As young professionals making our way in our careers and becoming established on our own (hello rent!), it is very common to go through periods when we struggle to keep a healthy work-life balance. Whether it is from a financial, time management, or relationship perspective, it can be easy to get lost in the world of “how to be a grown-up.” Realizing these as very real challenges to young adults, I am writing a three-part blog on “Work-Life Balance.”
This week, part one covers financials. In no way do I mean to be a financial adviser (I do not have a finance degree 😉 ), but I do have experience with “having a social life on a budget.” So, I am sharing my tips on how to maintain your social life while on a budget!
- Always Plan Ahead!
- If you know a celebration is coming up (someone’s birthday, an anniversary, the holidays), put a little money aside each pay period to save for gift giving.
- Taking a trip soon or want to plan a trip? The same thing applies – set your money aside early in the pay period so you can gradually save and treat yourself to the vacation you deserve!
- Pay Your Bills On Time (or early, if possible!)
- Not only will your credit score thank you, but so will your stress level! Keep a calendar with due dates of bills and/or put reminders on your phone for exactly which day of the month your bills are due. This will ensure each of your bills is paid on time and serves as a helpful reminder to set money aside when you know a bill is coming.
- A lot of companies now offer automatic payment online. While this is a great idea, it is still your responsibility to ensure the payment went through and there is enough money in your account to cover the payment. NOTE: If you set-up automatic payment, always check the amount withdrawn to ensure you are being charged the right amount.
- Cut Costs Where Possible
- Have you been looking forward to a night out? An easy way to save your money for the weekend is to pack your lunch during the week rather than eating out. You can also make your own coffee in the morning rather than taking your normal coffee shop run on the way to work. It is truly amazing how quickly all those little expenses add up to quite a chunk of change!
- Rather than driving somewhere and paying for gas and parking, see if public transportation is available or if you can set-up a carpool.
- If you are really looking to save more, consider cutting out some luxuries to give yourself a bit more freedom in other places. For example: If you have cable that gives a million more channels than you ever use consider downgrading your cable package.
- Track Your Budget
- Keep a record of your income and your spending. The best way to start changing your finances is to realize just how much you really do make versus how much you are actually spending. By keeping a log of how much you spend and what you spend your money on, you will be able to identify areas where you can save!
- Take Advantage of Free Activities and Deals at Local Places
- Most cities have a plethora of free attractions, museums, and monuments which anyone can visit. In DC, a great blog to follow is Free in DC! You can even find exercise classes and outdoor activities if you are looking for a discounted way to workout.
- Attend happy hours when drinks and food are discounted.
- Sign up for the rewards cards at your local grocery store and pharmacy/drug store – it can really save you a lot!
If you are mindful of what you are spending and make an effort to save a bit each pay period, you will begin setting yourself up for financial success. While all these cost saving tips are helpful, make sure you find a good balance between cutting costs and treating yourself. It is OK to treat yourself once and a while, especially when you know you have saved for it – That is the whole point of the work-life balance! Enjoy your social life and keep doing things with friends and loved ones!