’s paying for a family member’s education or donating to a cause they care deeply about, they do it all without making a public display of it.

If you want to practice stealth wealth, start by giving quietly when you can. You’ll still reap the same benefits and can avoid some drawbacks of giving, like loaning money to family or friends when you aren’t comfortable with doing so.

7. Build a classic wardrobe

For subtle wealth, think timeless wardrobe, otherwise known as “stealth wealth fashion“, “quiet luxury’, or “old money aesthetic.” 

Ditch trends and achieve quiet luxury with pieces that never go out of style. Look for understated and logo-free garments.

In addition, choose high-quality materials that will last, like leather, cotton, or linen.

Build your classic wardrobe with everyday staples like t-shirts and jeans. You’ll also be able to mix and match outfits if you go for neutral pants and jackets.

Fill your closets with timeless fashion pieces that you can use for years.

8. Be careful of the car you drive

When you finance your car, you’re paying interest for an asset that’s losing value over time. (Also, read about the pros and cons of refinancing a car.)

The wealthy understand this. That’s why even ultra-rich people like Jeff Bezos and Warren Buffet choose reliability over luxury regarding cars.

With rising inflation and high-interest rates, there’s no better time than now to opt for safe, reliable, budget-friendly cars.

Besides, owning a car has added car expenses. So, make sure you factor in the cost of gas, insurance, maintenance, and repairs when buying a car.

9. Know what’s going on with your money

What gets measured gets managed, right? You cannot build wealth without actively trying to find simple ways to increase your income and manage your spending.

It may come as a surprise to you, but even billionaires pay attention to their money. They may not be the ones creating a biweekly budget or expense report, but they have someone they trust doing it.

Many who grew up in households where money is a source of stress mistakenly think that being a rich person means never looking at your finances and spending however you want. But it’s not. The first secret to quiet wealth building is knowing what’s going on with your finances.

10. Practice humility

Humility is understanding that you are not better than others, no matter what you accomplish or how much money you have.

Living a simpler life, even when you have lots of money, comes from the realization that you don’t have to prove yourself to anyone and that other people are not your competition.

That’s another secret we can learn from those with stealth wealth. As a practice, ask yourself: “Do I want this even if nobody ever knows I own it?” whenever you want to buy something extravagant.

11. Stealth wealth meaning: truly believing that fancy things don’t make life worth living

Lastly, those who are truly wealthy understand that material things and fancy vacations aren’t what makes life worth living.

They may have started their wealth journey by not buying things they wanted to save or by passing up opportunities to spend on things they really wanted. But since they have fully embraced being quietly wealthy, they don’t feel the need to buy these things anymore.

They have found other ways for fulfillment. That’s one of the biggest blessings having money can give a person. Not only do you have financial security, but you’ve also learned to want less, appreciate the little things and what you have, and be happy with who you are.

Expert tip: Follow your own path to achieve stealth wealth

You can get clues from the stealth wealth signs others exhibit to build this type of life for yourself. First, get clear on who you are, what you value most, and how you want to live your life. Very importantly, to build a strong financial foundation, you need to know what’s going on with your money.

Learn from people who accomplished what you’re trying to achieve. Success and wealth don’t just happen. You need a plan, the determination to put your plans into action, and the clarity to follow the path.

The world will keep telling you what you should be doing and how. But as long as you stay true to yourself and your values, you’ll reach your goals and achieve financial security.

What is meant by stealth wealth?

Stealth wealth meaning is defined as living simply and quietly maintaining your wealth without making obvious displays of your affluence.

I personally prefer to think of it as being free from the money worries plaguing society because one does not need to keep up appearances to look rich.

Instead, they build wealth quietly and smartly without flashy money displays like fancy cars, mansions, or designer items and clothes.

What are subtle signs of wealth?

People with wealth very often live a minimalist, quiet luxury lifestyle. Most of the time, their wealth is hidden in fat bank accounts, and they invest smartly in robust investment portfolios, or in multiple properties.

To know who these people are, you can look out for stealth wealth signs. For instance, they might wear for high-quality clothing and accessories with little to no visible logos. Many people at this level of wealth also live in comfortable, well-maintained homes.

Some drive nice cars, travel, and own luxurious items but without announcing to the world what they have or don’t have. You’ll also notice that the wealthy pursue knowledge and ideas for self improvement.

They spend time, money, and effort to learn more about the world or themselves. Lastly, people who achieve financial freedom are happy and content. Because of this, they can be incredibly generous.

What are the benefits of stealth wealth?

If you build wealth quietly, you’ll have peace, safety, and security. These are the key benefits of stealth wealth.

When only a few people know your true financial situation, you don’t have to keep up appearances to maintain an extravagant lifestyle. You’re also safe from the unwanted attention of people with bad motives.

Additionally, you can live quietly without the pressure to outdo others in pursuing and doing more. In turn, you have less stress, and you set yourself free to enjoy your life.

You’ll have more energy and time to focus on what makes you happy, whether that’s family, business, hobbies, or making a difference in the world.

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Has this article got you interested in wealth building? Check out these posts to find out more!

• Rich Vs Wealthy: 3 Key Differences Between The Two
• How To Build Wealth In Your 20s In 9 Steps!
• How To Build Wealth In Your 40s
• 6 Secrets Of Self Made Millionaires You Need To Know!

Leverage the secrets of stealth wealth to improve your financial future!

Becoming quietly wealthy isn’t about hiding money or being stingy. It’s being strategic and living life on your terms. Start your journey to financial freedom by incorporating some of the practices above.

Now that you’ve discovered the answer to “What is stealth wealth”, are you ready to take some of these secrets and use them to boost your own finances? Find out more about wealth accumulation and more money secrets!

The post Stealth Wealth: 11 Ways To Leverage The Secrets Of The Wealthy appeared first on Clever Girl Finance.

If you are in debt, you are not alone. In addition to all of the resources available to help you develop your own plan to get out of debt, there are public agencies that can offer assistance, too. If you’ve never heard of this option, you may be wondering, “how does consumer credit counseling work?” Well, let’s get into it!

What is consumer credit counseling and who might need it?

Consumer credit counseling services offer financial education and assistance with debt management as it relates to using credit. Trained and certified coaches meet with anyone who wants help to develop a financial plan to pay off debt.

These people understand all of the available options and can recommend the best one for your unique situation. The best part? These services are usually free.

For-profit and non-profit counseling services

When it comes to actual services, there are both for-profit and non-profit counseling services.

For-profit credit counseling agencies charge fees for their counseling services, which means their plans are generally more expensive.

Non-profit credit counseling agencies, on the other hand, are supported mostly by grant money from government agencies, credit card companies and financial institutions that help to provide financial education. They may also be funded by some consumer fees credit card companies collect.

These companies provide non-profit agencies with funds to help their individuals get out of debt. Because they are funded through grants and not fees alone, non-profit agencies are usually free. However, sometimes they charge fees for certain services.

How do you know if you are a good candidate for credit counseling?

Anyone who is in debt, in particular credit card debt, can consider credit counseling. If you have recently lost your job, are experiencing a reduced income, or are living paycheck-to-paycheck, it might be for you.

Anyone who uses credit cards for all of their expenses but cannot pay off their balances in full every month is also a good candidate for counseling.

While focused on debt-relief solutions, these services aren’t just for those in debt. You can work with a credit advisor to develop long-term financial goals, such as saving for a house down payment, planning for a large purchase, or building up your emergency fund.

These are all goals that I personally have and a good credit coach can help you come up with a plan to achieve these goals, too!

No matter your financial situation, consider meeting with a certified credit counselor to determine if you are a good candidate for their services. The great thing is that a meeting with this trained representative is free, so you have nothing to lose by giving it a shot.

A step-by-step guide on how to use consumer credit counseling

Most people have no idea that there free services out there that can help them get out of debt. And so to explain, here’s a step-by-step guide on how you can leverage consumer counseling services.

1. Select an agency and schedule a free counseling session

First, you’ll need to select a credit counseling service. (We have some tips below on how to find them and decide which service is right for you.) Once you have selected one, you will make an appointment to meet with a certified counselor, either by phone or in person.

Non-profit counselors receive extensive training and are certified to counsel on many aspects of debt management.

2. Prepare for your meeting

If you prepare for your initial counseling session, you’ll get the most out of it. The goal of this meeting is to give the advisor your entire financial picture so that they can help you, so it’s best to be honest and forthcoming about everything.

Before your meeting, you’ll want to gather together the following:

• Income: Your paycheck or other proof of income, including withholding amounts and take-home pay.
• Expenses: An estimate of your monthly expenses.
• Debts: A list of your monthly payments, interest rates, and other loan terms for all car loans, student loans, mortgages, personal loans, and any other loans.
• Credit cards: A list of your credit cards, including information on your balances, interest rates, and monthly payment dates for each.

The preparation alone is beneficial since knowing what you’re spending and earning is essential to managing your finances well.  

3. Review your finances

During your credit counseling session, you will go over your finances in detail with your advisor. Together, you’ll review your income, expenses, debt, and any other payment obligations. During this time, you will also authorize the counselor to run a credit check on you.

This soft inquiry will not impact your credit score but will allow your coach to see if there is anything on your report, such as debt in collections, that they need to know to understand the full picture of your finances.

4. Review your options for relief

Based on your session, your credit consultant will discuss your options. Your counselor might suggest how you can budget or reduce your expenses (maybe with a low-buy year) to pay off your debt as quickly as possible.

If your current income is not enough to pay off your debt, a counselor might recommend another type of counseling, such as a Debt Management Plan (DMP).

When a DMP is put in place, your credit card companies agree to reduce the interest rates on your credit cards, which means you end up paying less money over time.

Non-profit credit counseling can negotiate credit card debt with your credit card companies on your behalf to reduce your interest rates.

In return, they will likely ask you to close certain cards and continue to make your monthly payments. It usually costs about $75 to set up a DMP, along with a monthly service fee of about $25 to $55, according to Debt.org.

Another option is bankruptcy counseling. Many services offer credit counseling for anyone going through bankruptcy.

If you plan on filing for bankruptcy, getting credit counseling is mandatory, according to the U.S. Department of Justice.

If applicable, your counselor might suggest that you enroll in housing counseling or foreclosure prevention counseling. There, you can learn about better budgeting, mortgages, taxes, and more related to homeownership.

Lastly, if student loans are a factor, look into student loan counseling. A certified counselor can analyze your finances and provide you with information on student loan repayment plans or options.

5. Decide on a plan

Non-profit credit counselors are required to review all of your options with you. After doing so, they’ll make a suggestion as to which one is the best for you.

However, it’s always up to you to decide which course of action to take.

A good counseling service will offer an unbiased opinion so you can be confident you are not being led astray.

Don’t forget to ask questions about all the solutions offered and choose a financial plan that makes sense for you. While they are the experts, this is still your debt and your life, so the decision is ultimately yours.

6. Educate yourself

What is credit counseling? It’s a way to learn your options for debt relief. Now you know what to expect before meeting with a credit coach.

Ideally, at the end of the meeting, you will have a concrete plan to tackle your debt and you will be on the road toward living debt-free. But that might take some time, and your counselor is only there for guidance—not to force you into a decision. 

In the meantime, take advantage of the free resources the counseling agency offers so you can continue to educate yourself and build good money habits. You can also check out the public library, financial websites, and other free resources to help you find strength to work through financial challenges.

Expert tip: A credit counselor can help with more than debt management

For anyone struggling with debt and unsure how to move forward, seeing a certified nonprofit credit counselor is a great place to begin. 

These often-free services can help you get a clear picture of your finances, including debt. Then these trained representatives can explain the pros and cons of the various options for dealing with your debts. 

Creating a budget, analyzing your credit report, learning how to pay off debt, and learning how to manage your money effectively are some ways the counselor can help. 

Where to find a reputable credit service

Fortunately, there are several avenues you can follow to locate a trustworthy credit counselor and avoid falling victim to scams. 

National Foundation for Credit Counseling

The National Foundation for Credit Counseling, or the NFCC, offers one-on-one assistance with getting your finances back on track. NFCC representatives recognize that debt can affect anyone and will help you develop your personal plan of action for getting out of debt. 

A nonprofit organization, the NFCC has 250 agency locations and over 1,200 certified credit counselors to assist you. They can help you with managing your debt, organizing your budget, following the steps to prepare for a mortgage, and avoiding a foreclosure. 

Although the NFCC isn’t accredited by the Better Business Bureau, it does have a rating of A+ on the website. 

Financial Counseling Association of America

Another reputable credit counseling service with available certified credit counselors is the Financial Counseling Association of America (FCAA). Member agencies offer assistance like other credit counseling organizations; they can assist with debt management, budgeting, and other financial needs. 

How does consumer credit counseling work with the FCAA? A session with one of the nonprofit-trained representatives through the FCAA is free, and you aren’t obligated to enter into a debt management plan (DMP). If you’re having trouble deciding which of your bills you can pay this month, credit counseling can help guide you to a solution. 

Credit.org

Here’s an organization that will offer services like budget counseling, student loan counseling, debt relief, and housing assistance. Credit.org is accredited and carries an A+ rating with the Better Business Bureau. 

As one of the NFCC-affiliated agencies, Credit.org is a nonprofit credit counseling service. They even offer housing guidance through HUD Certified Counselors, along with assistance in budgeting and debt relief. 

American Consumer Credit Counseling

You might also check with the non-profit American Consumer Credit Counseling (ACCC) for help in getting out of debt and getting payments under control. 

One downside of the ACCC is that it’s not a free service. According to their website, you’ll be charged $39 once to enroll, plus a $7 maintenance fee. You may be eligible for a fee waiver if you’re in the U.S. military, in financial hardship, or live in a state that covers these types of fees. 

The ACCC does offer services and some of its financial education materials at no charge. It’s also notable that it offers bilingual services for Spanish speakers. 

You may want to check the Better Business Bureau rating of any specific ACCC agency before working with them, but the ACCC itself is accredited and has an A+ rating.

Credit Counselors Approved by the U.S. Department of Justice

You can also use the U.S. Department of Justice to help you locate a reputable counselor. Check out their extensive list of approved credit services to find exactly the assistance you need. 

Simply search by your state of residence to locate agencies that are approved to provide certified credit counseling to you (their address may be in a different state, FYI). Many of the approved agencies offer both English and Spanish-speaking services, and you can even search to learn if any agencies provide service in other languages. 

How credit counseling can help you

Are you still asking yourself, how does consumer credit counseling work? Then, let’s talk about the primary ways a counselor may be able to serve you. 

Budgeting

Even people who don’t have a large amount of debt may benefit from working with a credit counselor. Budgeting is one of the potential services a credit counseling service can offer. 

Your budget is your plan for how you’ll spend the money you bring in every month. So, if you need a better budget (or you’ve never strictly followed one), working with a budget counselor can help you take action. 

You might need help figuring out how to prioritize payments, ensure you’re not missing any bills, or cut unnecessary spending. Your credit counselor can help you see where you need to make changes and what you’re doing well. 

Money management

A credit counselor can be beneficial in advising you on money management. It might go beyond basic budgeting, as you may have more complex needs than how to allocate your funds. 

Financial management can be tricky, especially if you’re dealing with debts as well as cash flow issues. You can get guidance from your credit counselor about how to work with your creditors to pay off debt efficiently, save an emergency fund, and more. 

Examining your credit report

One thing many people aren’t aware of is how to obtain a copy of their credit report. When asking, “What is consumer credit counseling?” you’ll learn that this is one facet of their services. 

A counselor can show you how to get access to your credit report and your current credit scores. Plus, they can teach you important information about what those scores mean. 

Learning what lenders and others see when they check on your credit is key to getting your finances on the right track. Your credit counselor will be able to look at your credit report and draw your attention to anything like a neglected loan payment. 

Finding out your credit score is essential if you need to get a loan for a small business, a car loan, a mortgage, or other type of loan. If your credit score has dropped, you can talk to your counselor about ways to raise it. 

Managing your debt

One of the primary reasons people seek out counseling is unmanageable debt. If your debt has gotten away from you, whether due to uncontrolled spending, having to negotiate unforeseen medical bills, job loss, or any other reason, credit counseling can help. 

Certified credit consultants may discuss a variety of strategies for handling debt. They should not shame you for being in debt but help you examine your situation and choose the best course of action. 

You might find that starting a side hustle, weekend side job, or tightening your budget could be enough to help you start reducing your debt. Another option may be to even sell off some assets, if you have any that you can do without.

However, some people may choose to enroll in a debt management plan, or DMP. 

Debt management plan (DMP)

A debt management plan is a stricter option that you may find helpful.

However, make sure that this is the right option for you, as there are other ways to pay off debt.

