Advertising
Advertising

5 Types of Friends Who Always Secretly Help Us Save Money

5 Types of Friends Who Always Secretly Help Us Save Money

It’s true when they say you are heavily influenced by the people around you. The question is, can this influence help you save money? Your friends’ unique personalities may actually be helping you save money without you even realizing it! Their different ideas of what a good time is, their standards, and their sincere giving nature are inadvertently keeping your bank balance at constant numbers. Below are five types of friends that help us save money without us even noticing it.

1. The Fashion Guru

This friend is your standard shopping partner. Vogue is their bible. You know you have to take them along with you whenever you need to do serious shopping. Because of their vast knowledge of fashion, they are insistent on perfection. When you pick something out, they make sure it’s absolutely perfect. Otherwise, it goes back on the rack. They help you pick out things that are trendy and of the highest quality. The fact that things rarely if ever meet their standards not only helps you save money, but also helps you have the best wardrobe.

Advertising

2. The Homebird

This friend is constantly inviting you over to their house to hang out. If you suggest going out to dinner or a movie, this friend insists that watching the movie at home and eating take-out is a better option and it almost always is. They cook the best dinners and have the best movies on demand –  it almost seems pointless to leave the house. Spending nights in every other weekend is subtly helping you save the money you’d be spending if you were to go to dinner and a movie. There’s nothing better than chilling at home in your pajamas. snacking on junk food.

Advertising

3. The Parental Figure

This friend is the most reliable one you have. They are always there to bail you out of any trouble you have gotten yourself into and they are always there with a shoulder to cry on. Taking this friend anywhere is like taking a parent along. They know all the places that have the best deals and specials. They also question the retail decisions you make by asking you if you really need what you’re about to blindly spend your money on, saving you from unnecessary expenses on things you’ll never really use anyway. This friend has helped you avoid becoming a hoarder and for that you’re forever grateful.

Advertising

4. The Loaner

This friend has been through almost everything you have and is basically your spirit animal, so whatever you need they already have. In short, this friend owns everything you need to buy. When you tell them you need to make a purchase they insist that you just borrow theirs, which you accept. They give you anything and everything you need and at times forget to take it back so it sits in your house as a constant reminder of what a great friend you have.

5. The Working One

This friend is constantly floating from one job to another. This is good for you because you are constantly benefiting from the perks of their job, be it free drinks at a bar or their store discount card. The fact that this friend moves from one job to another within a month means you are getting a wide variety of freebies from all the different jobs. You find yourself spending a lot less money than you would’ve had you actually paid for the things you’ve benefited from. You envy your friend for all the free things they get, but you’re glad you have them in your life – not just for the free stuff but because they are willing to share.

Featured photo credit: Best friends enjoying time together outdoors with smartphone – Concept of new technology with two girlfriends having fun on a vintage wood bench and red pillows via shutterstock.com

Advertising

More by this author

10 Signs of a Toxic Friend that You’ve Probably Never Realised What People With Anxiety Want Their Loved Ones To Say 20 Things People With Generalized Anxiety Disorder Wish You Could Understand 8 Traits Of People Who Build Extraordinary Relationships 8 Struggles Only Easily Distracted People Would Understand

Trending in Money

1 How to Nix Your Credit Card Debt in Less Than 3 Years 2 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2019 3 How to Use Credit Cards While Staying Out of Debt 4 How to Use Debt Snowball to Get out from a Financial Avalanche 5 How Personal Finance Software Helps You Get More Out of Your Money

Read Next

Advertising
Advertising
Advertising

Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

Advertising

Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

Advertising

It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

Advertising

6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

Advertising

Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

More Resources About Better Money Management

Featured photo credit: Pexels via pexels.com

Read Next