5 Lifestyle Changes to Make to Achieve Your Financial Goals
If you are getting frustrated about not meeting your financial goals or not knowing where your money is going, then it may be a good idea to review your spending habits. From the moment you get up in the morning to the moment you go to sleep, there are many little things that can put a dent in your wallet.
Many millennials are living paycheck to paycheck and fail to save at least 10% of what they earn in a month. Due to the lack of savings, people aren’t able to meet their long-term financial goals. In fact, retirement is not even in most millennials’ vocabulary. The impact of leading an expensive lifestyle and not saving enough can create financial havoc in your life.
But don’t worry, I am going to share five ways that can help you save money every day so that you can save more for the future. The most effective way to help you save money is to make lifestyle changes. Making the changes that will let you spend money more meaningfully. In turn, you can achieve your long-term financial goals.
5 Lifestyle Changes to Make to Achieve Your Financial Goals
1. Start Living a Minimalist Lifestyle
Who wouldn’t love to be free from financial worries? Often people make financial mistakes that spiral into a debt disaster. Living with huge debt can make your financial life hell. Falling into debt is much easier than getting out.
If you want to live a peaceful financial life and achieve your financial goals, the first step you need to take is to live a life within your means. You have to spend less than what you earn. Moreover, you have to spend your hard-earned dollars in a meaningful way. Once you start living a frugal life, you can soon start saving more. Thus, you can get back on the right financial track.
2. Pay Only for Channels you Watch
Cutting the cable connection can save you a good amount of money. The cable operator charges you about $60-$150 for almost 200 channels that you never watch. I can bet on it, you have only 6-7 favorite channels that you watch in your spare time. So, why should you pay for channels that you don’t watch at all? Cut down those channels and keep only those that you watch and pay for them.
3. Stick to One Car
Many people keep multiple cars; they prefer to keep cars for every family member. Needless to say that they are wasting their hard-earned money.
You have to know that the car price rate depreciates with time. Thus, if you think that investing money in cars is a good decision, then you are wrong. You will get a lower price on the cars than their actual price if you sell them.
On the other hand, cars are real money suckers; you have to spend quite a bit on their maintenance. If you stop taking care of the cars, they may damage shortly. So, it will be better to keep one car in a good state instead of having multiple cars.
By doing so, not only you can save money on maintenance, but you are saving insurance premium costs, too. If your workplace is near your home, try to travel by public transport or a bike instead of a car. Your wallet and health will both thank you.
4. Cut Down the Money-Sucking Addictions
Having an addiction to smoking, consuming alcohol, and drinking espresso is a personal choice. I don’t want you to judge by telling “Why are you nourishing these habits?”. All I want you to understand is, having an addiction is costing you dearly. Saving money can be a solid motivation for people who want to quit any kind of addiction.
Do the simple math. If you smoke a pack of cigarettes every day, which costs you $6, then quitting smoking can help you save $42 in a week.
See the greater impact – Quitting smoking can help you save $42* 52 weeks= $2184 in a year.
The add-on benefits are, you can save money on the long-term medical cost by ensuring good health. You can also save on medical insurance premiums.
5. Meal Prep to Save Money
Many people don’t carry lunch to their workplace, they have no choice but to visit a restaurant to eat. Some people claim that they are too busy to cook food at home. Thus, they prefer to eat at restaurants or processed food all the time. But beware! By doing so, you are not only losing money, but also inviting major health issues.
How can you reduce eating restaurant meals and processed food? Follow some simple tricks:
- Plan your meals. Write down a meal chart for the whole week and try to cook a large portion of the meal. Thus, you can eat pre-cooked meals for the entire week.
- You can cook at night and store it in the refrigerator. In the morning, just brown bag it to the office.
- Keep your meals simple and rotate it. Doing so, you don’t have to devote time to plan the breakfast, lunch, and dinner.
- You will be able to eat homemade food without wasting money on costly restaurants and processed food.
Take Baby Steps
Embracing lifestyle changes has many benefits. However, it is important to make changes slowly. If you want to change your current lifestyle drastically, you may soon lose motivation. Remember, adopting a lifestyle to save money doesn’t mean you have to deprive yourself. You just need to set aside a certain amount of what you earn. It is said that saving at least 25% of the monthly income is necessary to secure the financial future. If you can do that while maintaining your current lifestyle, then you are already on the right track. So, no need to make changes in your lifestyle!
Remember, I am inspiring you to make changes in your spending habits to help you get a secured financial life and less financial stress. If you overdo it, you may feel stressed out. So, take small steps and adopt a lifestyle where you can get financial peace and achieve long-term financial goals.
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Sophia Hayden has started blogging after completing her graduation. A deep passion for writing has inspired her to get connected to other bloggers through blogging. She shares her financial knowledge in this blog.