How DMPs work

Your counselor communicates with your creditors to arrange a new payment plan. The plan may include a single monthly payment to the organization rather than to multiple creditors. 

A good debt management plan should have lower monthly payments and lower interest and fees.

However, beware of fraud when looking into DMPs. You don’t want to send payment to the agency only to find that they never approved the DMP with your creditors. 

Find out how a debt management plan may affect your credit as well.

Although you’ll pay off the debt eventually, these are primarily for unsecured credit, such as credit cards, and you’ll typically close any accounts under the DMP. It can affect your credit by decreasing your credit history. 

How do you select a credit counseling service?

Aside from choosing between for-profit and non-profit services, there are other things you should consider when selecting a counseling service. These are the key things to look out for when making your choice:

Check their certification

First, make sure whatever service you are considering is certified. Any reputable agency will be certified by either the National Foundation for Credit Counseling or the Financial Counseling Association of America.

Learn about what services they offer

Research exactly what services the agency offers. Beyond the free counseling service, what else is available? Most agencies have an abundance of free resources that can prove invaluable on your journey to getting rid of your debt.

Check, too, what paid services they offer. It’s better to go into your meeting knowing what your options might cost than to be surprised by how much your solution ends up costing you. 

Your credit counseling agency may offer student loan counseling, financial skills workshops, budget counseling, and a variety of other services. They can analyze your current assets, income, and goals to provide helpful guidance. 

Ask about fees

Counseling should always be free, but even non-profits may charge for additional services. There are, however, organizations that never charge for their services. If you don’t have the assets or want to pay, you can certainly find free counseling services. 

For example, Operation Hope is a non-profit organization that partners with financial institutions to provide free financial programs to help individuals take control of their money.

Avoid shady offerings

If a credit counseling service is offering something that seems too good to be true, it might be. Run from any that makes false promises, such as guaranteeing something like a change in your credit score (nobody can guarantee that). 

Credit counselors can’t promise to erase all of your debt. They also don’t typically lower the total you owe; instead, they help to lower your payments. 

You should also confirm ahead of time that the agency will provide you with all of the debt relief options available (non-profits are required to do this, while for-profits are not). You don’t want to choose an agency that will only suggest solutions for which they charge a fee.

What makes a credit counselor credible?

A credible credit counselor or organization will usually:

• Offer free educational materials. 
• Be accredited with the National Foundation for Credit Counseling or the Financial Counseling Association of America
• Be in good standing with the Better Business Bureau

They should also not urge you to go into a debt management plan without ensuring it’s the best option for your situation. 

What is a risk when using a counseling service?

Some services have been flagged by the FTC for defrauding people, so you need to carefully vet the agency before working with them. Be careful that you’re using credit counseling, not a debt settlement company. 

In addition, entering into a debt management plan can be risky if you don’t work with a legitimate agency to do so. Be sure to confirm with all creditors before sending payment under a DMP so you don’t miss payments with them. 

What is the success rate of credit counseling?

The rate of success depends on what your goal outcome is, but according to Nerd Wallet, only around 55% to 65% of those who enroll in a debt management program successfully complete the program.

However, there are many other successful outcomes to aim for. Decide beforehand: What is consumer credit counseling to you? 

You may use student loan counseling to choose the best repayment strategy, for one. Or you may find yourself sticking to a budget for the first time, improving your credit score, or receiving lower interest rates on debt. And attending money management workshops can set you up with the knowledge you need to succeed in life. 

Articles related to credit and counseling

If you found out more about credit counseling from this article, read these other posts next for more information!

• What To Know About How Financial Counseling Works
• What Is Budget Counseling And How Does It Work?
• 7 Tips For How To Negotiate Credit Card Debt
• How Does Credit Work? Here’s What You Need To Know

Getting out of debt can be easier when you have help!

Dealing with debt can feel embarrassing, but it shouldn’t be this way. Tackling your debt doesn’t have to be a solitary experience. And what’s more surprising, you don’t have to spend money to get the help you need. 

With the right credit counseling service on your side, you’ll be able to develop a free or inexpensive plan to get yourself out of debt once and for all. Finally, be sure to check out our completely free courses as you work on improving your finances!

The post How Consumer Credit Counseling Works appeared first on Clever Girl Finance.

Are you looking to jumpstart your savings? Does saving money feel too hard or even too boring at times? You can turn saving into a game and complete a 6 month savings challenge!

By completing a 6 month money challenge, you’ll end up with a pot of money, form new money habits along the way, and be inspired to keep on saving. I can attest to this as I’ve personally used this challenge multiple times to bulk up my emergency savings as well as save for my other goals.

Ready to get started? Read on to learn how to successfully complete a 6 month savings challenge!

What is a 6 month saving challenge and why should you do one?

First things first – what exactly is a 6 month savings challenge? There are many ways to complete one, which we’ll go into more detail about below.

But the main idea is that you save a little bit of money every week for the entire six months. And by the end of the challenge, you will have saved up thousands – yes, thousands – of dollars!

Second, you might be wondering, “Why should you try this challenge?” There are many different types of money savings challenges out there, such as the 52-week money challenge and the spare change challenge. Why this one?

Well, for anyone who is serious about saving, there is nothing better than a 6 month saving challenge. Here are some reasons to try one for yourself:

1. Helps you reach a specific financial goal quickly

Do you have specific financial goals you’re working toward? The challenge is especially great for someone who already has a financial goal in mind, like saving for an epic summer vacation or paying off credit card debt.

It’s a great way to kick off your savings and reach your financial goal, especially if you’ve had trouble saving for the future in the past.

And as I mentioned earlier, this challenge has been incredibly helpful in helping me meet my own goals!

2. Proves to yourself that you can save

A positive, growth-oriented mindset is one of the most powerful financial tools you can leverage. One reason why you might not have unleashed the power of mindset when it comes to your finances? You haven’t yet seen the evidence that you can actually successfully save.

When you complete a challenge, that negative mindset will all begin to change. You will prove to yourself that you really can save. It will increase your confidence and inspire you to try even more things!

3. A 6 month money challenge makes saving fun!

This reason is quite simple – participating in a challenge is fun! It’s fun to track your weekly savings, see it add up, and figure out what you need to do to ensure you meet your weekly savings goals.

Sometimes, it really does help to put a little bit of fun and play back into something that can feel as serious as personal finance. Adults don’t have as much fun as we should, to begin with. There’s no reason why you can’t treat saving like a game, with the prize being a ton of money!

4. Sets you up with good savings habits that reach beyond the 6 month savings timeframe

The most impactful benefit of participating in this challenge is what will happen after it’s over. Sure, over the course of the challenge, you’ll save thousands of coins. That will put you all that much closer to reaching your financial goals.

But the real, lasting benefits of the challenge are the saving and spending habits you’ll have created. If you stick to something for six whole months, you’re likely to integrate that habit into your life without having to even think about it. You will have turned yourself into a money-saving master!

Two ways to do the 6 month money challenge

The idea behind the challenge is to save a specific amount of money every week for the entire period. You can do this any way you want.

Whether you save $5 a week or $500, you will still end up on top at the end of the challenge! You can even save more on the first week of the year and less on the second week as long as it all adds up to your desired amount. 

But it helps to have more guidance than that. So, here are two ways to complete the challenge that will save you either $2,000 or $5,000!

Option 1: Save $2,106

Saving this way is an excellent option for those looking to ease into saving while still accumulating over $2,000 in savings in just six months. Here’s how to do this version of the challenge:

During the first week, you save $6.

Then, every week after that, you contribute $6 more to your savings account than you did the previous week (i.e., on week two, you save $12 in week three, $18 in week four, $24, and so on).

By the end of the challenge (week twenty-six), you will contribute $156.

And, by the end, your savings will amount to $2,106! You can use money savings charts to help you keep track.

Option 2: Save $5,018

Want to save even more? If you’re really serious about saving in a short amount of time, try out this version.

It will help you save over $5,000 in just six months! It’s hard work, but it is worth it to see that number in your savings account:

Every week, you save the same amount – $193. It’s really that simple and straightforward!

Alternatively, you could contribute twice that amount ($386) every other week. Doing so is a smart option for those who want to do a biweekly budget. Whenever your paycheck hits, you can automatically deposit $386 into your savings.

By the end of this version of the challenge, your savings will total $5,018!

How to successfully complete your 6 month savings challenge

Setting the goal to save a certain amount of money or do a 6 month savings challenge is one thing. But that’s just the first step, and, quite frankly, that’s the easiest part.

The hardest part is actually saving the money and following through with the challenge when it feels impossible.

That’s where these tips on how to successfully complete your 6 month saving challenge should come in handy:

1. Set up a savings account

First of all, you’re going to need somewhere to stash all of the cash you’re saving. While you could save it under your mattress or in a dresser drawer, you’ll be way more likely to keep up the momentum if you deposit your money in a dedicated savings account.

If you already have an emergency fund, that’s a great place to put this extra money. If you don’t, set up a savings account, preferably an interest bearing account.

Bonus points if you automate your finances and set up an automatic transfer from your checking account each week. You won’t even have to think about the challenge as you complete it!

2. Live below your means

Where is all of this extra money to put toward your savings going to come from, you might want to know? There are a few ways you can save quickly, including living below your means and cutting back on your monthly expenses.

By curbing your expenses and living frugally, you’ll find yourself with extra money. Instead of splurging, dedicate yourself to savings success during this challenge. You’ll likely have plenty of money to fill up your savings account.

3. Combine it with a no-spend or low-spend challenge

Love a challenge? Why not double up? Another great way to save more money, fast, during the challenge period is to combine the 6 month money challenge with a no spend challenge or a low-buy year.

During these challenges, you choose to spend little to no money on anything that isn’t essential. What is essential is up to you, but generally, people cut out things like clothes shopping and eating out.

It’s basically impossible not to save money during one of these challenges, so they surely will help accelerate your savings if you do one in combination with a 6 month savings challenge.

4. Set a goal and keep that goal top of mind

When you begin the challenge, find your why. What is your reason?

Do you want to save for college? For a new wardrobe? For a down payment on a house?

Whatever your reason, decide on it and what you are going to put your money toward.

Then, make sure to remind yourself of that goal throughout the challenge. You will probably be sacrificing to complete the challenge. And when you are giving up things you like to do or buy, you’ll need a reminder of why you’re making those sacrifices.

Try keeping a sticky note with your goal written on it or save a reminder about it on your phone. Then, you’ll keep your goal at the top of your mind when the going gets tough.

5. Make more money

If cutting back on your expenditure isn’t enough to meet your savings goals, it’s time to increase your salary.

There are several ways to do this, such as:

 Start a side hustle

Choose something that doesn’t have any start-up costs, such as freelancing, graphic design, tutoring, or pet sitting, to maximize your savings amount.

Sell your old stuff

There’s money hidden in your house where you least expect it. All you need to know is where to look to make money from home. Start in your closet to dig out the clothes you never wear before raiding your bedside drawers for unused, forgotten gift cards.

Rent your spare room or driveway

Renting is an excellent way to earn cash fast, especially if you live near public transport links. List your parking space or spare room on reputable sites and start earning pennies.

For example, you can list your parking spot on neighbor.com or your room for rent on roommates.com

6. Shop smarter

Who wouldn’t want to slash their shopping bill and save money? Well, now you can with these tips.

• Choose generic brands
• Only buy what you need
• Avoid impulse purchases
• Substitute meat for vegetables
• Don’t shop hungry
• Be mindful of products at eye level on the shelves – they are put there to tempt you!

Smart shopping doesn’t have to stop at the grocery store. Next time you need to buy somebody a gift, consider making something meaningful to give rather than opting for shop-bought. 

7. Check utility provider deals

Utilities can take up a large part of your monthly expenses. When trying to save money, it’s a smart move to review your current package and try to negotiate a lower price or find a better deal elsewhere.

Contact your current provider first to see what they can offer, then use online comparison sites to compare deals elsewhere. You may find that your supplier gives you a better package to keep you as a customer.

Be mindful when switching suppliers of any cancellation or early termination fees that would impact the amount of money you save overall. But trying to lower your electric bill and other utilities is worth it.

8. Review your debts

High-interest debt can badly damage your savings potential. If you’re serious about saving, you need to tackle debt first.

Start by paying off credit cards fast that you pay the most interest on. Once you’ve cleared the balance, focus on the next card and so on.

Next time you get tempted to use your credit card, reach for your debit card or use cash instead.

9. Alter your mindset

Our mindset has a lot to answer for. It can affect your health, the decisions you make in life, and even the way you handle money.

If you have negative feelings towards your finances, it’s important that you improve your money mindset before taking on a savings challenge so you have the best chance of succeeding.

Using positive affirmations and letting go of past financial mistakes are just two ways that you can mentally prepare yourself for the task of saving money. Believing in yourself is also a powerful technique that should be practiced daily when setting yourself a target.

10. Don’t quit even if you slip up during the challenge

So you missed a week…or two or three. Or you were only able to save a fraction of what you intended to save. Whatever you do, don’t quit!

Being too much of a perfectionist can cause you to procrastinate on tasks or give up when it would be better to simply move forward and save as much as possible.

Even if you don’t complete the challenge “perfectly,” you will still come out a winner at the end of the six months.

Imagine if you only end up saving half of what you intended to save. That’s still going to be a thousand dollars (or more) than you would have saved if you hadn’t even begun the challenge!

And don’t forget, you’ll reap all the other benefits of participating in the challenge, too, like setting up good saving habits going forward.

Expert tip: Ask a friend to join you

Need help keeping motivated to meet your goal? Ask a friend to join you in a 6 month savings challenge. It’s one of the most effective ways to ensure you get there (and have fun doing it!). Together, you can come up with frugal ways to go out and have great entertainment without blowing your budget.

Another top tip is to do your frugal grocery shopping together with friends and buy in bulk. Not only will this save you money on groceries that you purchase, but also gas if you car share to the store. You may even find that you save more money than if you were doing a savings challenge alone!

If your pals love a competition, set up a friendly challenge to see who can save the most over a period of time.

How can I save $10,000 with a 6 months challenge?

The good news is it’s totally achievable to save $10,000 in 6 months with a solid 6 month saving plan, some self-restraint, and the right mindset.

To achieve your goal, you will need to save approximately $1,666 per month or $385 every week. But smart saving is all about adjusting your plan to meet your individual circumstances, income, and expenses.

For example, if you have a tax bill that is due during your savings challenge, lower the amount you put away in that month and put more into your savings fund another month when you have fewer outgoings. Remember to work it out to the nearest dollar so you are left with the exact $10,000 at the end of your challenge.

As $10,000 is a large sum, the best way to make good progress is to earn extra money that you can put into your savings. If you already have a full-time job, you could do some night shift jobs for pennies that can be dedicated to your target rather than used to pay monthly expenses.

Or if you work part-time, why not see if you can temporarily increase your hours?

Trying out vision board ideas is also a great way to stay motivated when saving a large amount. Use your favorite colors and images that mean something to you and boost your chances of success.

So, whether you need to pay an unexpected bill, go traveling or buy a new car, don’t reach for a credit card. Instead, save $10,000 in just 6 months with these money-saving tips.

How can I save money quickly in 6 months?

If you need to get your hands on money quickly, there are certain things you can do to meet your 6 month savings goal fast.

Meal prep

Groceries are by far one of the largest monthly expenses for households, making budget meal prep a great place to start when you need to reduce your outgoings.

Buying ingredients in bulk and batch cooking allows you to save time and money. How? Some consumable items such as rice, pasta, and tinned goods are cheaper in larger quantities.

Portioning food also means that you can easily get it out of the fridge or freezer and cook it when you want it. No more late nights cooking after a long day at work or wasting food that had spoiled before you had a chance to eat it.

Cut out unnecessary recurring expenses

Any transaction that appears monthly on your bank statement is known as a recurring expense. While most types of regular payments will include non-negotiable transactions such as a mortgage or a rent split, or loan repayments, there are some that could be reduced or canceled altogether.

Unnecessary payments could be gym memberships, subscription services, or even a buy now, pay later plan that you’re still paying off.

Make a list of all your recurring expenses and cancel or pause the ones you can to see how much you could save.

Slash your cell phone bill

Do you know how much of your allocated cell phone data, minutes, and texts you actually use? If you don’t use the full amount, it’s likely that you’re overpaying for what you need.

A simple way to save money fast is to consider changing your cell phone package and only pay for what you use.

How can I save $5,000 in 6 months, biweekly?

When trying to save $5,000 in 6 months biweekly, consistency is key. A biweekly budget and saving makes your goals more manageable and keeps you focused on putting money aside rather than spending it.

First, you need to work out how many biweekly milestones you need in your savings plan. So, if you want to save $5,000 in 6 months, there are 13 payments of $385 that will need to be deposited into your separate account. (Since there are about 26 weeks in 6 months.)

