Who doesn’t love money? We don’t know anybody who wouldn’t want more money, but it’s usually not a comfortable topic to talk about. When it comes to our relationship with money, it usually involves some sort of stress, anxiety, and worry. And even if you’re fine with money now, you can remember a moment that when your relationship with money was probably not that great.
So after we’ve partnered with Capital One, we learned of all the different ways they are helping people feel more confident in their relationship with money (more on that below), and were inspired to come up with our own tips.
If you take these steps, we’re sure that you’ll not only feel more secure and confident, but you can start thinking about all the things that you want to do and how you can get there, because you can and will!
Create a budget
Now this one is a no-brainer, but people often don’t make time to do this. When you don’t know how much you’re earning and spending, it’s hard to know how much money you have left to save and spend on the things that really matter to you. With a budget, you can easily see where you are spending the most and also if you can cut down on some expenses.
This is also a good way to see how long it will take for you to save up for a vacation or for a down payment on a house. Having a budget will not only give you a clear picture of your finances, but also a great forecast of your situation in weeks, months, and years.
Make money on the side
Don’t depend solely on your salary! Find creative ways to make more money such as blogging, selling your used clothes online, having a garage sale, being a dog walker – there are infinite possibilities. With multiple revenue streams, it’ll be easier for you to pay off debts and save money.
Create a strategy to pay debt
If you have loans or credit card debt, make sure you have a clear and effective strategy to eliminate debt. Always pay off the ones with the highest interest first, while making a minimum payment on the other ones. If you take advantage of a 0% interest card, you can transfer high-interest debts to avoid paying interest.
Some find debt consolidation a very helpful strategy so that you are only paying one creditor a month. It’s best to talk to a financial advisor or money coach about this.
Know and keep track of your credit score
Your credit score can save you a lot of money by giving you the best interest rates when buying a car, house or other big purchases. It also helps you out when you have a big purchase and you want to apply for credit to pay it off over time. Knowing and keeping track of your credit score will help you feel more confident about your relationship with money because by having a good score, you can take advantage of many offers. It also puts you in a great position to bargain and negotiate. This can save you a lot of money in the long run.
Find more ways to save
The best way to have more money is to save it. Think twice before you tell yourself you need to upgrade to that new phone or newest computer. Clean out your closet regularly to see what you have before you buy new clothes. We usually only wear 25% of what’s in our closet. Be frugal with electricity and using the A/C and the heat. Being aware of all the ways you can save money, will save you more than you think.
Put your savings on auto-pilot
It’s actually easier to save when you’re not thinking about it and doing it manually. There are plenty of apps and services out there that will either round up your purchases by putting the difference in your savings account. There are even apps that withdraw money every time you make a purchase and puts it in an investment account so that your savings grows.
Have an emergency fund
There’s your savings, and then there’s the emergency fund. Always have one just in case. Try to make consistent deposits in your fund, no matter how small. You never know when you’ll need it. And if you don’t ever end up using it, you can treat yourself to a nice trip or a car later on.
Unexpected costs usually hit us hard especially when it’s a medical situation or even an accident. Save yourself the trouble and the worry by having the right insurance in place. If you drive a lot, make sure you are fully covered. If you are renting an apartment, make sure you have renter’s insurance, just in case something happens, your possessions are fully covered. If you have a pet, consider pet insurance to avoid expensive treatments if your pet happens to need surgery.
If you have the option to have a health-savings account, take advantage of it. You can use it for medications, eyeglasses, contact lenses, co-payments and many other health-related expenses.
Use credit cards to earn points
If used wisely, credit cards are a great way to earn points, get cash back, and take advantage of travel opportunities. I’ve used my Capital One Venture card for regular expenses to get enough points to earn cash back for my honeymoon! When you put all your monthly expenses on one card, the points add up and depending on the reward, you can earn anything from cash back to free flights and hotel stays. It’s a win-win!
See a Capital One Money Coach
Capital One is hitting the road on the Banking Reimagined Tour throughout the continental U.S. It’s a hands-on digital experience on wheels—to spark new ideas about your money and strategies for the financial path ahead. The tour is designed to give people more confidence in their relationship with their money – financial empowerment on wheels – inspired by the Café experience and Money Coaching
Money Coaching is like ‘life coaching,’ but for your finances. Coaches will sit down with you and help you visualize your ideal financial situation, identify goals and build a roadmap to achieve them.
People’s anxiety over personal finance can start to be softened by talking about the goals, hopes and dreams they want their money to help them achieve. Money Coaching is such a subtle yet engaging way of starting to map out that path to personal finance confidence, that customers often don’t realize they are diving into the issues that were keeping them up at night days or months before.
This is a free, personalized service available to everyone, even non-customers! Like a life coach for your finances, a Capital One Money Coach helps you visualize your ideal financial situation, identify goals and build a roadmap to achieve them through a series of fun one-on-one exercises. Money Coaching will be available in the new Glendale Café and in Cafés nationwide this year.
The Capital One Banking Reimagined Tour coming to Los Angeles this Friday, February 3 – Saturday, February 4 at the Americana in Glendale. I will be there on Friday to check out the Banking Reimagined Tour and talk to a Money Coach. See you there!
This post is sponsored by Capital One, all opinions are our own. Thank you to our amazing sponsors for continuing to support The LA Girl!