Week 2 – Spend Less Than You Earn
by Steve Georgoulakis, CFP® on Tuesday January 09, 2024
Posted in Category: Budgeting, Wallet Workouts
Posted in Category: Budgeting, Wallet Workouts
New year, new you!
Cut “empty calories” from your budget.
This week’s workout:
Spend Less Than You Earn
- Count calories in your budget, by tallying dollars coming in and going out each month. There’s only so much money to go around!
- Service members will see a 5.2% increase in military pay this year, but everyone needs to account for the additional weight from the rising cost of living in their spending plan.
Exercise 1
Time to get active! Create a budget and follow these guidelines on the best ways to spend and save.
Exercise 2
Eliminate “empty calories” from your budget like online subscriptions, credit card interest, and impulse purchases. Step up money savers like buying generic, preparing meals, and reviewing insurance coverages.
Exercise 3
No cheat days! Find an accountability partner. Communicate with your significant other about financial goals and be honest about the money you save and spend.
Join us for 7 Wallet Workouts
ACHIEVE FINANCIAL FITNESS LIKE NEVER BEFORE!
Jan. 3 Have a Financial Game Plan
Jan. 10 Spend Less than You Earn
Jan. 17 Save for Emergencies
Jan. 24 Use Debt Responsibly
Jan. 31 Protect Your Life, Loved Ones & Possessions
Feb. 7 Save and Invest for Your Future
Feb. 14 Rest & Recovery
Feb. 21 Prepare Your Legal Documents
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