Or, if you prefer, you can make staggered payments so that you pay more on the first payment milestone of the month and less on the second.

Four ways to save money biweekly

Now you know exactly how much you need to save, it’s time to figure out how you’re going to do it. Here are some ways that you can easily free up some money.

Adjust your budget

A good budget is flexible, which means that when you want to increase the amount you save, you can easily see areas where you can cut back.

Cancel subscriptions

Some people have monthly subscription costs eating up their spare cash without even knowing it. Take a look at your bank statement and do a search on every transaction over a full month. It will highlight any outgoings that you’re unaware of and allow you to cancel them to use the money elsewhere.

Pause eating out

Eating out is a great way to socialize and have fun with friends and family, but it can get expensive if you do it regularly. A simple way to save some of your hard-earned cash is to pause or cut back on your restaurant trips.

Instead, choose to cook at home and invite your friends over for a dinner party.

Use discounts

Coupons are a fantastic way to save money on everyday items such as groceries or toiletries. You may only be saving pennies in the short term, but this soon adds up to a much more substantial part of your monthly budget. Check out the best coupon websites to help you save.

If biweekly saving doesn’t quite work for you, try making weekly deposits to your bank account, piggy bank, or savings jar if you prefer (remember to cash it in safely). You’ll end up with the right savings amount but in smaller chunks. This method is perfect for people who get paid weekly or bi-weekly.

Articles related to money challenges

If you enjoyed learning about the 6 month savings challenge, you’ll like these other ideas!

• 100 Day Challenge Ideas: 11 Ideas To Reach Your Goals
• 18 Money-Saving Challenges To Save More Money!
• 28 Different 30 Day Challenge Ideas Everyone Should Try
• 10 Money Savings Charts To Save More Money

A lot of good can happen during a 6 month savings challenge!

A 6 month money challenge is called a challenge for a reason – because it certainly isn’t easy. You’ll need to save a lot smarter than the 52-week money-saving challenge, but if you’ve read this far, it probably means you’re up for it.

Just think, in six months, you’ll be that much closer to reaching your financial goals if you start this challenge today! Or you can try out another type of challenge, like the no new clothes challenge or 30-day challenges for something different!

The post How To Do A 6 Month Savings Challenge! appeared first on Clever Girl Finance.

By the time we’re adults, we’re inundated with information about the importance of goal setting. If you’re a goal-setter, you’ve undoubtedly seen how goals can transform your life. So why not impart some of that wisdom on the teens in your life by helping them set goals for teenagers?

Goals for teenagers are just like goals for adults. They are the key to success in finance, school, the future, relationships, and personal development.

If you’re raising a teenager, are involved in a teen’s life, or are one yourself, read on for some goals for teens that will help guide them (or you!) into adulthood.

Why are goals for teenagers so important?

When you’re a teenager, adulthood, and responsibilities can feel ages away. But it’s never too early to learn how to set goals and achieve them. Doing so can help teens in so many ways. Here are some benefits.

Builds a goal-setting habit

People who make goal-setting a part of their lives are the most likely to achieve their dreams. I personally love goal setting. One way to develop this habit is to start early.

Teens who learn to keep commitments to themselves through building a goal-setting habit can carry that habit into adulthood and will succeed in whatever they pursue.

Teaches the value of dreaming big and taking action

The first step in goal setting is dreaming and contemplating all that could be. Setting goals at a young age teaches teens the value of dreaming big and also taking action to pursue those dreams.

Once they see what is possible when they set their minds to it, they’ll learn that they can accomplish anything.

Builds confidence and self-esteem

One way to combat low self-esteem and also boost confidence is to set and achieve goals.

As teens start to accomplish goals, they’ll begin to see what you’re capable of. Then, they’ll begin to feel confident about their abilities.

Teaches independence

Most teens are at that stage where they long for independence, but they don’t quite have it all figured out yet (not that adults do, either!).

Setting goals is an excellent way for teens to learn how to take ownership of their lives and decisions. They can learn to achieve what they choose to achieve, not what others tell them they have to do.

Gaining this type of independence is a very empowering thing to learn.

Where to start with setting goals for teenagers

The best place to start with goal setting for teenagers is to brainstorm! Once you have some ideas, you can start setting short-term goals for teenagers and work your way up to setting long-term goals for teenagers.

Make a list

I always find it easier to get organized when I make a list. Sit down and come up with a list of things you want to accomplish. If you’re stuck, ask someone to share their own goals as inspiration.

Once you have a list of goals, it’s best to narrow it down to a couple of goals to focus on at a time. Having a specific goal will make it easier to achieve.

A good way to do this is to keep a running list of goals so you never run out of ideas or forget things you want to do. You can also start a yearly list of goals.

For now, keep your focus on just a few at a time. Consider starting with one or two short-term goals for teenagers. This way, you (or your teen) won’t get overwhelmed with a seemingly never-ending to-do list of goals, which really takes the fun out of it.

Take action to complete your goals

After you have a goal or a couple picked out, learn how to take action on those goals. SMART goals for teens are a great place to start. SMART is an acronym for goals that are specific, measurable, achievable, relevant, and time-bound.

Need some ideas for important goals? While nothing beats a brainstorming session, here are some of our favorites:

Goals for teenagers: Your finances

Let’s start with ten goals for teens that are all about learning to manage your finances and set yourself up for future financial success.

1. Get a summer job

Making money is one of the most empowering things a teenager can experience. If you aim to get a summer job, you’ll be one step closer to the independence many teenagers crave.

You’ll also learn valuable skills along the way, such as searching for a job, applying for one, crafting a resume, and interviewing.

Additionally, having a job at a young age helps build a strong work ethic. 

2. Set up a budget

Learning to budget before leaving home is an essential life skill, and my advice is to start budgeting immediately. Setting up a budget will help you take control of your finances and understand what you make, spend, and can afford. 

Additionally, having a budget will help prevent you from going into debt in the future.

3. Save for a big purchase

Have your eye on a new laptop for college? Perhaps you want to buy a prom dress that costs more than your parents have budgeted for.

Whatever the item is, a great long-term goal for teenagers is to save for a big purchase ahead of time. If you do this, when the time comes to buy the item, you’ll have saved up enough and will be ready to get it.

One of the key aspects of SMART goals for teens is that the goal is time-bound. By choosing a date you want to purchase the item (e.g., two weeks before prom), you’ll have a precise end date to work toward.

4. Start a side hustle

Side hustles are not just for adults! Some common side hustles for teens include dog walking, babysitting, or blogging, all of which can help earn you extra cash.

Setting the goal of starting a side hustle is a great way to set the stage for continuing that practice later in life.

5. Learn how to use a credit card

Many adults don’t know how to manage a credit card responsibly. One of the reasons? They never learned.

Therefore, an excellent long-term goal for teenagers is understanding how credit cards function and making responsible choices with one.

6. Open a savings account

Where should you put all of your hard-earned money? A savings account is the perfect place!

Open up a savings account instead of keeping your cash in a checking account. You’ll learn how to review your statements, how interest works and become more responsible with your money along the way.

7. Try a no-spend challenge

Spending too much? Perhaps spending so much time on social media has tempted you into buying things you don’t need.

One way to curb your spending is through a no-spend challenge.

One of the most helpful short-term goals for teenagers is not spending any money for a specific amount of time. Try it for a month and see if you can do it!

8. Understand and apply for financial aid

Is college in your future? Then, you’ll want to understand how financial aid works.

While higher education is expensive, setting a goal to understand how financial aid works will greatly help you in the future.

Focus on figuring out what student loans are available and how to apply. Additionally, you can learn and start applying for other resources, like scholarships, to help you reach your college goals.

9. Open a retirement account

Retirement might feel ages away (and it is), but that doesn’t mean you can’t start saving for it as a teen. I’d recommend starting to save as soon as possible.

Understanding retirement savings and opening up an account is a great long-term goal for teenagers and will make your life easier as an adult.

Most young adults don’t even consider retirement until many years later. Seeing the magic of compound interest at a young age will blow your mind!

10. Start an emergency savings account

Lastly, emergencies can happen to anyone, even teens. Another critical financial goal for teenagers is setting up an emergency savings account.

It’s one of the best ways to prepare for an emergency and protect yourself financially.

Goals for teens: Your future

Whether it’s next year or ten years from now, setting goals for the future can be extremely helpful for teens. For instance, here are some great goals for teenagers and their futures.

1. Figure out a post-high school plan

The first step toward figuring out your adult life is deciding what you want to do after graduating from high school. Maybe you want to attend a four-year university or community college or go straight into the workforce.

Whatever it is, set the goal of deciding what you want to do. Having a goal will stop you from doing something that someone else wants you to do, not what you want for yourself.

2. Achieve a certain grade point average

Are you looking for a relatively short-term goal? A common and great SMART goal for teens is achieving a certain GPA.

Earning good grades can be especially important if you want to pursue college. To achieve this goal, start small. Focus on improving your grades for a semester. Once you’ve started improving, you can focus on achieving better grades for the year or your entire high school career.

3. Talk to adults about careers you’re interested in

Would you want to be a marine biologist one day?

A teacher? A pharmacist? A novelist?

Whatever it is, there’s someone likely doing just what you think you’d like to do. Make it a goal to reach out to someone in a career you’re interested in.

Talking with different professionals will give you a head-start and put you on the right path to understanding what goals you want to set for your career in the future.

If you’re unsure where to start, your first step can be talking to a career counselor to get an idea of which careers best suit you. 

4. Shadow someone in a job you might like

Want to take it one step further? Why not ask one of those people you talked to about their career if you can shadow them for a day on the job?

You’ll learn first-hand what a job entails and get some insight into whether it is something you’d like to pursue.

Knowing what the future holds can be great motivation for achieving your other goals, like improving your grades or getting a part-time job.

5. Create a resume

If there’s one thing you’ll need in the future, it’s a resume. No matter what your post-high school plans are, having a resume ready is a crucial step to take.

Set the goal of preparing one. If you don’t have any work experience, you can start your resume by creating a list of your achievements. Your resume can consist of anything from volunteer work, being the captain of the football team, or other extracurricular. 

Putting together a resume as a teen will help you build a stand-out resume for the future, and increase your chances of getting a job interview in the future.

6. Take care of your belongings

A very future-thinking thing to do is to take care of your belongings. Think about a new item you recently purchased or were gifted. For example, maybe you were gifted a designer handbag, a new phone, a new pair of shoes, or a new tablet.

How are you taking care of those things? Do you have the proper protective wear? Does a particular item you have need routine cleaning or maintenance.?

Vow to treat your things with respect, and you’ll see how much longer they’ll last and how much money you’ll save since you won’t have to replace things you’ve lost or broken constantly.

7. Figure out what your dream life would cost you

Do you have big dreams and aspirations? Of course you do!

Do you know how much those dreams will cost you? Maybe not.

Instead of waiting until you’ve reached some point in the future, my advice is to figure out how much your ideal life will cost you today. By thinking about this now, you’ll be able to financially plan for your future all that much more accurately.

8. Learn to speak up in class

Speaking up in class can be intimidating. But school is also a relatively safe space to build public speaking skills.

While using your voice more in class may not seem like an audacious goal, it can help you become confident enough to speak your mind in different areas of your life. Not only will this skill help you stand out from your teachers, but it can also help you in your future career.

9. Register to vote!

Voting is one of the most powerful ways to have your voice heard. Register to vote as soon as you turn eighteen (or, in some states, even before that big birthday).

Registering to vote works well if you’re looking for SMART goals for teens since it is specific, measurable, attainable, relevant, and time-bound.

10. Keep a running list of goals to work toward in the future

While you can’t accomplish all your goals at once (there isn’t enough time in the day!), you can keep a list of life goals. 

Keeping a running list will help you stay focused and aid in your personal growth as you get older. Also, having a list of financial goals can be very useful as you get older and start making more money.

You’ll never run out of ideas if you always jot them down when they come to mind.

Goals for teenagers: Relationships

Relationships are the key to a fabulous and fulfilling life, from friends to family to romantic partnerships. That’s why it’s a great idea to set some goals around relationships, for example:

1. Eat dinner with your family once a week

Teenagers have some of the most hectic schedules out there. But that doesn’t mean you can’t make the time to eat a meal with your family once in a while.

Why not try eating dinner with your family once a week? You’ll be out of the house soon enough, so take advantage of the time you have left living with your family.

2. Plan a family trip

Does your mom always plan family vacations? You’re old enough now to have a say in it. And I bet your family will appreciate the help with planning!

Make it your goal to plan the next trip from start to finish. Research destinations and flights, develop a budget, find places to stay, and book activities.

Not only will you take on a big task for the family, but you’ll also learn many new skills along the way.

3. Start a new family hobby

Family time doesn’t have to be dull! Why not try something new together?

There are endless hobbies – from outdoor hobbies like hiking to indoor hobbies like baking – that you can do as a family.

4. Have a family game night

Another way to spend time as a family? Break out a traditional board game and have a weekly (or monthly) family game night!

This goal will help bring your family together and is a lot of fun.

5. Do a service project with friends

Community service is one of the most impactful ways a teen can give back to their community.

By doing a volunteer project with your friends, you’ll reap many benefits together, like higher self-esteem and helping those less fortunate.

6. Spend time with childhood friends

Most people have a friend or two from childhood with whom they’ve drifted apart.

If you have someone like this in your life, someone you once shared great times with but who you have lost touch with, try reconnecting.

Make it a point to schedule time with this friend at least once every two months. There are many free and fun things to do with friends on the weekend.

7. Make a new friend from a different social circle

Friendships with people who are different is one way to open your eyes to other perspectives.

If you tend to stick to the same type of friends, a great goal is to try to make a new one outside of your usual peers.

8. Learn what a healthy romantic relationship looks like

Whether you’re in a romantic relationship or not, your teenage years are the perfect time to learn what a healthy relationship looks like.

By understanding what a healthy relationship looks like when you’re ready for one, you’ll be more empowered to stand up for yourself and only accept the best. With this understanding, you are more likely to have emotional security and a better sense of happiness in your future relationships.

9. Find an adult you can open up to

An adult who understands you is one of the most valuable resources you can have as a teenager. While it could be one of your parents, an older sibling, or another family member, it doesn’t have to be.

Find a teacher, a community leader, or a boss–someone you admire and feel comfortable sharing with.

10. Become a supportive friend

Knowing how to be a supportive friend and set boundaries is a quality that will serve you for your entire life. When you show up for your friends, whether it’s cheering them on at their soccer game or being available for a late-night phone call, you’ll strengthen your bond.

Just remember that support should go both ways – your friends should be there for you when you need them, too.

Goals for teens: Personal development

Personal development isn’t just for someone in a crisis. Everyone can benefit from looking inward and working on themselves.

For instance, here are ten personal development goals for teenagers:

1. Read a non-school book over summer break

During the school year, teens are inundated with reading and homework. Summer break is usually a welcome time away from all of that work.

But that doesn’t mean putting down all books. Take this opportunity to read something fun just for you. No book reports are required!

Reading a no-school-related book can help you discover topics you never knew you were interested in. 

2. Find a cause you care about and volunteer

Don’t wait until you’re an adult to find a cause you’re passionate about! Teens can also make a huge difference in the world.

Choose an organization or a cause you feel strongly about and spend time learning about it and volunteering your time.

3. Start a journaling practice

Journaling is one of the simplest ways to clear your mind and a great way to practice self-care. Teens have a lot of emotions, and it can be hard to express them.

You can use journal prompts to get started or open up a blank notebook and let your thoughts flow. Journaling is one of my favorite things to do, as I find it very helpful for my mental health.

4. Start a meditation practice

Another excellent way to focus the mind? Meditation is one of the most beneficial long-term goals for teenagers. It can help you clear your mind, and protect your internal peace.

You’ll create a more profound sense of calm by taking just a few minutes out of your day to focus on mindfulness.

Starting a daily meditation practice is an excellent goal for teens who are experiencing anxiety or have lots of stress in their lives.

5. Learn how to cook a complete meal

Most teens still live at home, but soon enough, you’ll be out on your own. Which also means you’ll have to find your own food.

Instead of relying on take-out or pre-packaged meals, cooking your own food, even if you dislike it, is healthier and a great way to save money. Bonus points for serving that meal you’ve mastered at your next family dinner!

6. Learn a new skill

Learning a new skill is a classic goal for teenagers and adults alike. The reason?

Learning something new, like an instrument or a card game, engages the mind, builds confidence, and has many other mental health benefits.

7. Try out for a sports team

Is there something you’ve wanted to try out for but haven’t yet? It doesn’t matter whether or not you make the team (not even Michael Jordan made his high school basketball team right away!).

