Welcome back to another one of our weekly Frich Insights. This week, we explore topics ranging from tipping etiquette to managing expenses. So, let's dive right in and address the top questions of the week:
Tipping in cafes is a customary practice to show appreciation for the service received. While not having a job can certainly impact your finances, it's essential to consider that service staff often rely on tips as part of their income. If you're facing financial constraints, consider tipping a smaller percentage than the now customary 20%, rather than skipping it entirely. If you unexpectedly got a summer bonus, how would you use it?
Receiving a bonus is an exciting opportunity to improve your financial situation. Prioritize saving or investing a portion of it. If you have credit card debt, consider paying it off to reduce financial stress and save on interest. Allocating a small portion for experiences or a luxury item can be a rewarding treat, but always maintain a balance with responsible financial choices.
Do you pay for a gym or fitness subscription?
Gym and fitness subscriptions can be valuable investments in your health and well-being. If you’re interested in getting more active but don’t see the value of paying for a monthly membership, you could consider alternatives such as home workouts, outdoor activities such as hiking & jogging, or even joining community fitness programs.
YouTube Fitness Channels: There are countless fitness channels on YouTube with free workout routines and tutorials. From yoga to HIIT workouts, you can find a wide variety of exercises to suit your preferences.
If you prefer to work out in person and aren’t particular about frequenting the same gym, you could try out Class Pass. Some fitness apps or websites offer discounted class passes for various studios and gyms, allowing you to try different workouts at a lower cost.
It's crucial to identify your biggest expenses to better manage your finances. If social life spending are eating into your budget, explore more cost-effective ways to have fun. If your utilities aren’t included in your monthly rent and vary each month, depending on your provider you can get insights into your electricity usage and what you could do to reduce your electricity bill. For example, ConEdison has an electricity usage section that categorizes your household’s usage by appliance and time.