Cosmo Cash

Cosmo fi­nan­cial colum­nist Alexa von To­bel wrote and en­tire book called Fi­nan­cially fear­less, be­cause the truth is, most of us aren’t. Th­ese steps can help build se­ri­ous money mo­men­tum.

Cosmopolitan (Philippines) - - News -

Make all the lit­tle things add up to big sav­ings

Habit 1: go Dig­i­tal

It’s hard to fathom that in 2016, most house­holds still re­ceive pa­per state­ments via snail mail. In­stead of let­ting un­opened bank no­tices pile up like makeshift coast­ers, try a free ac­count-ag­gre­ga­tion tool to get an up-to-date snap­shot of all your ac­counts in one spot (there are re­sources like the Learn­vest app, or your bank’s site). Set up a sep­a­rate e-mail ad­dress for bills and state­ments so noth­ing slips through the cracks.

Habit 2: Check in on your money

Take just one minute each day to scan your trans­ac­tions. Are you stay­ing on bud­get? Are there any sur­prises? I took the anx­i­ety out of my daily money au­dit by putting the Learn­vest app right next to In­sta­gram. When I wake up, I check In­sta and then hop over one app to peek at my fi­nan­cial ac­tiv­ity. Rou­tine es­tab­lished!

Habit 3: set alerts and stick to them

Feel more on top of things by set­ting up auto-pay­ments or cal­en­dar alerts for re­cur­ring pay­ments such as your rent, phone, credit cards, and all your Ama­zon-iflix-spo­tify-like sub­scrip­tions. You likely al­ready have a so­cial cal­en­dar and a work cal­en­dar, so why not have a money cal­en­dar?

Habit 4: know your score

Don’t be afraid to check your credit re­port. Plug in re­minders to do a credit score check ev­ery few months. Scour­ing your credit re­port reg­u­larly through your bank or a ser­vice like Tran­sunion will help you catch any er­rors that harm your score.

Habit 5: Find a “money buddy”

Dis­clos­ing your stats to some­one you trust who is in a sim­i­lar fi­nan­cial sit­u­a­tion can head off fear of judg­ment on both sides. Once you’ve found your buddy, share your goals and meet ev­ery couple of weeks to re­port any progress or ob­sta­cles. Hav­ing some­one to keep you ac­count­able and cheer you on will make it eas­ier to stay on track. If you’re not com­fort­able open­ing up to a friend about debt or your fi­nances, con­sider talk­ing to a rep­utable fi­nan­cial coun­selor or an agency like Money Doc­tors.

Habit 6: splurge a lit­tle

If you buy noth­ing at all, you may end up be­com­ing so tired of saving that you blow your cash at the first op­por­tu­nity. Try open­ing a fun ac­count just for ac­tiv­i­ties like movie nights or fit­ness classes. Stud­ies, like a re­cent one pub­lished by the As­so­ci­a­tion for Psy­cho­log­i­cal Science, show that spend­ing money on oth­ers, even small amounts, in­creases hap­pi­ness.

Th­ese tweaks are like a Build-yourOwn-for­tune kit!

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.