Set the goal of just trying to see what happens and what you learn from the experience.

8. Complete a non-school project

It can sometimes feel like everything you do is for school. But not all SMART goals for teens need to be centered around accomplishing something for school or your college resume.

By completing a non-school project, like building a treehouse or getting a yoga certification (really, the possibilities are limitless!), you’ll gain confidence and have fun doing something just for you.

9. Learn how to make and take care of your appointments

Someone has made dentist appointments, haircuts, and everything else for your life. Soon, though, you will be responsible for all of those appointments!

With the help of the adults in your life, try to take responsibility for these. For example, call the dentist and make your next appointment, write it down on your calendar, and practice being in charge of your life.

10. Create a morning or evening routine

Teens are old enough to take ownership of their own mornings and evenings. It can be empowering to start your day how you want to instead of haphazardly or rushed.

Create a morning or bedtime routine to structure your day and get more of what you want done!

Expert Tip: Teenagers should create goals around the things that excite them

Teenagers are often focused on the now. As result, creating goals for the future might seem overwhelming or unimportant to adolescents.

To help them get excited about goal setting, focus on creating goals around things they are already interested in. Once they’ve achieved a few simple goals, they’ll feel more motivated to achieve bigger and more long-term goals.

What is a SMART goal for a teenager?

A specific, measurable, achievable, realistic, and time-bound goal for a teenager can be around academics, extracurriculars, or sports. For instance, a SMART goal could be getting a 3.5 grade point average or straight A’s for an entire semester.

Other non-academic goals include joining the varsity football team in your third year of high school. There’s also starting a new club for the second semester or making a new friend outside of your social circle before school ends.

What are 5 smart goals examples for teenagers?

Teenagers have many options when setting SMART goals. They can focus on financial goals such as getting a summer job, saving enough money to buy a new phone, or learning to make money independently. Financial goals are also helpful in supporting teens in gaining financial literacy.

If you have teenagers who want to focus on things outside of school, they can create a SMART goal around hobbies. Examples of these goals could be to learn to play the piano by the end of the year or learn to ride a skateboard in six weeks.

When it comes to creating long-term goals for teenagers, examples of SMART goals are getting accepted into a four-year college, earning $1,000 by the end of high school, or meeting with a childhood friend once a month.

What are some long-term goals ideas for teenagers?

Long-term goals for teenagers are great because they help keep teens focused on the future. Long-term goals can be about getting into a specific college, saving a certain amount of money for graduation, learning to invest, or learning a foreign language. 

Other long-term goals for teenagers can be to:

• Start their own business
• Save for retirement
•  Start a specific career
•  Reach 100% attendance
•  Buy a used car
•  Save money for prom
•  Get your driver’s license

Articles related to goal setting for teens

If you’re looking for ways to help the teen in your life become financially savvy, these articles will give you advice and guidance.

• Financial Literacy For Teenagers: Key Money Tips For Teens
• The Best Investments For Teens And How To Start
• Budgeting For Teens: How To Get Started
• 47 Great Business Ideas for Kids!

Setting goals for teens can lead to a bright future!

There you have it! Forty important goals for teenagers to have.

Whether you decide to set SMART goals for teens or take another approach, setting goals from a young age helps to set a mindset of success.

Choose a goal from the list above, or come up with one of your own and see how powerful goal setting can be!

The post 40 Important Goals For Teenagers To Have appeared first on Clever Girl Finance.

Most of us dedicate a significant portion of our lives to our jobs. While work can be fulfilling and rewarding, it can also be a source of stress and discomfort, especially when we find ourselves in a toxic workplace. In this article, we’ll delve into what constitutes a toxic working environment, how to recognize it, and what steps you can take to navigate within one and get yourself out of one.

What is a toxic workplace?

A toxic workplace is damaging to the well-being of its employees. It is an environment where employees are exposed to chronic stress, hostility, and unreasonable demands.

According to Lyra Health, this can affect employee’s physical and mental health.

In addition, over time, an environment that is toxic can eat away at employee morale and productivity and even lead to burnout.

A toxic workplace is not just an uncomfortable place to work – it’s an environment where negative behaviors, attitudes, and practices are not only tolerated but often encouraged or ignored. Its negative impact extends beyond office walls, seeping into employees’ personal lives and sometimes even causing lasting damage.

7 Signs that your workplace is toxic

Before anything can be done about it, it’s important to understand the specific signs of a toxic workplace. So let’s explore some of these signs in greater depth:

1. Hostile behavior and unhealthy competition among colleagues

Toxic workplaces often breed a culture of hostility and competition. Employees may engage in backstabbing, gossip, and political maneuvering to gain favor or protect themselves.

This hostile atmosphere can create a toxic working environment where trust is basically non-existent, and coworkers become adversaries rather than collaborators. Then you may find yourself trying to figure out how to deal with a toxic coworker.

2. Excessive workload and unrealistic expectations

In toxic working environments, employees might be subjected to excessive workloads and unrealistic expectations. This may manifest as constant pressure to work long hours, meet unattainable targets, or take on responsibilities beyond their capacity.

The result is an overworked and stressed workforce, leading to poor work-life balance in addition to decreased job satisfaction.

3. Lack of support and appreciation

These workplaces often fail to provide employees with the support and recognition needed to thrive.

For instance, your contributions may go unnoticed, unappreciated, or be attributed to others. The absence of appreciation and support can lead to not feeling valued and unfulfillment. And although you can practice enjoying the life you have outside of work, it may still feel overwhelming.

4. Poor communication and leadership

Effective communication and strong leadership are vital parts of a healthy workplace. In toxic environments, however, communication is often lacking or ineffective.

Bosses may fail to provide clear guidance and helpful feedback, leaving employees feeling confused and directionless. Supervisors who haven’t had good lessons in leadership can further deteriorate the work environment.

5. High turnover

Have you ever worked somewhere where employees are constantly coming and going? High turnover is a glaring indicator of a toxic workplace.

When employees often leave their positions, it suggests that the environment is not conducive to long-term employment. High turnover is usually caused by a combination of the other signs mentioned, such as excessive workload, poor leadership, and lack of support.

6. Favoritism

In toxic workplaces, certain employees might receive preferential treatment while others are unfairly marginalized. Favoritism can be a source of significant frustration and demoralization for employees who feel unfairly treated.

7. Unfair treatment and discrimination

Lastly, and most seriously, racial discrimination in the workplace, or discrimination based on gender, age, religion, or disability, is a clear sign of a toxic work environment.

Discriminatory practices that create a hostile and unjust atmosphere can lead to feelings of isolation and inequality among employees. Not only is this type of treatment hostile, but it is also illegal. 

Tolerating a toxic workplace for the sake of money

One common reason people endure toxic working environments is the lure of a steady income. Being financially stable is undoubtedly important, but it should never come at the cost of your well-being.

It’s important to think about the consequences of staying at a job that is hurting your mental or physical health. These include:

Health consequences of a toxic workplace

Prolonged time in a toxic workplace can have severe consequences for your health. Stress and anxiety could lead to health issues that may require costly medical treatments down the line.

Effects on long-term earnings

While a toxic job might offer higher pay in the short term, it can limit your long-term earning potential by hindering your personal and professional growth. Investing in your career aspirations and well-being right now may lead to greater financial freedom in the future.

Harmful to your quality of life

Assess the impact of the toxic working environment on your overall quality of life. Is the money you’re earning worth the stress, anxiety, and unhappiness that comes with it? Remember, your health and well-being should always be a top priority.

Employee rights when it comes to toxic work environments

In the U.S., employees have several rights designed to protect their well-being and ensure fair treatment in the workplace. These rights play a crucial role in combating a toxic working environment and include:

Right to a safe and healthy work environment

Did you know that employers are legally obligated to provide a workplace free from risk that could harm employees’ physical safety, according to OSHA? This includes having the correct safety equipment and health and safety training, in addition to other important factors.

Protection against discrimination and harassment

Discrimination or harassment based on certain characteristics, such as race, gender, age, religion, disability, or national origin, is illegal, according to the Equal Opportunity Employment Commission. These protections extend to all employees, regardless of their financial situation.

Right to fair wages and overtime compensation

Employers must comply with fair wage and hour laws, which vary by state. These laws ensure that employees are compensated fairly for their work and provided with overtime pay when applicable, according to the Department of Labor.

Family and medical leave rights

The Family and Medical Leave Act (FMLA) provides some employees with unpaid leave for various family or medical reasons (including childbirth). So this law helps employees balance their work and personal lives without the fear of losing their jobs.

The role of government agencies in enforcing these rights

There are government agencies, such as the Equal Employment Opportunity Commission (EEOC) in addition to the Department of Labor (DOL), that play a vital role in enforcing employee rights.

They work to ensure that all employees have access to a workplace free from toxicity and discrimination, and also will be your first stop if you need to escalate a complaint beyond your company.

Expert tip: Don’t tolerate a toxic job just for stability

Have you ever heard the saying, “better the devil you know than the devil you don’t?” This highlights a common mindset that can keep people trapped in unhealthy jobs.

This type of thinking often stems from fear of change or uncertainty about the job market. People may rationalize staying because it feels safer or more stable than the unknown.

However, it’s crucial never to stay somewhere out of fear that it’s the best you can do. There is always a better alternative to a toxic workplace.

What qualifies as a toxic work environment?

A toxic working environment is characterized by systemic and prolonged toxicity that negatively impacts your well-being and performance. If you consistently experience the signs of a toxic workplace mentioned earlier, you are likely in one of these negative environments.

Distinguishing between occasional workplace challenges and a toxic environment is necessary for taking the appropriate action. Occasional workplace issues, such as disagreements or temporary stress, are common and can often be resolved through open communication.

What to do when your workplace is toxic?

If you find yourself in a toxic workplace and your total wellbeing is affected, knowing how to address the issue properly can be difficult. So here are some ideas and steps you can take to navigate this kind of toxicity:

1. Confront the issue with colleagues or supervisors

Engage in open dialogue with colleagues or supervisors to address specific concerns and then seek a solution. Sometimes, just raising awareness can lead to positive changes.

2. Utilize internal reporting mechanisms

Many companies have internal channels for reporting workplace issues. If yours does, follow the established procedures to document your concerns and ensure they are formally addressed.

3. Document incidents and keep records of a toxic working environment

Maintaining a detailed record of incidents, including dates, times, locations, and individuals involved, is important. This documentation can be helpful if you end up escalating the situation or need to provide evidence of the toxic work environment.

4. Find external assistance

If internal avenues are unhelpful or your concerns involve higher-level management, consider contacting your organization’s HR department. You can also seek legal counsel for advice on the best course of action.

5. Seek emotional support

Dealing with a toxic workplace can take an emotional toll. So lean on friends and family for emotional support.

In addition, if the toxicity of your workplace is taking a significant toll on your mental wellness, don’t hesitate to seek professional help. A mental health professional could also help you manage the emotional impact of working at such a place.

Deciding whether to stay or leave

If you find yourself in a toxic workplace, understanding your options and then making informed decisions about your future is necessary. Ultimately, you should decide to stay or leave based on what is best for your long-term well-being and career growth. These steps can help you figure that out:

1. Consider alternative job opportunities

Actively search for alternative jobs that align with your career goals and values. Additionally, trying out networking tips, honing your interview skills, and updating your resume can increase your chances of finding a better fit elsewhere.

2. Evaluate the financial implications

Review your financial situation carefully. Try using one of the best budget templates to make a budget that includes your current expenses, potential income sources, and savings. This will help you determine how long you can sustain yourself without your current job if you choose to leave.

3. Create an exit plan

Develop a well-thought-out exit plan that considers timing, logistics, and the steps required to switch to a new job. Planning your exit will help you navigate the transition more smoothly and confidently.

How do I talk to my boss about a toxic work environment?

Having a conversation with your boss about this topic can be intimidating, but it may be necessary if you want to find a resolution. Here are the essential steps to navigate this challenging conversation:

1. Prepare for the conversation

Firstly, you’ll want to gather evidence to support your concerns.

This may include documentation of specific incidents, emails, or examples of toxic behavior. Prepare a clear and concise outline of the issues you want to address.

2. Communicate your concerns about the toxic workplace effectively

Next, approach the conversation with professionalism and remain calm. It might be helpful to use “I” statements to express how you feel and how the toxic working environment is affecting your work and well-being.

For example, “I have been feeling overwhelmed and stressed due to the excessive workload, and it is impacting my ability to perform at my best.”

3. Deal with potential outcomes

Then be prepared for various reactions from your boss, including denial, defensiveness, or, hopefully, a willingness to address the issues. Be patient and open to constructive dialogue. If your boss is receptive, work together to develop a plan for addressing the issues you raised.

4. Seek other channels of support

Last, if the conversation with your boss is not helpful or if you have a toxic boss who is part of the problem, explore other support channels within your organization. Contact your HR department to voice your concerns and seek assistance in resolving the issues. Legal counsel may also be an option if necessary.

Articles related to a toxic workplace

If you learned a lot from reading about dealing with a toxic workplace, check out these other posts next!

• Dealing With Racial Discrimination In The Workplace
• Tips For Dealing With A Toxic Boss
• How To Deal With A Toxic Coworker
• Should I Quit My Job? How To Know And What To Consider

Nobody should have to tolerate a toxic workplace

Recognizing the signs of a toxic workplace, understanding your rights, and taking steps to address the issue are all essential aspects of dealing with a toxic working environment.

Remember that you have the power to shape your career path and find a work environment that supports your growth, happiness, and overall quality of life. So determine your next steps and begin working towards starting a new life that is better for your health and wellbeing!

The post Seven Signs Of A Toxic Workplace And How To Navigate It appeared first on Clever Girl Finance.

Credit cards might be incredibly convenient, but the weight of accumulating credit card debt can lead to overwhelming stress. So if you’re struggling to get out of credit card debt, know that there are ways to break free from its grip. If you have the right tools, it’s possible that you can stop paying credit card debt and stop worrying about it.

Here, we’ll delve into practical strategies, such as the debt avalanche vs snowball methods, to help you regain control.

Additionally, we’ll explore frequently asked questions about what happens if you are late on payments, or stop paying credit card debt, and what protections you have.

Ultimately, you’ll learn to stop paying credit card debt and stop worrying about it. Financial peace is achievable no matter your current situation!

Five tips to stop paying credit card debt and stop worrying about it

Are you sick of the debt stress and anxiety that come with credit card debt looming over your head?

If so, it’s time to take control of your financial situation, stop paying credit card debt and stop worrying about it. These are five actionable tips to help you with debt and additionally, you’ll regain your peace of mind:

1. Choose a specific payoff method

When tackling credit card debt, the first step is to choose a specific payoff method. There are two popular approaches to consider: the snowball method and the avalanche method (more on those below).

Both methods have their advantages and disadvantages. The snowball method offers quick wins and psychological motivation, while the avalanche method focuses on saving money by targeting high-interest debt.

Consider which approach aligns better with your personality and financial goals. You might even choose to combine elements of both methods for a customized approach that suits your preferences.

If you’re unsure which method to choose, calculate each approach’s potential savings and timeline. Thinking this through can help you decide which path to take based on your financial priorities and also personal core values.

2. Get another job

If you’re committed to debt payoff, getting another job can significantly boost your income. It doesn’t have to be a full-time commitment – even a part-time job, weekend side jobs, or freelancing can help you generate extra funds. If you use this money solely to pay off your credit card debt, you’ll be debt-free before you know it.

In addition, taking on extra work can help you pay off debt faster and even provide a way to develop new skills and broaden your network.

If you find opportunities that align with your skills and interests, you’ll be one step closer to paying off debt and building your skillset, setting yourself up for future opportunities.  

3. Have a written plan

A written plan is a powerful tool to help you on your debt payoff journey.

How does this work? List all of your debts, their interest rates, and minimum payments. Then, decide on a specific monthly amount you can allocate towards paying off this debt.

Having a clear plan keeps you accountable and motivated.

Creating a spreadsheet or using one of the best budget templates can be a helpful way to organize your financial information and track your progress. Update the spreadsheet regularly to monitor your debt payoff journey and then stay on top of your financial goals.

4. Set a goal date for payment

Setting a (realistic) date for when you want to be debt-free gives you a clear target to work towards. Having a deadline creates a sense of urgency and helps you stay focused on your mission. If you can visualize the moment when you’ll make that final payment, it can help you feel more connected to that end goal.

A great way to do this is by breaking down your larger goal into much smaller milestones.

For example, you could set a goal to pay off a certain percentage of your debt within three months. Achieving this smaller milestone will provide a sense of accomplishment and will then reinforce your dedication to becoming debt-free, allowing you to keep on going.

