Father’s Day Edition: Best Money Tips from Dads
With Father’s Day coming up fast, now is the perfect time to reflect on some of the words passed down from our dads and father figures in our lives.
Father’s Day is right around the corner and now is the perfect time to reflect on some of the words of wisdom passed down from our dads and father figures in our lives over the years. We’ve pulled together six of the best money management tips from dad, just in time to help you save some money going into the summer.
1. Learn to meal prep
Meal planning is a great way to transition into cooking over dining out, without committing to spending every evening in the kitchen. Use weekends to prepare meals for the week, and store them in individual serving containers for use later. You can also dice extra onions, or make more sauce than you plan to use whenever you feel inspired to cook, and save it for future meals. This will save you time during the week, and save you money every month. A smart habit is to date and label everything so you won’t be left wondering what anything is or if it’s still safe to eat.
2. Look for a deal and shop discounts
Keep an eye out for discounts and coupons on items you purchase regularly. If you’re a fan of shopping online, try to compare different websites or see if a particular site has seasonal promotions that could work in your favor. If you’re tech savvy, try using a browser extension, or a discount aggregator, that will automatically hunt down promotions and discounts for items already in your shopping cart.
3. Cut out the services you don’t use
Everything from streaming, to software, to meal plans seems to carry a monthly charge these days. As more and more services become available online, it can be difficult to keep on top of all the things you’ve signed up for.
Check your account’s transaction history to identify all the services still charging you. Looking back at the last 30 days will catch most of them, but some services only charge once a year. You’d be surprised how many services you don’t use anymore that you’re still paying for. N26 spending statistics helps you track and easily visualize subscriptions and recurring monthly charges so nothing slips through the cracks.
Cancel any services you no longer need and the savings will start adding up quickly. It’s best to review and purge unnecessary services at least once a month to avoid wasting funds.
4. Pay yourself first
With every paycheck, always take a little piece and put it away for your future. It doesn’t have to be for anything specific: perhaps a “rainy day” fund, or create a foundation for a future trip or large expense.
You don’t need to put away a lot, but just a little something that isn’t for today. Over time, that money will add up and give you an increased sense of financial stability.
5. Make a budget and stick to it
Understanding how to divvy up your paycheck in advance can reduce stress around paying bills and help you get a handle on your available funds.
Use our automated spending statistics to identify areas you can cut back. Tagging transactions in the N26 app can also help you understand your spending habits and help you create a template for a monthly budget.
6. Pay off your debt
Over time, and especially in times of economic uncertainty, debt can become a heavy burden to deal with. It weighs you down and limits your options for financial flexibility.
That’s why it’s important to have a handle on the debt you carry. Paying extra on credit card or student loan debt in addition to the minimum payment is a great way to reduce debt faster, without compromising your monthly finances.
Take control of your money with N26
Taking control of your finances can seem like a stressful endeavor, but following these money advice tips from dad may help alleviate stress and give you some perspective on your situation.
With N26, you can easily set money aside for your long and short-term goals, as well as make sure your essentials are covered. With features like Spaces, you can plan for big purchases, create a “rainy day” fund, and watch yourself meet your goals. Set yourself up for financial success and open an N26 account today, in 5 minutes directly from your phone.
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The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.
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