5 Essential Money-Saving and Debt Management Tips for Adults | Money Struggle Success

5 Financial Life Hacks for Adults Who Struggle With Saving and Debt Management

When it comes to financial health, most adults are struggling. In fact, according to a recent study by GreenPath, 78% of Americans live paycheck to paycheck and more than 1 in 4 do not set aside money for savings.

Fortunately, there are some simple life hacks that can help people make the most of their money and build a better financial future. Here are 5 Financial Life Hacks for Adults Who Struggle with Saving and Debt Management:

1. Start Budgeting

Budgeting is a necessary first step to establishing good financial habits. By laying out all of your income, debts and spending in front of you, it is easier to see where you can cut back and save money. The best way to get started with budgeting is to track all of your spending for at least 30 days. This can be done with pen and paper, an Excel spreadsheet or a special smartphone app.

2. Eliminate Non-Essential Spending

It can be easy to get caught up in buying all of the things. However, it is important to remember that everything you buy adds up and can impact your long-term financial stability. By eliminating unnecessary spending, you can free up more money each month for saving and investing in your future. This can be as simple as not purchasing coffee every morning, not splurging on dinners out and limiting your revolving credit card spending.

3. Save More Money With Automatic Withdrawals

One of the easiest and most effective money-saving hacks is to automatically withdraw a set amount of cash from your bank account each month. By doing this, you can establish the habit of saving before you even have a chance to spend any of your disposable income. This can be as simple as setting up a calendar reminder or having the money directly withdrawn from your paycheck each pay period.

4. Reassess Your Debt Management

If you are buried under a mountain of debt, it is essential to review your situation regularly and make changes to your repayment strategy. By making small adjustments to your monthly payments, you can make big strides in paying off your debt and improving your financial wellness.

5. Be Prepared for the Unexpected

Not planning for life's unforeseen expenses can be a huge financial disaster. It is vital to have an emergency fund, and this can be as simple as setting up a savings account or as complex as creating a financial plan.

These five financial life hacks can make a big difference in your financial health. 

By implementing these tips, you can save more money, cut down on unnecessary spending and get out of debt faster. 

For more help and support, reach out to a GreenPath counselor to discuss your situation and uncover additional life hacks that can help you achieve your financial goals.