5. Get your spending under control

One of the most effective ways to stop paying credit card debt and stop worrying about it is to prevent accumulating more debt. So assess your spending habits to see where you can cut back, or even try a no spend month.

Create a budget that allocates funds to necessities and debt repayment while limiting unnecessary spending. It might help to switch from credit cards to cash to put a stop to buying things you don’t really need.

When starting out, to gain a clearer picture of your spending, try tracking all of your expenses for a month. Categorize your spending into essential categories like housing, transportation, groceries, and discretionary spending.

Doing this can reveal areas where you might be overspending and provide opportunities for cutting back.

Expert tip: Stop paying credit card debt and stop worrying about it by celebrating milestones

Paying off debt, no matter how you do it, is a huge accomplishment. You should definitely celebrate your victories along the way.

Whether it’s treating yourself to a small indulgence or simply acknowledging your progress, these celebrations reinforce your commitment to becoming debt-free. They provide positive reinforcement and motivate you as you continue on your journey. Consider setting up a reward system for yourself.

For instance, for every debt milestone you achieve, treat yourself to something you don’t normally buy or spend money on. This not only provides motivation but also helps you balance debt repayment with enjoying life along the way.

Different debt pay-off approaches

As noted above, there are two main debt pay-off approaches: the snowball method and the avalanche method. Here is a little bit more about both, so you can decide if one is right for you:

Snowball method

This strategy involves tackling your debts from the smallest to the largest balances by paying more than the minimum payment to the smallest debt. While it might not be the most mathematically efficient method, it provides quick wins as you pay off smaller debts.

Additionally, as you eliminate each small debt, you gain a sense of accomplishment, which fuels your determination to tackle the bigger ones. You can try out this debt snowball worksheet to help you get started.

Avalanche method

With this approach, you prioritize debts based on their interest rates.

First, you make more than the required minimum payments to the debt with the highest interest rate, which can save you more money in the long run. So this method is ideal if you’re motivated by the idea of reducing high-interest debt quickly.

What happens when you quit making credit card payments?

When you stop making credit card payments it can have serious consequences and is not something to take lightly. If you are looking to stop paying credit card debt and stop worrying about it, missing payments is definitely not the way to go.

Let’s break down what could happen when you stop making credit card payments at different times:

30 days late

Missing a payment by 30 days can result in late fees and can even damage your credit score, according to CNBC. Even though it’s only 30 days, it’s still important to address this issue as soon as possible to minimize negative impacts.

If you do miss a payment, contact your credit card issuer right away and explain your situation. They might be able to work with you and offer you a solution that won’t hurt your credit score or result in too many fees.

60 days late

If you miss two consecutive payments, the situation escalates.

For instance, you might face increased late fees and the potential for higher interest rates, claims Capital One, making it even harder to catch up and pay off your debt.

In addition, your credit card issuer might start contacting you more frequently to collect overdue payments, which can be stressful.

90 days late

Reaching the 90-day mark without making payments can lead to the account being charged off, says Bankrate. A charge-off has a significant negative impact on your credit score and often results in debt collection actions.

At this point, your credit card issuer might sell your credit account to a collection agency, which will be tasked with trying to collect your debt.  

What should you do if you are late on making credit card payments?

If you find yourself late on credit card payments, instead of stopping payments and ignoring the problem, take these steps to regain control:

1. Assess the situation

First, it’s important to review your financial situation. You will want to start prioritizing your debts.

Then determine how much you can allocate to credit card repayment. Creating a detailed overview of your income, expenses, and outstanding debts will help you make informed decisions moving forward.

2. Contact your credit card issuer

Communicate with your credit card company as soon as possible. They might offer options to help you manage your debt, such as setting up a repayment plan, temporarily lowering your interest rate, or waiving late fees.

Being proactive and honest about your circumstances can lead to more flexible solutions. It’s always better to be upfront about things than to hide and pretend there isn’t a problem.

3. Negotiate new terms

Did you know that you can negotiate with your credit card issuer? It never hurts to ask! You might be able to secure lower interest rates or more favorable repayment terms, making it easier to pay off your debt.

Remember, credit card companies want to recover their money and are often open to finding arrangements that work for both you and them. 

Can I just ignore my credit card debt?

Ignoring credit card debt is not a solution. It’s actually a misconception that can lead to serious consequences. When you ignore your debt, you open the door to damaging your credit and even facing potential legal action.

Ignoring the problem will only cause it to worsen over time. How so? Interest and penalties compound over time, making your debt even more challenging to overcome.

Ignoring your debt only prolongs your financial stress and can limit your opportunities in the future. That’s why it’s so important to face your debt head-on and take proactive steps to address it.

What’s the worst that can happen if you stop paying a credit card?

If you stop paying a credit card, it can lead to several scenarios. For instance:

Creditors contact debt collection agencies

Your creditor might contact a debt collection agency and sell your debt to them. If this happens, it can damage your credit score and result in persistent collection attempts.

Debt collection agencies can be quite aggressive, and dealing with them can add to your overwhelm and stress.

Legal actions

If your debt remains unpaid, creditors might sue you for the owed amount, resulting in court judgments against you. This can lead to wage garnishment, property liens, and additional financial strain. Legal actions can have lasting implications on your financial well-being.

Bankruptcy

Prolonged neglect of credit card debt could eventually lead to bankruptcy, which has long-lasting consequences. Bankruptcy can impact your credit for years and make it more challenging to do everyday things, like get a loan or rent an apartment.

What protections do I have if I stop paying credit card debt?

If you stop paying credit card debt, you do have rights that you should be aware of. Actually, the Fair Debt Collection Practices Act (FDCPA) allows for consumer protections when dealing with debt collection which you want to be aware of:

Understanding FDCPA

The FDCPA regulates debt collection practices and aims to prevent abusive tactics used by debt collectors. It provides guidelines on how debt collectors can interact with you and how they must respect your rights as a consumer.

Prohibited practices

Debt collectors are prohibited from engaging in practices like harassment, making false statements, or using deceptive methods to collect debts. They are not allowed to threaten you, use abusive language, or misrepresent the amount you owe.

Consumer rights

It’s important to understand your rights under the FDCPA. You are always allowed to dispute a debt, and you can request validation, according to the Federal Trade Commission, and you can also file a complaint and seek recourse against a debt collector if you are worried that they have violated your rights.

How do I stop worrying about credit card debt?

Take these practical steps to get credit card debt out of your life for good:

Create a repayment plan

Develop a plan for how to pay off credit card debt fast. A clear roadmap can ease anxiety and give you a sense of control over your financial future. Break down your debt repayment goal into smaller ones.

For example, you could set a goal to pay off a certain percentage of your debt within a specific timeframe. Achieving a milestone provides a sense of accomplishment and reinforces your dedication to becoming debt-free.

Focus on financial literacy

By educating yourself about personal finance, you give yourself the ability to make informed decisions and prevent future debt. Learning about budgeting, saving, investing, and credit management can help you take control of your financial well-being.

Consider seeking out resources such as books, online courses (Clever Girl Finance has plenty, and they are all free!), and workshops that provide valuable insights into managing money effectively.

Consider debt consolidation or debt settlement

If your debt has become overwhelming, consider exploring options like, is debt consolidation a good idea or maybe choosing a debt settlement. These approaches can help you manage your debt more effectively and potentially lower your interest rates.

However, it’s important to thoroughly research and understand the implications of these options before proceeding.

Seek professional help

If you’re feeling overwhelmed, don’t hesitate to seek assistance from approved credit counseling agencies via the United States Department of Justice.

These agencies can give you guidance based on your unique financial situation. They can help you develop a repayment plan, negotiate with creditors, and provide strategies to improve your financial outlook.

Articles related to paying credit card debt

If you learned a lot from reading this post, check out these other articles about debt payoff!

• How To Stop Worrying About Money
• How To Pay Off Debt In Collections
• 10 Quick Tips To Reduce Credit Card Debt
• Key Tips For College Student Credit Card Debt

Yes, you can stop paying credit card debt and stop worrying about it!

Paying off or starting to reduce credit card debt can end the cycle of worry, and it’s within your reach. By taking proactive steps, you can gain control of your finances and build a debt-free future. Remember, every small victory along the way is worth celebrating – and your journey towards financial freedom starts today.

As you implement these strategies, you’ll conquer your credit card debt and gain valuable financial knowledge. Your efforts today to learn how to be better with money will pave the way for a more secure and confident financial future!

The post 5 Tips To Stop Paying Credit Card Debt And Stop Worrying About It! appeared first on Clever Girl Finance.

Budgeting is one of the most important financial habits to develop. There are so many budgeting methods out there to choose from, but it’s not just creating a budget that will set you up for financial success. Instead, it’s important to learn how to budget well by using a monthly expenses list so you don’t forget about any costs.

In order to budget well, it’s essential that we include all of our monthly bills and costs in our budgets. Unfortunately, this is a little harder than it sounds. And this is because there are so many monthly expenses list items that we tend to forget to include in our budgets.

Hardly anyone would forget to include their rent or mortgage payment in their budget, but there are so many spending and money habits that tend to slip our minds. Not to mention variable expenses! When you forget to include them, it can wreak havoc on your budget.

Whether you already have a budget that is in need of updating or you are creating your first one, here we’ll go over some of these often-overlooked purchases that you should include in your budget so that you, too, can budget well.

Monthly expenses list: 29 Commonly overlooked items

Do you have the items from this commonly overlooked monthly expenses list in your budget? Review the list below to determine what’s applicable to you and incorporate them into your budget starting today!

1. Emergency fund

Just because a third party isn’t billing you monthly for it doesn’t mean you can afford to forget about your emergency fund. Build a contribution to your emergency fund into your budget. That way, you’ll be able to afford any unexpected (and not budgeted for) costs that may arise.

The commonly accepted amount to save is 3-6 months of your living expenses. But you may choose to include more money in your emergency fund, depending on how stable your financial situation is.

2. Retirement fund

Like your emergency fund, nobody is going to force you to contribute to your retirement, but you still should if you can. By adding this amount to your monthly budget, you’ll hold yourself accountable. Plus, you’ll set yourself up to be in the best financial position when it comes time to retire.

There are 401ks and 401k alternatives, IRAs, and other options for investing. There are plenty of tips for retirement planning if you aren’t sure where to start.

Choose the one that works best for you, or combine more than one retirement savings method.

3. Extra debt payments

If you have credit card debt, you want to pay the minimum payment every month, at the very least. If you want to reduce credit card debt, you will want to make more than your monthly minimum payments.

Don’t forget to include these extra debt payments in your list of monthly bills. And if I have debt to pay off, it helps me to come up with a plan to pay off my debt, including a timeline for when I will pay off everything I owe.

4. Quarterly or annual bills

The majority of bills come monthly, but not all. Comb through your past payments and take stock of all bills that you pay less frequently.

For instance, a quarterly water bill or annual professional association membership dues. Then, calculate how much that amount costs on a prorated, monthly basis, and include that figure in your monthly budget.

5. Home or renter’s insurance

Most homeowners choose to insure their belongings with homeowners insurance, and many apartment buildings require renters to carry renter’s insurance.

If you think you might forget or you want to simplify, you can combine your homeowner’s insurance with your mortgage payment.

Renter’s insurance costs are typically quite low, less than $20 per month in most cases. You can think of it as part of your monthly rent payment.

6. Medical visit co-pays and HSA

Your health insurance should cover the cost of most medical appointments, but it is important to budget for co-pays. At around $25 (or more) per visit, these co-pays can add up, even if you only go to the doctor for routine appointments.

If you visit the doctor often, be sure to estimate how many times a month you go. Be sure to account for these costs in your budget.

You may also choose to save money in an HSA (health savings account). There are specific amounts you can contribute, and whether this is an option for you also depends on your health plan. But if you do contribute to an HSA, don’t forget to budget for it.

7. Dental and/or vision costs

Even if you have health insurance, vision and dental expenses are often not covered under that health insurance. Sometimes separate vision and dental insurance will cover part, but not all, of your expenses.

Make sure to include charges such as teeth cleaning, new glasses, and contact lenses as monthly expenses list items in your budget.

First, determine is dental insurance worth it for you, as well as vision insurance, and if not, plan for the costs in advance.

8. Prescription medication

Another one of the medical-related monthly bills that many often forget is prescription medication.

Prescription drugs cost the average American over $1,000 a year! While your health insurance will likely pay for much of that, remember to account for your out-of-pocket costs in your monthly budget.

9. Parking and toll fees

Most people don’t forget their car payments in their monthly costs, but that’s not all it costs for car expenses. Especially if you commute to work, you will likely pay tolls and or parking fees.

Add up the total you spend on all extra fees for your car each month to get an accurate estimate.

10. Subscription renewals

Whether it’s your daily newspaper, a beauty box, Spotify, Hulu, Amazon Prime, Netflix, or gym memberships, there are seemingly endless subscription and membership options.

$12.99 might not seem like a ton of money, but, in my opinion, it can throw off your budget if you forget to include it. Know how much your subscriptions cost and when the money is due, and be sure to get rid of any subscriptions or memberships you don’t use.

11. Beauty expenses

Reports vary widely on how much women spend on makeup and beauty products, but needless to say, it can be a lot. 

One survey found that the average woman spends $300,000 on face products over the course of her lifetime! Even if you are on the low end of the average, you likely replenish a beauty product or two or personal care products every month.

If so, be sure to include those monthly expenses list items in your budget.

12. Cleaning supplies

Grocery store items that don’t need to be replenished every week or month are often overlooked when it comes to a monthly expenses list. Cleaning supplies, laundry detergent, and the like can really add up.

Be prepared for an extra expensive grocery shopping trip once a month or every couple of months to account for these costs, and try frugal grocery shopping during the other weeks.

13. Backup childcare

If you have children you probably pay for childcare of some sort. Or you may count on school to watch your kids for a large portion of most days.

But things interfere with your regular scheduled childcare all of the time. When they do, and you need to find and pay for backup childcare, you’ll be happy when you have anticipated this cost and budgeted for it.

In addition to saving money for backup childcare, you should also save for extra expenses that come up throughout the year, other than regular daycare costs.

For instance, extra costs for school events or tuition payments that cost more than expected.

14. Dry cleaning

Depending on your job and your wardrobe, dry cleaning might be something you do every week, every month, or only occasionally. No matter what, you’ll likely have at least a couple of items that will require a trip to the dry cleaners, and these should be included in your budget, too.

Try to reduce your dry cleaning costs, but plan for them when needed.

15. Formal occasion clothes

You might not need a new formal dress or suit very often, but an occasion will probably arise every so often that requires one. While you can be fashionable on a budget, formal events sometimes call for a splurge or a new pair of shoes, and it’s always best to budget for this in advance.

In addition, you may want to save up a bit of money each month for regular clothing purchases as needed. You won’t need to spend money on this every month, but maybe a few times a year, so it’s good to be prepared.

16. Hobby supplies

Are you an avid gardener, knitter, baker, or something else? Hobbies can keep us sane (especially stress relieving hobbies!) and are definitely worth the cost.

Just remember to account for how much it costs to keep up with your hobby in your budget.

Add up the individual costs that you spend on your hobby each month (supplies, classes, etc.), and then add all of those together to know how much to set aside monthly.

17. Donations

Giving is popular around the holidays, but many people make charitable giving a part of their budget all year long.

Whether you like to support your alma mater, friends participating in half-marathons and the charities they are running for, or any other worthy cause, be sure to remember this when you prepare your budget, too.

18. Gifts

Christmas and birthday gift expenses are big-spending holidays for many people. If they are for you, you should take into account everyone you plan to buy a present, even if you’re planning to do Christmas on a budget.

Don’t forget about other holidays where you might give gifts, too.

For example, that Easter basket doesn’t magically arrive on your kid’s doorstep for free, right (or does it)?

19. Holiday extras

In addition to gifts, there are plenty of other ways to spend money over the holidays. From hosting a cocktail party for friends to decorating my home, I like to be sure to include whatever “extras” I like to spend during the holidays as part of my monthly cost calculation.

Don’t forget about baking and cooking supplies, a Christmas party at work, wrapping paper, etc.

20. Fun money

Lastly, what would a budget or life be without some room for unexpected fun?

By putting aside a fun money amount dedicated to spontaneous events, like a day trip to the beach, drinks with friends, or a date night with your husband, you’ll be able to enjoy these activities without stressing over whether or not they’ll break your budget.

Things like entertainment, shopping purchases, or anything else that comes up during the month are important to include in your budget.

21. Specific utilities

There are several specific utilities you should add to your monthly expenses list. Some of them may be bundled together in one bill, or they may arrive separately. Either way, don’t forget about them!

