Are you feeling like you're spending too much money these days? Personal finance expert Paco de Leon (HellYeahGroup) has some advice for you.
To simplify things, group all your expenses into the following three main categories: bills and life; fun and BS; and future and goals. Figure out how much you've been spending each month in each category. Some of these costs will be fixed, like rent. For other costs, you can calculate an average monthly cost over the last three months. Alternatively, you can take a maximalist approach and base your monthly spending on the largest amount you spent over the last three months.
The 50/30/20 rule is a general benchmark for determining whether or not you’re spending too much. According to this rule, 50% of your spending should be for your necessities in the bills and life category, like rent, food, transportation, health care, utilities, and. 30% of your spending is allocated to your wants in the fun and BS category. This is non-essential spending, like online shopping, but it’s fun, which makes it feel like life.
I enjoy the luxury of convenience in a lot of areas of my life, but it makes me wonder: Just because we can, does it mean webe able to buy things so damn easily? Corporations clearly think so. I don’t. Creating some friction that makes parting with your hard-earned dollars a little more difficult isn’t such a bad thing.is exactly what it sounds like. It’s a list you make of the things you want to buy, but don’t necessarily need.
Lastly, make a rule for how long you’ll keep something on your list before you’ll buy it. 24 hours is a good minimum, but longer works too. When enough time has passed, you can revisit your buy list to evaluate whether you really want to make a purchase or if you were just sauntering on the hedonic treadmill.Sometimes feeling better comes after we take — or refrain from — certain actions.
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