With many people on a tight budget these days due to high inflation, supply chain issues, etc. and according to this report, budgeting is at an all-time high as 86% of Americans say they track their monthly income and expenses.
Leigh Singleton, Director of Financial Education at Monifi, with 20+ years of experience as a financial expert is offering her tips to low budget spending.
The goal-based banking app, Monifi, makes it easy to save. Features like personalized goals, with a spend and save structure make saving easy - and fun - especially when you spend your hard earned money on a vacation! Trackable transaction tags mean users can categorize their spending, making sure you keep an eye on your budget.
>>Find Free Meetups or Experiences
Use online community calendars or events to see what is happening in your area. This is the perfect way to find something to do without breaking the bank.
>>Plan a Staycation
If you are looking to get away, but money is tight, plan a staycation. Many costs come from travel, airfare, and hotels. Check out your local home shares, new restaurants and more and plan a short getaway right in your “backyard.”
>>Use a budgeting app
Using apps like Monifi help you track and be on top of your spending. With tools that allow users to classify their spending into categories like food, entertainment, rent, etc, they can see exactly what they need to save more for.
>>Take advantage of Deals and Specials
Reach out to businesses and restaurants to see what their weekly specials are. If you are craving a bite, be strategic on the day you eat to get the most bang for your buck.
>>Teach yourself a skill to cut costs
Love getting your nails done? Purchase a few nail care essentials and watch YouTube videos to practice. You will be able to put these funds to more important use quickly!
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