• Water
• Cable (or cable alternatives)
• Electricity
• Heating and air conditioning
• Cell phone bill
• Internet

22. Gas

Does the amount of money you spend on gas for your car change from month to month? If your commute changes, you start carpooling, or you travel, then you need to account for the changes in your budget. Transportation costs are easy to overlook, but they are unavoidable.

Costs also apply if you take public transportation. You may still have different costs for the bus, subway, or Uber from month to month.

23. Life insurance

If you’re familiar with the importance of life insurance, then you will likely have a monthly cost for this. Depending on the type of insurance you have, your monthly rates will vary quite a bit.

Find out what you are spending each month for your life insurance premium, and don’t forget to include it in your expenses.

24. Pet care and supplies

If you have pets, your list of monthly bills is not complete without adding in this cost. Account for the cost of pet food, vet bills, supplies, etc.

You may want to set up a separate fund just for your pets. That way, you can afford to buy your dog a new toy or leash every now and then.

And keep in mind that pet care costs may vary by month. Especially if you buy pet food in bulk and only visit the vet once or twice a year. Plan in advance for the months that cost more.

If you are a first time dog owner or a first time cat owner, research costs in advance so you can add them to your budget.

25. Traveling funds

If you are someone who travels frequently for work or you just have a vacation coming up, you’ll need to include traveling funds in your vacation budget plans. Traveling costs can end up being quite expensive, so you can split the savings over a few months, that way, it doesn’t seem like as much.

Keep in mind that traveling can often cost more than you think, with airfare, hotel costs, dining out during your trip, etc., so it’s best to overbudget rather than budget less money.

26. HOA fees and property taxes

Since these types of costs are not always monthly costs but sometimes every quarter for HOA fees or even once a year for property taxes, it’s easy to forget them.

Instead, you can set aside a bit of money for them each month so you’ll be ready when the fees are due.

HOA (homeowners association) fees don’t apply to everyone, but if you have them, make sure you’re aware of the amount.

Property taxes apply to all homeowners.

27. Home repairs and costs

Home repairs can be anything from pest control to saving up for unexpected costs like plumbing repairs. Save money each month for your home for both large and small costs.

Consider things like painting, remodels, a new roof, or your a/c or heater breaking that you may need savings for.

28. Sinking funds

For me, a list of monthly expenses would not be complete without sinking funds. If I have a big expense coming up in the next year or the next few years, it’s important to me to start saving now.

You can add a specific amount of money to your sinking fund each month so you are prepared when the charges come up, such as an expensive vacation, buying a home or rental property, etc.

Alternatively, create sinking funds categories and save for several different things.

29. Auto insurance

If you have a car, then you need to have auto insurance. The typical cost for car insurance is about $168 for full coverage each month, though costs can vary.

There are a lot of options for how often you pay car insurance, from monthly to a couple of times a year or even once a year. You can decide what works best for your budget.

Expert tip: Check your bank statements for accuracy often

There are many costs that it can be easy to overlook in your monthly budget. As you look through this list, think about which ones apply to you. Not all of them will and there may be others that aren’t on the list.

To avoid being caught unprepared for extra monthly costs, I recommend looking back over your bank and also credit card statements to see if there is any spending you didn’t account for.

Budgeting tips to stay on top of your monthly expenses

All of these costs are essential to remember in your budget and monthly expenses list.

But don’t forget the most important thing – you need to make a budget to begin with! Here are some tips to help you create a great budget and plan for the unexpected.

Choose the right budget for you

There are several ways that you can make a budget, from the 80/20 budget to using the best budget templates. Find a method that is easy for you to use, even if this takes some trial and error.

You’ll need to divide your expenses by budget category, and then you can figure out your average monthly cost of expenses. A worksheet, budget calendar, or budget calculator can be immensely helpful in this situation. 

Don’t forget to include the financial goals you’re working toward, all your expenses, and make a plan for what you’ll do with any extra money.

Account for changes to your budget

Remember, your budget is not going to look the same every month. After all, you have different obligations, responsibilities, and different plans and events to attend each month.

Use the ideas above to determine what you might normally forget to add to your budget, and spend some time thinking about what your month looks like before you create a budget you want to stick to. 

What are examples of monthly expenses?

There are plenty of examples of monthly expenses, such as rent or a mortgage, utilities, and groceries.

However, there are many less obvious costs that are easy to forget about and will then create budget challenges. These include prescriptions and health costs, birthday gifts, and expenses that are quarterly or annual.

Rather than forgetting about these expenses, you can build them into your budget each month with sinking funds and a detailed plan for your spending.

How do I plan for variable vs fixed expenses in my budget?

You can plan for variable vs fixed expenses in your budget by utilizing an organized spreadsheet or budgeting app and also saving up for variable expenses.

Fixed costs are the same every month, and variable ones may cost different amounts each time.

For instance, your rent payment is probably always the same, but your water bill or light bill may vary each month.

To account for variable costs, you can set aside the average amount that each category costs and assume you’ll spend that amount.

However, it is safer to plan for the charges to cost more than expected, so you’ll have enough money.

Wondering what to do with savings when you overprepare? You can save any excess in a savings account for your variable expenses. When things cost more than you thought they would, you can use the money in that account to cover the difference.

What are average expenses for a household?

The average monthly expenses for a household total about $5,111 a month. There’s a lot to pay for each month for the average household, from housing to food costs, etc.

Although your individual costs may vary for your own household, it’s a good idea to know the average cost that you spend on necessities and extras each month. That way, you can make plans for how much to save and what you can afford in the future.

What is the average person’s monthly expenses?

According to the consumer expenditures report from the U.S Bureau of Labor Statistics, average monthly expenses are about $3,405 each month for a single person. That said, your own spending may or may not match this.

One way to be sure is to total up how much you spent in the last year or so and then see what you typically spend each month and what you spend in more expensive months, such as in December for holidays.

You can try to lower your expenses by spending less on non-essentials and also being prepared for commonly forgotten expenses in advance so you don’t turn to credit cards to pay them.

How can you create a more accurate budget using your list of monthly expenses?

To create a more accurate budget using your list of monthly expenses, think about what’s not working well for you.

It’s easy to forget about certain expenses when calculating your monthly budget. Why? One reason expenses can slip your mind is if you don’t write down your budget, item by item.

If you think you are following a budget, but it’s not written down, you very likely are not sticking to whatever it is you think you are following.

People also often forget to include the full cost of certain expenses because they rely on mental calculations about how much something costs. When you do this, you can end up underestimating the true amount you spend.

Lastly, many people don’t account for sporadic spending or things that aren’t billed monthly. Quarterly or annual fees can surprise you and add up if you forget to prorate them and include them in your monthly budget.

If you are struggling with creating a budget, there are numerous tools available to put you on the right track.

As a first step to creating an accurate budget, review the commonly overlooked expenses we cover in this article. If you remember to include these in your budget going forward, you’ll be that much closer to having an accurate and useful budget.

Articles related to a monthly expenses list

If you enjoyed reading this, you’ll love these other articles about expenses and budgets!

• 10 Of The Best Budget Templates And Tools
• Example Of A Budget To Help You Craft Your Own
• How To Plan Your Finances If You’re Getting Paid Monthly
• The Best Way To Keep Track Of Bills And Payments

Overlook these monthly bills no more!

Budgeting is an art. It takes time to fine-tune your budget so that you’ve properly accounted for all of your expenses at the end of the month.

Hopefully, with these reminders, you’ll remember to include all of your monthly expenses list items in your budget. Even these often overlooked ones. Doing this will help you to achieve more financial success and help you know how to stop spending money on things you don’t need and make room for buying important things.

The post Don’t Forget These 29 Monthly Expenses In Your Budget appeared first on Clever Girl Finance.

Are you looking for tips on how to declutter paperwork? You are in the right place! Individually, paper doesn’t take up a lot of space, but once you start accumulating more and more of it, it can begin to feel overwhelming.

Do you waste time searching through paper piles and old bills? Sorting paper, looking for that one document you need? If so, it’s probably time to declutter your paperwork and clear out your space.

Read on for our best strategies on how to declutter paperwork. This will help you eliminate the stress and overwhelm covering your kitchen table, filing cabinets, desks, and whatever other spaces in your home have turned into paper clutter zones.

What causes paper clutter?

Paper clutter is often caused by junk mail and paper statements, papers from your kids, school forms, pay stubs, recipes, paper coupons, or sentimental paper items. For example, if I sign up for paper mailing from my bank, then I’ll get a paper statement every month and end up with a pile of old bank statements.

In some cases it can be caused by feeling like you may need the information later on, only to add it to a pile that you promise to sort through later. But chances are when you think of sorting paper, you get overwhelmed and it continues to pile up.

Why is it important to declutter paperwork?

Decluttering your life has so many proven benefits. These benefits hold true for decluttering paperwork, too. The main benefit of sorting paper and documents is to your overall mental health and well-being and for your family’s benefit, in the case of an emergency.

Decluttering papers minimizes stress and improves your mental health

Not only does decluttering clear your mind, reduce stress, and improve focus, but it also gives you back your time.

How many instances have you wasted endless amounts of time searching for the one bill you were supposed to pay? Or your kid’s field trip permission slip? Or that wedding invitation you need to RSVP to?

Once you declutter and develop a system for maintaining a clutter-free state, you won’t have to worry about those stressful, time-wasting searches anymore. Your space and mind will be clear to focus on what’s actually important, not on looking for lost slips of paper.

Decluttering papers keeps your organized for your loved ones

While nobody likes to think of it, there may come a time when your loved ones will need to access your records on your behalf. People who are incapacitated or have passed away still have bills to pay and important documents in their names.

By decluttering papers, particularly your financial documents, you will make it so much easier for others to help you.

Just like how purchasing life insurance helps you put the right plans in place for your family, decluttering your paperwork can bring the same peace of mind.

Sorting your papers can put you at ease and help your loved ones deal with your important documents in the event of an emergency.

How to declutter paperwork and stay clutter-free in 7 steps

It’s time to begin learning how to declutter paperwork. We’re not talking about decluttering a stray paper here or there; we’re talking about getting rid of a lot! When you’re ready to get to work, here are the six steps to take to declutter paper:

1. Create a plan and make time to declutter paperwork

It might be tempting to declare that you are fed up with your paper mess once and for all and immediately start tossing paper.

That might get rid of the surface-level stuff, but it’s not a good long-term solution to decluttering papers. Instead, prepare before you begin the process. Preparation looks like this:

Gathering any tools you need

We recommend getting a paper shredder for sensitive documents like old bank statements and three cardboard boxes or file folders to separate your papers in (more on that next).

If you don’t want to buy a paper shredder, look into where you can take your sensitive documents, like a FedEx or local store that will shred them for you.

Setting aside the time in your schedule to go through everything

Sorting paper is best done in one fell swoop if your schedule allows. You might need an entire afternoon (or more), so intentionally choose a day where you can devote enough time to decluttering, so you don’t start and fail to finish.

 Get in the right mindset

Often overlooked, the right mindset is crucial for success when decluttering papers. You might think of paperwork as just old bills, but it’s so much more than that. Papers can be sentimental, too, and some of those things can be hard to let go of, such as old family recipes.

That’s why it’s essential to get in the right mindset to declutter before you begin. Prepare yourself for discarding things and letting go of the past.

A great way to start this is to get clear on your end goal. Perhaps it’s to have a calm workspace or more control and understanding of your finances.

Whatever it is for you, understand your underlying goals for decluttering and remind yourself of those goals while you’re going through the process. It will be so much easier to stay motivated and let go of what you no longer need if you have those goals top of mind.

And, remember, as the decluttering guru Marie Kondo writes, the goal when decluttering papers is to get rid of almost all of your paperwork.

While you will keep some paper, the default expectation should be that you will get rid of the majority of your paperwork when decluttering.

Going into the task with the expectation that you will discard almost everything is key to following through and keeping only what is truly necessary.

2. Gather all of your papers in one place

Now, you’re ready to sort some papers! First, gather every piece of paper you have. That means bills, receipts, cards, letters, artwork, loose sheets of paper, post-it notes, and anything else lying around.

Go through your junk drawer (you know you have at least one!) and your office and dig up every last bit of paper in your home. You’ll probably be surprised by just how much paper you have hiding around.

Once you’ve gathered everything up, spread out your paperwork on a large surface like a dining room table or even the floor if that’s the best space for you.

3. Sort your papers

Next, it’s time for the most time-consuming piece of the process: sorting paper. To declutter paper the right way, grab your three boxes or file folders and label them recycle, shred, and keep.

Recycle

Everything that’s trash, like expired coupons, recipes, paper coupons, school forms, and letters you’ve read and are ready to toss, goes into the recycle bin. If it’s not essential, you aren’t using it, and you don’t need it, then get rid of it. You can also create digital copies for items that you may need in the future or that you’d like to hold onto for sentimental reasons.

Shred

Anything with sensitive personal information, like your name, address, social security number, or account numbers, goes into the shred pile. That might include old bank statements, some school forms, and pay stubs. You’ll shred everything at the end, or will take that bin to a store to have it shredded for you.

Keep

Whatever you plan to save gets placed in the keep bin. If you’re doing it right, you won’t have that much to keep! And, you’ll have even less after you complete the next step of going digital.

Be sure to create a simple storage system where you can easily access these document. Also having an at-home safe is a good idea. (Note: This is an affiliate link, which means if you buy from it, we may earn a small commission which helps us grow! See our disclosures for more detail).

4. Declutter paperwork by going digital and paperless where possible

Once you have sorted your paperwork and have decided what to keep, determine what you need an original of and what you can digitalize. Anything you’d like to keep a copy of but don’t need the original of, you can scan and toss.

If you don’t own a scanner, head to a local copy store or FedEx and you can do it there. Once everything is scanned, be sure to label it properly so you can find it when needed and back up the files.

Going forward, there are many ways to limit the amount of paper that comes into your space. For one, you can sign up to receive electronic bills and can pay them online, instead of receiving and sending them in the mail.

This will greatly reduce the amount of paper that comes into your house, and the amount of paper you need to digitalize!

5. Choose and implement a storage strategy

Lastly, decide on a storage strategy for the papers you intend to keep. How you do this depends on what type of paperwork you have.

For example, some people have extensive medical files and need to keep their records easily accessible to take them to and from appointments. For them, it would be a good idea to create a medical binder to keep track of everything.

Most people have some important financial records that they would like to keep. If you are one of them, you might want to look into a filing cabinet with labeled file folders to store all of your essential financial paperwork, including things like wills, tax returns, and marriage or birth certificates.

Whatever works for you, save figuring it out for the end. Just don’t forget about it, or your recently decluttered paperwork might become a mess once again before you know it!

6. Choose a space for incoming paper

In my home, the biggest paper clutter culprit is mail. From catalogs to magazines to bills and everything in between, the paper can pile up in a matter of days. A simple solution I decided on was to choose a landing spot to drop off the mail and other odds and ends.

I find that if I keep this kind of paper clutter limited to one specific spot, I’m more likely to notice when it’s starting to pile up, and more likely to sort through it before it builds up.

7. Take care of paperwork immediately

Still getting paper bills? Instead of opening them, throwing them into a drawer, and forgetting about them, take care of them right away. When your child arrives home after school with new artwork?

Decide right then and there whether you want to place it on the fridge for display, scan it for posterity, or get rid of it (maybe after they go to bed!).

When you address your paperwork right when it enters your home, it’s less likely to build up and become a problem. Make sure to unsubscribe from services you don’t use, like magazines and catalogs and instead opt for digital copies.

Expert tip

When decluttering paperwork, only keep the documents you are absolutely need to use on a regular basis or that give you joy. If you’t use it, get rid of it. Leverage the “recycle”, “shred”, “keep” approach to help you as you go through your paperwork.

Questions to ask yourself while sorting paperwork

So, you’ve read the six steps outlining how to declutter paperwork and you’re ready to get to it. If you’ve ever tried decluttering before and stopped, it’s probably been because you hit a roadblock.

The most common problems people face while decluttering papers are the inability to decide whether to keep or toss something and having trouble getting rid of sentimental items. What’s a declutterer to do when they reach such an impasse?

The best way to move forward when you’re stuck is to ask yourself the following questions:

1. Will I need this information again?

Keep the paper in question only if your answer is a firm yes. If it’s a maybe and you still don’t want to get rid of it, scan it and then toss it.

2. Will I be able to get this information again if I get rid of it now?

If you can access the information again, either by reaching out to someone, pulling your records online or by any other manner, let it go. Chances are you won’t need it again, but if you do, you know you can get it.

3. Is this information still valuable to me?

This question helps the most when dealing with things like manuals or guides. Do you really need to keep outdated training materials from an old job? Probably not.

4. Do I have other similar things?

This is the best question to ask when sorting through sentimental items. Perhaps instead of keeping every picture your kid drew in third grade, choose your favorite and discard the others.

