Many people take New Year’s resolutions seriously, and that is a good thing. No one should have to worry in 2023 about paying bills, and they won’t if they have a usable budget. Minimalism is catching on in our society. It is doing more with less and cutting unnecessary expenses. It helps people simplify their lives and save money at the same time. Minimalism is a great idea but creating a minimalist budget takes a little effort.
Starting the Process
A person begins by determining their monthly income and then tracking their spending for one month. This does more than let you know where the money is coming from and going. Indeed, this is a thought process where you look at what you truly need and what you can do without. As a result, you start to have a better idea of your spending habits, which helps you maintain financial wellness.
The necessary expenses are easy to identify. Rent, food, and transportation are just some of the required costs you deal with every month. Some people have additional expenses, such as paying off medical bills, auto loans, and college debt. You can efficiently allocate money from your monthly income to meet these expenses because they are mostly fixed. Now comes the hard part.
Impulsive buying is the hobgoblin of any minimalist budget. For example, you go into a store and buy what you need and then take advantage of a special that permits you to buy something at a lower price. However, it is not something you need but something you want. That starts to add up as more unnecessary expenses are created each month.
Credit cards can torpedo any effort to live on less. Credit card interest rates are double-digit numbers, and penalties are charged for past due payments. You need credit cards for your credit rating, but overuse of credit cards means you have less money for savings. In addition, people often feel the need to keep up with their neighbors, which adds to the expenses.
A person can use some help in developing a minimalist budget. Forward-thinking employers can assist their employees in creating a budget. Countrywide Pre-Paid Legal Services has a financial wellness program that makes designing a budget much more straightforward.
Professionals Will Assist You
Countrywide has a nationwide network of certified counselors who deal with a person’s everyday financial wellness issues. Our professionals are excellent crafters of budgets. They can do a budget analysis for a financial wellness plan member and then assist in creating that minimalist budget.
Suggestions and advice from our counselors tell a person how to quickly meet necessary expenses. Tips such as buying food in bulk or making thrift store purchases can easily reduce monthly costs. In addition, there are ways to curb bad spending habits, and our counselors provide the ideas. For example, credit cards can be better managed, and the Countrywide counselor will show a financial wellness plan member how to do it. It does not take long before a minimalist budget is established, allowing a person to live on less while saving money for emergencies.
We Have Great Benefit Options
Countrywide has other financial wellness benefits that can be quite valuable to the average employee. We design our plans with the help of a client’s management, and the options the decision-makers choose will be part of the plan. Countrywide provides member services and benefits administration. We have the best member relations program and administration in the industry. All you have to do is ask our existing clients about that.
Minimalism allows a person to lead a life with less economic trauma and greater satisfaction. Our counselors help people design those financial guides. If you want to know more about what we can do for your employees, please get in touch with us at your convenience. We look forward to discussing our benefits with you.