Friday August 14th is National Financial Awareness Day. There’s a parable of a frog and hot water. If you put a frog in boiling water it’ll jump out. However if you put that same frog in warm water and turn the heat up regularly it’ll eventually boil to death. In other words I feel like America’s personal finances has just been getting hotter for so long that we don’t even know how bad it’s gotten. For example our national student loan debt has risen to $1.8 trillion. Thank goodness for a community of bloggers and content creators like myself. It’s National Financial Awareness Day and 400LB Elephant wants to share a few tips with you.
I used to check my bank account five times a day hoping money would magically appear, it didn’t. Take look at it regularly to make sure there are no erroneous charges.
Sinking funds are life, and they can be life saving if you do them right. Emergency funds are not the same as sinking funds. Do a comparison of how much you think you spend versus how much you actually spend. This is a game changer, especially for shopping and eating out.
Commit to making real day to day changes. It all begins with positive habits which lead to your desired outcome. Remember, you got this.