Welcome back to Money Monday! This is our weekly segment where we cover Personal Finance 101.
In this week’s segment, we’re covering where you can find some money ASAP. People are always complaining that they’re broke, but how often are they reviewing what they are currently spending money on? Chances are if you take a look, there are some financial leaks in your budget.
I admit that I too am guilty of this – even now at this stage in my journey! As I was creating the notes for this video, I realized how I needed to brush up on my own Personal Finance 101 chops. Watch below for 5 places where you can free up some money right now.
If you want to free up some money quickly then you may want to consider downsizing your living spaces. I recently did this when I decided to move back home for a while to save money for my next investments. I also have friends and clients who’ve sold their homes and downsized in order to save money for their own goals. My nail tech recently moved out of her place and found a roommate and is now saving over $1000 per month!
Cut eating expenses
This next area is definitely Personal Finance 101. If you want to free up some money immediately, look at your food budget.
Are you buying too much at the grocery store? Are you eating out every day instead of brown bagging your lunch? Are you out every weekend?
These are all money links and something you can fix immediately to free up some money.
Cut gadgets and toys.
Now this is a personal finance 101 tip that I always find kind of amusing. One area where people spend obscene amounts of money is on tech gadgets. They will spend hundreds of dollars on an upgraded piece of tech that is nearly identical to a piece of tech they already own.
Granted, I’m not that into tech. But listen, I run a business from my laptop and need to invest in tech periodically. You still won’t catch me upgrading my phone every few months. I didn’t even have a decent camera until 8 years after I started my blog.
I’m so guily of this one! Do you have any subscriptions that you’ve completely forgotten about? And then they catch you by surprise every time you are charged? Yeah, me too.
That’s why I recently went into my Apple subscriptions and cleaned them out. I also cancelled Hulu and Netflix because everything I watch is free on YouTube.
Non essential items.
I recently cleaned out my entire closet and realized how much money I’ve spent on non-essential items over the years. That means either items I didn’t really need or couldn’t use multiple times.
Personal Finance 101: Your Turn
Have you spent money in any of these areas? Sound off on Twitter and let us know!
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