Many people take New Year’s resolutions seriously, and that’s a good thing. No one should have to worry about paying bills in 2023, and they won’t if they have a useful budget. Minimalism is gaining ground in our society. It’s about doing more with less and cutting unnecessary expenses. It helps people simplify their lives and save money at the same time. Minimalism is a great idea but creating a minimalist budget takes some effort.
Start the process
A person starts by determining their monthly income and then tracks their expenses for a month. This does more than let you know where the money is coming from and going. This is actually a thought process where you look at what you really need and what you can do without. As a result, you begin to gain a better understanding of your spending habits, which helps you maintain financial wellness.
The necessary expenses are easy to identify. Rent, food, and transportation are just some of the necessary expenses you deal with each month. Some people have extra expenses, such as paying off medical bills, car loans, and college debt. You can effectively allocate money from your monthly income to cover these expenses as they are mostly fixed. Now comes the hard part.
Impulsive purchases are the bane of every minimalist budget. For example, you go into a store and buy what you need and then take advantage of a special that allows you to buy something at a lower price. However, it is not something you need but something you want. It starts to add up as more unnecessary expenses are created each month.
Credit cards can torpedo any attempt to live on less. Credit card interest rates are in the double digits, and penalties are charged for late payments. You need credit cards for your credit, but overusing credit cards means you have less money for savings. In addition, people often feel the need to keep up with their neighbors, which increases costs.
A person can use a little help developing a minimalist budget. Forward-thinking employers can help their employees create a budget. Nationwide prepaid legal services has a financial wellness program that makes budgeting much easier.
Professionals help you
Countrywide has a nationwide network of certified advisors who manage a person’s everyday financial well-being. Our professionals are excellent craftsmen of budgets. They can do a budget analysis for a financial health plan member and then help create the minimalist budget.
Suggestions and advice from our counselors tell a person how to quickly meet necessary expenses. Tips such as buying food in bulk or shopping at thrift stores can easily reduce monthly costs. Plus, there are ways to curb bad spending habits, and our advisors provide the ideas. For example, credit cards can be better managed, and the Nationwide Advisor will show a member of a financial health plan how to do that. It doesn’t take long before a minimalist budget is established, allowing a person to live on less while saving money for emergencies.
We have great benefit options
Countrywide has other financial wellness benefits that can be quite valuable to the average employee. We design our plans with the help of a client’s management and the alternatives the decision makers choose will be included in the plan. Countrywide provides member services and benefits administration. We have the best member relations program and administration in the industry. All you have to do is ask our existing customers about it.
Minimalism allows a person to live a life with less financial trauma and greater satisfaction. Our advisors help people design these financial guides. If you would like to know more about what we can do for your employees, please contact us at your convenience. We look forward to discussing our benefits with you.