Tips to Avoid Overspending
With New Year's Resolutions slowly fading, you can jump start your Financial Fitness by starting some budgeting. You can begin by analyzing your expenses over the last year, or you can start simple by cutting back on overspending in common areas. GreenPath recently released an infographic showing how the average American overspends, highlighting areas such as beverages, food, gifts and entertaining. It might be able to help you identify areas you overspend.
“A simple rule worth repeating is to spend less than you earn,” said Donna McNeill, GreenPath chief operating officer. “It sounds like a no-brainer, but the average person spends $1.33 for every dollar earned. It can take discipline and practice to reduce spending.” The infographic explores how a daily stop at the coffee shop can end up costing you more than $1,000 a year. “Coffee remains a leading beverage in America,” McNeill said. “It’s a way to save money if you can start to change your habit.”
The infographic lists other leading spending decisions like food, apparel, vacations and more. “We want to make sure consumers are aware that they have saving opportunities,” said McNeill.
Check out the full infographic here:
Through our credit union’s partnership with GreenPath, you have access to financial counselors who can help you exercise financial fitness. To learn more or talk to a counselor for free, call 877-337-3399 or visit www.greenpathref.com.