Denise and Chris Arand

Denise and Chris Arand

Executive Vice Presidents/Financial Strategists

2173 Salk Ave
#250
Carlsbad, CA 92008

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December 14, 2020

Good Financial Decisions You Can Make Today

Good Financial Decisions You Can Make Today

Are you afraid to fix your finances?

It’s understandable if you are! Confronting a bad spending habit or debt problem can feel overwhelming and uncomfortable.

But leaving financial issues unresolved is never a good idea. Little annoyances become serious threats if you don’t take initiative to nip them in the bud!

Fortunately, there are dozens of simple financial decisions that you can make today. Here are some of the most important ones!

Save anything you can, no matter how small
If you stash away a single dollar, you’re already ahead of the game. Half of all Americans had zero dollars (you read that correctly) saved before the COVID-19 pandemic started in 2020.¹

Anything that you’ve put away where you can’t spend it is a good thing, even if it’s a dollar. Putting money away regularly is even better. You might literally have only $1 to start. That’s fine! It’s the thought (i.e., habit) that counts, and you’ll already be closer to financial stability than many people in the country.

Don’t gamble
Americans might not be great at saving, but we sure do love playing the lottery! We spend, on average, $1,000 per year on precious tickets and scratch-offs.² Yikes! You’ll probably get struck by lightning or crushed by falling airplane debris before you win a powerball.³

If you don’t play the lottery now, don’t start. If you do play (which should fall in your budget under “fun fund”), write out how much you’ve spent on tickets vs. how much you’ve won. That’s a ratio to always keep in mind!

Eat at home
Regularly eating out can devour your income. We spend about $232 monthly at our favorite restaurants, or about $2,784 annually.⁴ There’s nothing wrong with occasionally enjoying a meal out at your favorite spot. But it becomes a problem when you’re eating out multiple times a week and using fast food as a substitute for cooking for yourself while your budget goals suffer.

So instead of hitting up a drive-thru tonight, go to your local grocery store and buy some fresh ingredients. It doesn’t have to be complicated or fancy. Ground beef and pasta or chicken curry with rice are both great (and tasty) ways to start. Check out some online recipes and try some new dishes!

Just trying these three simple things can put you ahead of the curve. They might seem small, but you’ll take a huge step forward to financial independence. Choose one of these actions and try it out today!

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¹ “Here’s how many Americans have nothing at all in savings,” Ester Bloom, CNBC Make It, Jun 19 2017, https://www.cnbc.com/2017/06/19/heres-how-many-americans-have-nothing-at-all-in-savings.html

² “Americans spend over $1,000 a year on lotto tickets,” Megan Leonhardt, CNBC Make It, Dec 12 2019, https://www.cnbc.com/2019/12/12/americans-spend-over-1000-dollars-a-year-on-lotto-tickets.html

³ “The Lottery: Is It Ever Worth Playing?,” Investopedia, Jan 27, 2020, https://www.investopedia.com/managing-wealth/worth-playing-lottery/

⁴ “Don’t Eat Out as Often,” Trent Hamm, The Simple Dollar, April 13, 2020, https://www.thesimpledollar.com/save-money/dont-eat-out-as-often/#:~:text=What%20kind%20of%20money%20are,Again%2C%20that's%20reasonable.