What is financial wellness?
These words are commonly used together but it’s easy to forget what they actually mean. Financial wellness is more about feeling in control of your money than just having more money. So how do you know you’re on track? One way to measure if you’re practicing financial wellness is if you’re able to stay on budget and regularly put something toward savings or retirement. You can improve your financial wellness by setting clear goals and using trusted tools and resources. Financial wellness shifts as your life changes, but the core habits stay steady.
Money stress is one of the biggest sources of anxiety in the US currently, and this stress consumes real time and energy. According to the Financial Industry Regulatory Authority (FINRA), more than 60% of Americans spend at least two hours each week dealing with financial issues. So, if that sounds familiar, you’re not alone. A great place to start for practicing financial wellness is setting realistic and specific goals.
Before going shopping, do a quick and easy financial check-in. Start by reviewing your budget. Where is your money going? How much is going into each of your budget categories (housing, utilities, car/gas, food, fun items, savings, debt payments, etc.)? While you’re reviewing your budget, look for any subscriptions or recurring transactions. Go through each of these and assess if you still need those subscriptions. For example, if you’re not regularly watching Netflix, maybe pause that service for a few months until there’s another show or movie on that platform you’d like to see. Then set some goals for your back-to-school shopping. How much do you expect to spend? What are you buying?, What might you wait to buy?
Tips for Saving on Back-to-School Shopping
This time of year can be challenging when you’re trying to save money and curb impulsive spending. As challenging as it may be, try your best not to make those impulse, spur-of-the-moment purchases. Creating a wish list can be a helpful way of keeping track of desired items and purchases.
Before going shopping for school supplies and new clothing, double-check what your family already owns. Check backpacks, closets, and last year’s unused supplies and assess what can still be used and what still might fit.
Instead of doing your shopping all at once, keep an eye out for sales and spread out your purchases. Plus, sometimes waiting to purchase non-urgent items until after school starts can pay off since items will go on sale after the start of school. Also, remember that Black Friday sales start quite early in the year (October). Waiting could give your students some time to figure out what else they might need for the rest of the school year and save you money.
When shopping online, use Google Shopping to compare prices and ensure you’re getting the best deal. There are also other resources for finding clothing, backpacks, and school supplies for cheap or even for free. Check local thrift stores or online resale sites like ThredUp. Search for your town’s Buy Nothing Project Facebook group or check Nextdoor, Craigslist, and Facebook Marketplace.
If you don’t have kids (or kids in school yet or anymore), you can still spend some time intentionally interacting with your finances this season. Consider upcoming plans you may have with friends and family like events, birthdays, and anniversaries. Jot down any fall activities and upcoming expenses you want to make sure you have the time and money to enjoy.
TruChoice is here to help with your financial journey. If you’d like help reviewing your budget, exploring savings options, or planning next steps, TruChoice is here with friendly, local, judgment-free guidance! Reach out to us today, we make your goals our goals!
Sources:
https://www.intuit.com/blog/innovative-thinking/financial-tips/financial-wellness/
https://www.nerdwallet.com/finance/learn/how-to-save-on-school-supplies-by-tapping-your-community