When you’re decluttering papers, what should you keep?

Before you start decluttering, it’s good to have an understanding of what documents to keep, what to shred, and what to recycle. Here are some guidelines you can follow:

What to toss vs. shred

You can safely toss anything that doesn’t include any personal information. Things like scrap paper, junk mail, catalogs, old receipts, product manuals that you can find online, and expired coupons can go right into the recycling bin. You should shred anything that has sensitive information.

What to shred vs. keep

So you’ve decided something is sensitive enough that you can’t just throw it away. How do you decide whether to shred something or keep it?

When it comes to deciding what to keep, probably the most important category of documents is your financial documents. Some documents, like a record of your paid-off mortgage, should be kept forever.

Others, like tax returns, should be kept for at least seven years. A good rule is that you should keep the record if the contract or matter is active. Otherwise, use your best judgment when deciding whether to shred it or save it.

How do you clean up years of paper clutter?

If you want to clean up years of paper clutter, be sure create time in your schedule. Then you can start by first organizing your paper by what to recycle, what to shred and what to keep. Make a pile of the paperwork you need to take action on, then another for paperwork you need to keep, another to shred, and a final pile to recycle. In general you should keep certain documents, like your tax returns, up to seven years, whether in paper or digital form.

How do I stop hoarding paperwork?

The best way for me to stop hoarding paperwork was to switch to paperless billing, statements, receipts and notices. Most places allow online bill pay and paperless statements.

Be sure to opt for digital receipts and statements to prevent the paperwork from piling up and prevent you from sorting paper later on.

What is the fastest way to declutter paperwork?

The fastest way to declutter paperwork is to throw out everything you don’t need. Only keep the most essential documents, like birth certificates and social security cards. Make sure to shred and recycle the rest. You can also scan documents that you may need in the future and keep them backed up on the cloud.

How can I store sentimental papers?

We recommend storing sentimental papers in a nice keepsake box or album or even make a scrapbook. Try storing them in a place that brings you joy, such as a coffee table or bookshelf where you can go through them often, rather than letting them collect dust.

Articles related to decluttering paperwork and staying organized

If you enjoyed this article on decluttering paperwork, check out this related content:

• Financial Record Keeping: How Long To Keep Financial Records?
• Bills Piling Up? What To Do When You Can’t Pay Your Bills
• How To Establish A Daily Gratitude List Routine
• A Checklist For Moving Out Of State Broken Out By Timeline

Now you know how to declutter paperwork. It’s your turn to get to work!

The bulk of decluttering paperwork can be done in a day. Once you’ve taken these steps to declutter, you’ll have a clearer space and mind.

You’ll probably never go back to a life full of paper clutter again! But, if you do, know that you can always take another day, address the chaos once again, and start over fresh.

As you learn how to declutter paperwork, also take the opportunity to find out more about how to simplify your finances and your home. We offer plenty of great articles to help you get organized with your money and your life.

The post 7 Steps To Declutter Paperwork Including Financial Documents appeared first on Clever Girl Finance.

Ah, credit cards! They can be super helpful tools for managing your finances, but they can also leave you scratching your head in confusion and overwhelm. One common question that often pops up is this: can you pay a credit card with a credit card?

The answer is: sort of. Let’s dive into the world of balance transfers to get to the bottom of the question, “Can you pay off a credit card with another credit card?” once and for all!

Is it possible to pay a credit card with a credit card?

You cannot directly use one credit card to pay off another. But, there is a way to use a credit card to pay off another one called a balance transfer. So, how do balance transfers on credit cards work, you might ask?

A balance transfer involves moving an existing credit card balance from one card to another. The new card usually has a lower interest rate and sometimes even a promotional offer. 

Sound confusing? Picture this: you have a credit card with a balance that’s slowly but steadily accumulating interest. Meanwhile, you come across another credit card offer with a tempting 0% introductory APR (Annual Percentage Rate) on balance transfers.

A balance transfer means you can move your credit card debt to the new card, in a way paying off one credit card with another.

Now you know how to answer the next time someone asks, “Can you pay a credit card with a credit card?”

The benefits of a balance transfer

Let’s explore some of the advantages of a balance transfer. Why might you want to take this approach?

A lower interest rate

One of the primary reasons people opt for balance transfers is to take advantage of low or 0% introductory APR offers. By transferring your balance to a card with a low rate, you can save money on interest payments, helping you with how to manage credit card debt.

Consolidate your debt

If you have more than one credit card, each with an outstanding balance, a balance transfer can help you consolidate them into a single card. It can simplify finances (and who doesn’t want that!) by reducing the number of bills you need to manage each month.

Potential for long-term savings

Suppose you have a credit card with a high-interest rate, and you transfer the balance to a card with a lower or no interest rate.

In that case, you could potentially save a significant amount of money over time, especially if you pay off the debt before the promotional period ends.

New card benefits

Some credit cards offer perks, such as free airline miles and other travel rewards, cash back, or access to other loyalty programs. When considering a balance transfer, you can also take into account the rewards and benefits provided by the new card. This can add value beyond the balance transfer itself!

The negatives of a balance transfer

As with any financial decision, balance transfers also come with their fair share of drawbacks. Here are some cons to consider:

Introductory period limitations

Remember that enticing 0% APR? Well, it usually has an expiration date. The promotional period typically lasts anywhere from a few months to a year.

After that, the interest rate on the card reverts to the card’s regular APR, which might be higher than your previous card’s APR. Make sure to pay off your balance before the promotional period ends to avoid unexpected interest charges.

Balance transfer fees

While some credit card issuers offer promotional periods with no balance transfer fees, most charge a fee of about 3% to 5% for moving your debt from one card to another.

It’s crucial to factor in these fees when calculating the potential savings from a balance transfer. Online tools can help you calculate how much the transfer fee will cost. 

Impact to your credit score

Applying for a new credit card and initiating a balance transfer could impact your credit score (see more on that below). Opening a new account may cause a temporary dip in your score, and the overall credit utilization on your transferred card may increase, potentially affecting your creditworthiness.

Temptation to overspend

When you transfer your balance, you risk falling into the trap of additional spending. The new card may come with a higher credit limit, tempting you to use it for new purchases.

It’s important to stay disciplined and avoid accumulating new debt while you focus on paying off the transferred balance. Knowing how to stop overspending is half the battle.

Expert tip

Be intentional about learning how to build discipline and resist the temptation to accumulate more debt. Paying off a credit card with another one doesn’t mean you can spend irresponsibly.

Instead, focus on developing sound financial habits, like budgeting and reducing expenses.
By adopting a holistic approach to managing your finances, you can break free from the cycle of debt and work towards long-term financial stability.

Alternatives to paying a credit card through another credit card

It’s always best to explore various options before choosing how to pay off your debt. While paying a credit card with another credit card through a balance transfer is one avenue, it’s not the only solution available. Here are a few alternative methods that can help you navigate your credit card payments more effectively:

1. The debt snowball method

The debt snowball worksheet and method can help you tackle your credit card debt systematically.

Here’s how it works: you start by making the minimum payments on your credit cards except the one with the smallest balance. You allocate any extra funds towards paying off that card as quickly as possible. Once the smallest balance is paid off, you move on to the card with the next smallest balance, and so on.

One of the best things about this approach is that it provides you with a sense of accomplishment and momentum as you gradually eliminate your debt!

2. Increase your income

One effective way to accelerate credit card debt repayment is to find out how to increase your income. Consider taking up a part-time job, freelancing, or exploring side hustles to generate extra income that can be dedicated to paying off your credit cards.

3. Reduce expenses

At the same time, evaluate your spending habits. What are the areas where you can cut back? By adopting a frugal mindset and reallocating funds toward debt repayment, you can significantly reduce your credit card balances.

4. Opt for a low-cost personal loan

Can you pay a credit card with a credit card? Sure. But another alternative is understanding the pros and cons of personal loans.

Personal loans typically offer fixed interest rates and extended repayment terms, making them an attractive option. Unlike credit cards, personal loans often have lower interest rates. This can end up saving you money in the long run.

Other things to keep in mind when choosing how to pay a credit card

So you’ve read through the pros and cons above. Now can you pay off a credit card with another credit card?

Before making a final decision, there’s one more thing to keep in mind. And that is that you should think of the long-term financial effects of paying off a credit card with another one.

Here are some tips on how you can approach this decision to see if it’s right for you:

1. Think long-term when reviewing the fees

First, make sure to review the fees associated with the process. Some credit card issuers may charge high fees, which can impact the overall cost-effectiveness of the balance transfer.

Take the time to compare different offers and calculate whether the fees outweigh the potential savings from the lower interest rate. Remember to think long-term because all of those fees can add up over time.

2. Be mindful of the impact on your credit score

Opening a new credit card account will result in a hard inquiry on your credit report. This can temporarily lower your credit score.

If you have plans to apply for a loan or other forms of credit, it’s important to consider how the balance transfer may impact your creditworthiness and overall financial position.

3. Carefully review the terms and limitations

Third, carefully review the terms and limitations of the promotional period associated with the balance transfer offer.

Make sure you understand the duration of the promotional period and whether it allows you enough time to pay off the transferred balance in full. Failing to do so could result in higher interest rates once the promotional period ends, which might negate the initial savings you achieved through the balance transfer.

Can I pay a credit card payment with another credit card?

It’s the ultimate question, and the answer is yes. It is possible to pay a credit card payment with another credit card using a balance transfer.

However, while this option exists, it can be a costly method.

You need to keep in mind the fees, the new card’s interest rate, terms, and conditions. It’s essential to thoroughly understand the terms and any potential interest rate changes after any promotional period ends.

And remember, balance transfers should not be used as a long-term solution to reduce credit card debt. The main purpose of one is to help you consolidate your debt or take advantage of promotional interest rates.

It’s crucial to have a plan to pay off the balance before any promotional periods expire and regular interest rates come into effect.

What happens when you pay a credit card with a credit card?

When you pay a credit card with another credit card, you typically incur balance transfer fees. Balance transfer fees are charges credit card issuers impose for transferring the balance from one card to another.

For example, if you want to pay off a $1,000 credit card debt using another credit card with a 3% balance transfer fee, you would be charged $30 for the transfer. This fee is added to your new credit card balance, increasing the overall debt you owe.

Be sure to factor in these fees when considering using a balance transfer to pay off a credit card.

Does paying credit with a credit card affect your credit score?

Paying credit with a credit card can potentially impact your credit score.

When you pay credit with a credit card, it involves shifting balances from one card to another. Depending on the timing of the transfer and payment, both credit cards might show a balance before one gets fully paid off. This situation can have implications for your credit score.

Knowing how to calculate credit card utilization, which is the ratio of your card balances to your credit limits, is a big factor in determining your credit score. When you transfer a balance from one card to another, the old card may still show a balance until the transfer is completed and processed. Simultaneously, the new card will also reflect the transferred balance.

If both cards show balances, your overall credit utilization ratio can increase. Higher credit utilization ratios can negatively impact your credit score, as it may indicate a higher risk of being unable to manage debt effectively.

The good news is once the balance transfer is complete and you make payments to reduce the transferred balance, your credit utilization ratio will decrease. This can actually have a positive impact on your credit score over time!

Articles related to paying off a credit card

Can you pay a credit card with a credit card? Now you know! If you found this article about credit cards helpful, read these next!

• How Do Balance Transfers On Credit Cards Work
• How Do Credit Card Companies Make Money?
• How To Get Out Of Debt On A Low Income
• How To Use Credit Cards Wisely

A credit card with another credit card is possible but not always the best option

So, can you pay off a credit card with another credit card? The answer is yes, through a balance transfer.

However, it’s essential to carefully consider the pros and cons before taking the plunge.

A balance transfer can be the right move if it helps you consolidate debt, lower interest rates, and save money. But remember to factor in balance transfer fees, be mindful of the introductory period limitations, and be aware of how it could impact your credit score.

As with any financial decisions, understanding the details and weighing the pros and cons is the key to making an informed choice and learning to live richer!

The post Can You Pay A Credit Card With A Credit Card? appeared first on Clever Girl Finance.

In today’s fast-paced world, developing good work habits is crucial for achieving success in your career. Good work habits will help you stand out, make a good impression on your employers, and in addition, leave a positive impact wherever you go.

Why is it so important to cultivate good work habits? Success is not solely determined by talent. If you want to get ahead and follow your dreams, you’ll have to put in the effort.

Whether you’re just starting out or are looking to enhance your existing repertoire of habits, here are 10 good working habits that can set you on the path to a successful career.

1. Punctuality

Topping our list of examples of good working habits? Being on time! It’s a fundamental habit and one of the easiest to start implementing right away. Even if you’ve always been the person who was late for work, school, or dinners out with friends, you don’t have to remain that way forever.

In the workplace, punctuality means arriving on time for meetings, making your deadlines, and also showing up to your appointments. Being on time shows that you are reliable and respect others’ time. By being punctual, you build trust and also establish a reputation for dependability.

Set reminders

Use digital calendars or alarms to remind yourself of important meetings, deadlines, and tasks. If it helps, set multiple alarms to make sure you don’t miss anything.  

Prepare in advance

Anticipate the time needed to prepare for your meetings, travel, and also get your assignments done. Factor that into your schedule so you don’t fall behind.

Arrive early

Try to arrive at least 5-10 minutes before your scheduled meetings or appointments. You’ll never feel rushed or stressed getting there; soon, this will become a habit.

2. Be organized and plan ahead

Being organized and planning ahead allows you to work more efficiently and effectively. You can optimize your productivity by creating schedules, prioritizing tasks, and also setting a realistic professional goal or two.

An organized person can anticipate obstacles and allocate resources effectively, then resulting in improved time management and reduced stress levels – who wouldn’t want that?

Prioritize tasks

Create a to-do list and rank tasks based on their urgency and importance. Tackle the most important ones first. It’s called “eating the frog,” and it is just what it sounds like – if you get done the hardest, most uncomfortable task first, then the others will seem like a breeze!  

Declutter your space

Keep your desk clean and organized to minimize distractions. Spend a few minutes every evening clearing up your work area so you can start the next day with a fresh, clean space.  

Use productivity tools

Use digital tools (like timers) and apps (like Trello) to manage tasks and deadlines and also plan efficiently. These tools can be quite helpful in keeping you on track and making sure you can see the big picture.  

3. Pay attention to the details

Attention to detail is one of those good work habits that distinguishes exceptional professionals from the rest. Paying close attention to the specifics minimizes errors and also produces high-quality work.

Attention to detail and producing excellent work products are examples of good working habits. Not only is this helpful in the work context, but it is also beneficial in your regular life. Here are a few ways to ensure you’re paying attention to the small things:

Review your work

Before sending anything to a supervisor or client, always double-check your documents, reports, and emails for errors and inconsistencies. This doesn’t mean you won’t ever make a mistake or that it’s the end of the world when you do. Mistakes are proof that you are trying, after all!

It just means you can minimize careless ones by being attentive.

Develop your proofreading skills

Pay close attention to grammar, spelling, and formatting to maintain professionalism in everything you produce. Editing tools like Grammarly can be super helpful, as can an old-school grammar book!

Seek feedback from others

Request input from your colleagues on your work. Doing so helps ensure accuracy and thoroughness. They might point out something that you’re missing that they never would have told you unless you’d asked.

4. Take the initiative

Taking the initiative involves being proactive and seeking opportunities to contribute beyond your assigned responsibilities. Initiative-driven people display enthusiasm, creativity, and problem-solving skills.

By taking the lead on projects or suggesting innovative ideas, you demonstrate your commitment to personal and also organizational growth.

Out of all the examples of good working habits we’re discussing here, this is one of the hardest for some people. Putting yourself out there doesn’t come naturally to everyone, especially at the beginning of your career. If you can try it, though, you’ll see how much growth it can lead to.

Seek out opportunities

Actively look for ways to contribute beyond your assigned tasks and take on additional responsibilities. This doesn’t mean killing yourself at work, but when you have some downtime, instead of waiting for a new project to come to you, go out and get it yourself.

Be mindful of others

Whether it’s for your client or a manager, anticipating others’ needs will earn you accolades.

For instance, anticipate potential challenges or gaps in processes and propose solutions or improvements.

Be proactive

Solve problems before they escalate and demonstrate a proactive approach to your work. You can also ask for and take on projects you are interested in instead of passively waiting around and getting assigned something you might not want.

5. Master your time

Creating a time management plan is a skill that can greatly impact your success. Effective time management involves identifying priorities, breaking down tasks into manageable chunks, and allocating time accordingly.

By optimizing your time, you can avoid procrastination, meet deadlines consistently, and also achieve a better work-life balance.

