{"id":62630,"date":"2019-02-05T20:14:30","date_gmt":"2019-02-06T04:14:30","guid":{"rendered":"https:\/\/www.pickthebrain.com\/?p=62630"},"modified":"2019-02-07T18:44:42","modified_gmt":"2019-02-08T02:44:42","slug":"how-to-be-financially-responsible-and-still-fun-to-be-around","status":"publish","type":"post","link":"https:\/\/www.pickthebrain.com\/blog\/how-to-be-financially-responsible-and-still-fun-to-be-around\/","title":{"rendered":"How to be Financially Responsible and Still Fun to be Around"},"content":{"rendered":"
<\/div>

It can be hard to save money right now – wage growth is slow, everyday expenses are greater than they used to be and for many people, saving up for a housing deposit is a distant pipe dream.<\/p>\n

A lot of people think that saving money for the big purchases in life like a home or car means living like a hermit and never seeing your friends, but this is far from the truth.<\/p>\n

You can still save money and be financially responsible and fun to be around – it’s all about finding the right balance.<\/p>\n

Here are five ways you can do just that without being boring.<\/p>\n

1.\u00a0Conduct a financial health check<\/h2>\n

How often do you check your bank account? It’s likely that you’re flushing hundreds of dollars every year down the proverbial toilet on regular expenses you don’t need. For example, I recently found out I’d been paying $12 a month for a magazine subscription that was still being delivered to my old house.<\/p>\n

Go into your online banking portal and grab a list of your direct debits and credits over the last six months, and cancel all the ones that don’t bring you any value. This leads us to our next point.<\/p>\n

2. Passively save for the important things<\/h2>\n

If you want to save, you don’t have to make a 1,000-row spreadsheet where you log every expense, or be so frugal that you recycle toilet paper.<\/p>\n

We’re not saying you don’t need to cut out expensive habits – you could definitely do without buying coffee every day, and bringing lunch into work helps too – but you can easily save by creating separate bank accounts for big expenses. For example, send 20{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} or more of your paycheck to your regular savings account, 10{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} or more to an emergency savings fund<\/a> for when you have to go to the dentist, and 20{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} or so to a ‘fun’ account, which you can use for things like the latest video game or beers with your friends.<\/p>\n

Setting up automatic payments to dedicated savings accounts will save you money without even realizing it, leaving the rest for the crucial stuff like rent and utility bills.<\/p>\n

3. Ditch the plastic<\/h2>\n

If you’re struggling to save money but still have a credit card, why? That’s like a problem gambler having a bookmaker on speed-dial. The average American household has about $5,700 in credit card debt<\/a>, and repaying this debt can take up a large chunk of your budget when you take interest into account. Cut the thing up and bury the pieces, and prioritize paying off this debt if you can.<\/p>\n

Use your bank debit card for everyday purchases instead. They work just as well as credit cards but it’s your own money you’re spending, not the bank’s.<\/p>\n

4. Stop buying foolish stuff<\/h2>\n

‘Foolish stuff’ doesn’t include things that bring you joy<\/a>: if you like movies or gaming, for example, then, by all means, buy a new computer or surround-sound system. But with online shopping possible from just about every store, it’s very easy to add a ridiculous purchase to your cart that you’ll only ever use once, if ever.<\/p>\n

Just think twice about buying a set of NERF guns<\/a> for $100+. They might seem cool (they definitely are), but will they be of any use to you besides being a novelty?<\/p>\n

5. Visit your parents<\/h2>\n

If this is possible, then the folks can be an excellent rort for free meals and second-hand stuff they don’t need anymore. You can use this as leverage for coming home to visit them too. A good meal on a Sunday with some leftovers for tomorrow’s lunch could save you a fair bit over time.<\/p>\n

And if you can’t visit your parents, then befriend your elderly neighbor. They’ll appreciate your company, and it’s a scientific fact that old ladies cook better than anyone else.<\/p>\n

Following these five tips can help you become a financially responsible adult who doesn’t need to worry about whether they’ll be able to afford the next round with your friends. Just enjoy yourself and allocate savings towards important things.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

It can be hard to save money right now – wage growth is slow, everyday expenses are greater than they used to be and for many people, saving up for a housing deposit is a distant pipe dream. 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