Our questions of the week are a benchmarking feature for gaining insight into your financial habits in comparison with your peers. Have you ever wondered how others achieved better savings, lower monthly spending, or even a lower grocery bill? We’ll discuss some of this week's questions and give you tips and product suggestions to help you improve!
While enjoying meals out with friends or ordering takeout between classes and homework, as a college student it's important to strike a balance between indulgence and financial responsibility. If you find yourself spending most of your money on food, here are some ways to reduce your monthly food bill:
Meal Planning: Consider planning and preparing meals at home more frequently. Cooking at home can be time-consuming so try prepping ingredients beforehand or diverting some of your monthly spending towards a meal kit subscription.
Budgeting: Maybe cooking at home isn’t for you, that’s perfectly fine. You could also allocate a specific amount of your monthly budget for dining out and takeaway each month, ensuring it aligns with your overall financial goals.
You could also use Frich: link your bank account and track how you spend per category! We’ll even show you how you compare to your peers category by category.
Do you have a low balance in your savings account? Or even no savings at all? Building strong savings habits is crucial for financial stability. Improving your saving habits and increasing your savings balance may seem daunting but it’s not as difficult as it may seem. Here’s how you can build your savings:
Set Savings Goals: Define short-term and long-term financial goals to motivate yourself to save. Whether it's an emergency fund or saving for a specific purchase, having a goal in mind can make saving more purposeful.
Automate Savings: Consider setting up automatic transfers from your checking account to a savings account. This way, you'll save a portion of your income without much effort. You could set auto transfer within your bank app and select specific days, such as paycheck day!
Track Expenses: Keep a close eye on your expenses to identify areas where you can cut back and redirect those funds toward savings.
It’s also a good idea to learn more about personal finance topics through blogs or podcasts. Priceless Tay’s Personal Finance Guide can help you get started with the basics.
Developing smart grocery shopping habits can help you save money and reduce food waste. Consider the following tips:
Plan Your Meals: Plan your meals for the week in advance and create a shopping list based on those meal plans. This will help you avoid impulsive purchases and reduce food waste.
Shop with a Budget: Set a budget for your groceries and stick to it. Compare prices, look for sales or discounts, and consider purchasing generic brands to stretch your budget further.
Avoid Excessive Stockpiling: Be mindful of buying more than you need, as it can lead to waste and unnecessary expenses. Only purchase perishable items that you can consume before their expiration dates.
Aside from reducing food waste at home, you can purchase discounted food from stores and restaurants near you with Too Good To Go. Too Good To Go is the app that lets you rescue unsold food at your favorite spots from an untimely fate.
Investing can be an excellent way to grow your wealth over time. Here are some recommendations to enhance your investment habits:
Educate Yourself: Understand the basics of investing in stocks, such as risk tolerance, diversification, and long-term market trends. Consider reading books or taking online courses to expand your knowledge.
Start Small, Stay Consistent: Begin by investing a small amount regularly. This approach allows you to develop good investment habits while minimizing risk.
Diversify: Consider diversifying your investment portfolio by exploring other investment options, such as exchange-traded funds (ETFs) or index funds.
If you want a more hands-off approach to investing, try Alinea. Alinea is an investing app for first-time investors. Alinea automates investing with a combination of investment experts and AI.