Break tasks into smaller chunks

Divide complex projects and tasks into manageable ones to avoid feeling overwhelmed. It is so much easier to accomplish one thing at a time than to sit and stare at an intimidating task, which can paralyze you.  

Set realistic deadlines

Take a moment to assess the time required for every task (or chunk of a task). You can assign appropriate deadlines that you can actually meet that way. There’s nothing worse than setting unrealistic expectations for yourself and not meeting them.  

Minimize distractions

Create a focused work environment for yourself by eliminating unnecessary interruptions (like social media or email notifications). If, like so many others, time management is a real problem for you because of all the time spent on your phone, consider taking a social media detox or break.

6. Learn how to set goals

Knowing what goals to have and working on them is an essential habit that provides direction and motivation in your career. Setting clear, realistic, and measurable goals creates a roadmap for success.

Goals help you stay focused, track progress, and celebrate achievements. They also provide a sense of purpose and help you maintain motivation during challenging times.

Set SMART goals

Ever heard of SMART goals? These are specific, measurable, attainable, relevant, and time-bound goals. Try setting one that aligns with your career objectives and see how far that can take you.

Break down big goals into smaller ones

Divide larger goals into smaller, manageable milestones to track progress and stay motivated. Instead of striving for one big goal, if you hit your milestones, you’ll be more likely to keep on going.  

Assess your progress regularly

Assess your progress regularly, make adjustments as needed, and remember to always celebrate achievements along the way. It’s important to know when changing things up might be more helpful than continuing on a path that’s not working.

7. Invest in your own development

Continual learning and a plan for personal development are crucial for staying relevant in a rapidly evolving professional landscape.

For instance, successful individuals invest in their own growth by seeking opportunities for professional development, attending conferences, taking courses, and staying updated on industry trends.

You enhance your value as an employee and open doors to new opportunities when you expand your knowledge and skill set.

Journaling for self-reflection

Regularly assess your strengths, weaknesses, and areas for professional and personal growth. One of the best ways to do this? Through journaling!

You can start a morning practice, jot down thoughts whenever they come to you, or write a few things down before bed every night. Using journal prompts for self-discovery can also be helpful.

Take relevant courses

Always try to be learning something new! Engage in relevant courses, webinars, or certifications to expand your knowledge and skill set. No matter your career or industry, there are so many resources out there, and many of them are totally free.

Seek out mentors

Find a mentor or seek guidance from experienced professionals who can offer valuable insights and advice. You can find a mentor within your organization, but there are other places to look, too, like alumni and professional networks.

8. Embrace and learn new technology

In today’s digital age, being tech-savvy is essential for career success, and you’re never too old to learn. Embracing new technology demonstrates adaptability and a willingness to learn and grow.

By staying on top of emerging tools and platforms relevant to your field, you can stay ahead of the competition.

Stay up-to-date on tech trends

Stay current on technology trends. It will help you leverage relevant tools and software to enhance your productivity and also efficiency. By staying current, you will be able to rely on yourself and your skills instead of having to turn to others.

Learn new digital skills

Proactively acquire and develop digital skills relevant to your field. Don’t shy away from a new way of doing things. By adding to your arsenal of skills, you’ll open up new possibilities.

9. Develop your communication skills

Effective communication is one of the keys to professional success. It involves both listening attentively and articulating ideas clearly. Strong communication skills help foster collaboration and build relationships.

By developing your communication abilities, you can enhance your role on the team, influence others, and ultimately advance in your career.

Not everyone is born a good communicator, but this skill can be developed. Give these habits a try:

Practice active listening

Pay attention to the person you’re speaking with, ask clarifying questions, and then summarize key points. By practicing this, you’ll gain more trust with your colleagues.

Be concise and clear

Practice using simple and straightforward language to convey your ideas effectively. Being clear is essential for both written communication and when talking directly with someone.

Seek feedback

Ask for feedback on your communication skills. Then take that feedback and actively work on improving whatever areas you need to work on. Asking for help isn’t always easy, but it’s one of the best ways to get insight into your strengths and weaknesses.

10. Don’t forget about your life outside of work

While the examples of good working habits we’ve discussed above will truly help you succeed in work, there is more to a successful career than work.

A healthy work-life balance is critical for long-term career satisfaction and overall well-being. What does that look like? It involves setting boundaries, managing time effectively, and also prioritizing self-care.

Maintaining a balance between work and personal life and practicing self-care can prevent burnout, boost productivity, and nurture relationships outside of the workplace.

Establish boundaries

Setting healthy boundaries between your work and personal life will help you to maintain a healthy balance. This might mean blocking out time on your calendar for family obligations, having a hard stop at 5 pm, or not working while out of the office (not even checking email!).

Prioritize self-care

Allocate time for activities that promote relaxation, exercise, and mental wellness. Self-care looks different for everyone, so do whatever it is that recharges you.

Take breaks

Step away from work periodically to recharge and maintain focus. That goes for taking longer breaks away from the office, too. The work will be there when you get back, so don’t feel the need to keep it with you all the time.

Expert tip

Creating good work habits takes time and focus. Above all, take the time to plan and learn new things that will allow you to advance in your career.

Something else you can keep in mind is to think about your work week in advance. Simply look at what’s on your schedule for the week and then have a plan for your days so you can get everything done on time.

What are the most effective work habits?

Anything that helps you communicate well with others, such as active listening, is going to have a big impact on you and the team you work with. Seek to build habits that not only improve things for you but for others, as well.

What good work habits should I focus on first?

Begin with learning how to manage your time. All the other habits will be easier if you can learn this one.

So create a daily routine schedule, be aware of how you spend your work hours and free time, and begin to use your time in a way that will benefit your career.

How long does it take to learn a new habit for work?

According to PsychCentral, it can take 59 to 70 days to establish a new habit. That said, you can learn to make something new part of your routine fairly quickly. Start by setting daily reminders for yourself so you can take action on good habits you’re forming until you start to do them without thinking about it.

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Good work habits lead to a great career!

Developing good work habits is essential for a successful career. By incorporating some of these 10 excellent working habits into your routine, you will be rewarded with a fulfilling career and success in life!

The post 10 Good Work Habits For A Successful Career appeared first on Clever Girl Finance.

Procrastination is something almost everyone struggles with from time to time, and most of us have tried to combat procrastination in one way or another, but it doesn’t always work.

We all have tasks that we need to complete and goals we want to reach, but it can be quite a challenge to find the motivation to get started and finish. In this article, we share 7 ways to overcome procrastination to help you get things done once and for all!

If you tend to procrastinate, don’t worry, you’re in good company. Recent studies have shown that 20% of people consider themselves to be “chronic procrastinators,” and about 88% of those in the workforce procrastinate for at least one hour a day.

But we’ll discuss 7 ways to overcome procrastination, and because this is Clever Girl Finance, we’ll also point out how this can help you give your finances a boost.

Before we dive into those 7 ways to overcome procrastination, it’s helpful to understand a few ways procrastination can negatively impact your life. That way, you can have even more motivation to overcome it.

For starters, procrastination significantly hampers productivity. It can also result in missed opportunities, damaged relationships, emotional distress, and elevated stress levels.

Heard enough and ready to learn how to win with your time? Here are our top tips:

1. Break tasks into small chunks

The first of our 7 ways to overcome procrastination? Breaking your task into smaller chunks. One of the primary reasons we procrastinate may be because we feel overwhelmed by the size of a task.

A massive project can seem daunting and can lead to inaction. But breaking the task down into smaller, more manageable chunks can help you overcome this feeling.

To break down a task, start by identifying the key steps or milestones involved. Then, break each step down into smaller ones. Doing this can make the task more approachable and less daunting.

Smaller tasks are less overwhelming and help you get more done

Breaking tasks into smaller chunks has several benefits.

First, it makes the job feel less overwhelming, making it easier to get started. Second, it helps you make progress even when you have limited time.

Third, it helps you stay motivated by providing you with a sense of accomplishment as you complete each piece. Lastly, it can reduce stress and anxiety by making the task feel more achievable.

Achieving smaller money goals can help you win in the long run

Lots of financial goals require multiple steps before you reach the end. Sometimes, it can feel like you’ll never be able to achieve a goal, but by breaking it down into smaller bites, you’ll see that you can achieve it.

Let’s say you really want to find a new job with higher pay. Many people stop themselves from finding a new job because they don’t know where even to begin their search.

However, if you break the job hunt down into smaller tasks, it can look something like this, which is much more manageable:

1. Update your resume.

2. Draft a cover letter.

3. Reach out to your network – contact one person every weekday for two weeks.

4. Research types of jobs in your industry.

5. Start looking through new job postings for one hour every Monday afternoon.

6. Submit your resume to three jobs per week.

7. Prepare for interviews for two hours by looking up and rehearsing answers to common interview questions.

By breaking down this big financial goal of landing a higher-paying job into many smaller steps, you’ll be on your way to reaching it in no time!

2. Create deadlines

One of the 7 ways to overcome procrastination is to set deadlines for yourself. Setting a deadline makes a task feel urgent, which can help you stay focused and motivated.

To set deadlines, start by identifying the key milestones or tasks involved in the project. Then, assign a deadline to each task, and give yourself an adequate amount of time to complete each one.

Be sure to hold yourself accountable to your deadlines and reward yourself for meeting them.

Deadlines help you form good habits

Setting deadlines has several benefits.

First, it helps you to prioritize and manage your time more effectively. It also enables you to make progress toward your goals and objectives. Lastly, it provides a sense of structure and discipline, which can help you develop a good habits list and good routines, leading to more success.

Stopping procrastination by giving yourself time limits can earn you money

Do you ever find yourself dragging your feet on a task? Do you find it hard to get started? If so, your lack of deadlines might be getting in your way and hurting your finances, too.

Perhaps you’ve been talking about starting a side hustle for some time but haven’t taken action yet. If so, this tip might be just what you need.

Give yourself a deadline for starting your new venture, tell someone about it, and hold yourself to it like you would any other commitment. You’ll thank yourself later when your side hustle is finally up and running.

3. Use the “two-minute rule”!

The “two-minute rule” is a technique that can be very effective if you want to take your time back. The idea is simple: if something takes less than two minutes to do, do it right away.

This could be as easy as replying to an email or tidying up your desk. By completing these small tasks right away, you can build momentum and have a sense of accomplishment that can help motivate you to tackle bigger tasks.

The two-minute rule causes you to take action

Using the two-minute rule has several benefits. First, it forces you to take action instead of procrastinating. If you can do a task in two minutes or less, you have to do it!

It is also a great way to help you build momentum and create a sense of accomplishment. Once you get the ball rolling on getting things done and see how easy it can be, you’re more likely to keep it up.

Doing simple tasks that don’t take much time can save your finances

With the two-minute rule, you’ll never miss another credit card payment or bill again. Take two minutes – that’s seriously all the time it takes – to set up auto pay on all of your bills and learn how to automate your finances.

If auto-pay isn’t an option, the next time that bill comes your way, don’t open it and tell yourself you’ll pay it later. Instead, take two minutes to write a check or go online and make the payment.

4.Remove distractions

Distractions can be a huge barrier to productivity and can make it challenging to get started on a task. To overcome this, try removing any distractions from your environment.

This might mean learning how to spend less time on your phone or closing all social media tabs on your computer. You could also benefit from working in a quiet, distraction-free space, such as a library or a (quiet) coffee shop.

Focusing your attention saves you time

Removing distractions helps you focus your attention on the task at hand, leading to better productivity. It also helps you avoid wasting time on non-essential activities, clearing up your time and space for what is really important.

Fewer distractions can help you save more cash

Not only do distractions take away your time, but they can also take away your money, too. That’s because many of our common distractions involve following social media influencers or shopping online.

Start with deleting your shopping apps and unfollowing anyone who makes you spend unnecessarily. By learning how to stop shopping you’ll free up your time for what you really want to do and save yourself money.

5. Find your motivation

Sometimes, procrastination can stem from a lack of motivation or inspiration toward a task. Of these 7 ways to overcome procrastination, finding your motivation or learning to find your why behind completing a task might just be the most beneficial tip of all.

Your motivation could be as simple as impressing your boss at an upcoming meeting or as big as providing for your children. By focusing on your motivation, you will create a sense of purpose that can help inspire and motivate you to get started (and to finish).

Knowing your motivation helps you make progress

Finding your motivation helps you clarify your goals and priorities, giving you a clear direction to follow. It also helps you build a sense of purpose and fulfillment, making your task feel more meaningful.

Lastly, it enables you to develop a growth mindset or an abundance mindset, which encourages continuous improvement and progress.

Understanding your goals can help you to not spend on unimportant things

Trying to reach a big financial goal often takes a lot of sacrifices. It’s hard to give things up, like learning how to stop eating out or taking on a no new clothes challenge without being really clear about why you’re doing something. This can lead to big-time procrastination.

Let’s say you’re trying to save up for a big purchase. For example, you’re finding out how to save up for a house. If you list all of the reasons why you want to buy a house, it can really help motivate you when the going gets tough.

Maybe your “why” is to raise your children in a safe home, have a backyard to host parties, or just have a place to call your own. Whatever the reason, have one (or many), so you’ll have meaning behind the goal and will be less likely to procrastinate.

6. Practice mindfulness

Practicing mindfulness is an underrated yet effective way to overcome procrastination. Mindfulness involves you being fully present in the moment, leaving behind judgment or distraction.

To practice mindfulness, try taking a few deep breaths before starting a task or engaging in a brief meditation or visualization exercise. Focus on your breath, and try to let go of any distracting thoughts or worries.

If you develop attitudes of mindfulness, you can create a sense of calm and focus that can help you to overcome procrastination and stay motivated.

Mindfulness helps you stay focused and get more done

Practicing mindfulness has so many benefits.

First, it helps you to stay present and focused on the task you’re doing, reducing the temptation to procrastinate. It can also help to reduce stress and anxiety, making it easier to stay motivated and productive.

Lastly, it can improve your overall sense of well-being, allowing you to feel more energized and engaged in your tasks.

Practicing mindfulness can decrease financial stress

Life can be stressful, and your finances are no exception. Hopefully, you’ll be prepared for whatever comes your way financially (an emergency fund is key for this).

Even so, that doesn’t mean an unexpected financial emergency won’t cause you some anxiety. That’s why having a mindfulness practice in place before anything stressful happens can help you reduce your stress levels and manage the unexpected.

7. Celebrate your accomplishments!

Lastly, an effective way to combat procrastination is to reward yourself for your accomplishments. By setting up a system of rewards, you can create a positive association with completing tasks and motivate yourself to keep going.

A reward can be as simple as going out for a walk, listening to a favorite podcast, or indulging in a hobby you enjoy.

To set up a system of rewards, start by identifying specific milestones or even mini goals you want to achieve. Then, determine what kind of reward you will give yourself for each accomplishment.

It’s important to choose rewards that are enjoyable to you. Appreciating your accomplishments can transform a task from something you dread to something you look forward to.

Celebrating reinforces positive behavior

Celebrating your accomplishments gives you a sense of achievement and progress, boosting your confidence and self-esteem along the way. It also reinforces positive behavior and habits, making it easier to stay on track.

Take time to appreciate when you reach a money milestone

All of that hard work you’ve put in to pay for college, buy a Chanel handbag, fund your emergency savings account if you started with no savings, or stick to a monthly budget deserves some recognition!

Just as you would celebrate reaching other milestones, if you reach a financial milestone, you should celebrate, too!

The great part is, you don’t have to celebrate by spending more money or buying something expensive. There are plenty of ways to treat yourself that don’t involve spending much at all.

Take a friend to lunch, buy a new scarf, or simply toast to yourself with a glass of wine after a long week. Whatever it is, celebrate yourself and all of your accomplishments to keep the momentum going and keep procrastination at bay!

Expert tip

Beating procrastination can affect your finances and life in positive ways. By taking a balanced approach, such as setting deadlines and also celebrating wins, you can more easily stop procrastinating.

What is the easiest way to overcome procrastination?

Use the two-minute rule to quickly accomplish any small tasks that you need to do. Then you’ll feel more accomplished and have less on your mind.

How can you completely avoid procrastinating?

Have a clear goal and direction for your life. You can refer to this whenever you want to procrastinate with work, finances, a task at home, etc. Knowing how this task fits into the bigger picture of your life is very helpful.

The best strategy to stop all procrastinating?

Don’t forget to celebrate when you accomplish something. Then you’ll want to continue completing big tasks.

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Set yourself up for success with these 7 ways to overcome procrastination!

Ready to stop putting things off and improve your life and finances?

Try one of these 7 ways to overcome procrastination today. Or even try a few different ideas at once. There’s no better time than right now for starting a new life without procrastination that improves your career and finances and brings you more success in life.

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