If you’re a millennial or a member of Gen Z, it’s likely you grew up without spending much time talking about your financial health or financial wellbeing. Perhaps you only heard these terms for the first time recently.
Whether you’re just starting to get a handle on your finances or you’re looking to refine your spending habits, these four tips, captured from our experience of serving over 100,000 members, can improve your cashflow management and guide you to a more relaxed and controlled financial life.
Check your cashflow three times a week
Just like checking in with a good friend, keeping an eye on your money should be a regular part of your routine. With RiseUp, it’s simple. Aim to review your cash balances and transactions at least three times a week.
This habit is not only good for your cashflow management and financial health, but it also supports your mental health by reducing anxiety about unexpected financial surprises. Win-win!
Set monthly goals for specific spending categories
At the beginning of each month, why not take a moment to set specific financial goals? This practice is a cornerstone of financial wellbeing. Decide which spending categories – like dining out, groceries or shopping – are most important to you, and set a clear, achievable goal for each (or at least one). For example, you might set a limit on the amount you want to spend on eating out each month.
This helps to align your financial practices with your personal values, while also enhancing your overall financial wellbeing by giving you control and clarity.
Review your fixed expenses quarterly
Take a closer look at your fixed expenses four times a year. Fixed expenses are your regular payments such as rent, utilities, subscriptions and insurance. What does financial wellbeing mean to you? For many of us, it means being proactive. So take this time to assess where adjustments can be made, potentially freeing up money for savings or other financial goals.
This not only benefits your budget but also contributes to your financial wellbeing by fostering a sense of security and stability.
Make informed decisions with real-time data
Before you make any purchase, check your RiseUp account. This real-time check of your forecasted spending in each category allows you to make informed spending decisions. It’s a practical financial wellbeing tip that empowers you to live within your means and avoid stress.
Thinking about a night out or a new pair of jeans? A quick glance at your app will tell you if it’s a go or if it’s wiser to wait.
Even waiting until the next day could be beneficial as you may decide you no longer want the item, or you might receive an automated email with a personal promo code urging you to complete your purchase. Either way, result!
The perks of managing your money with RiseUp
Using RiseUp isn’t just about following this set of steps; it’s about building good financial habits into your daily life. One step at a time. Financial wellbeing benefits include reduced anxiety, improved mental health and a stronger sense of control over your financial future.
Dive into our community to share your daily wins, tips and to support each other – because financial wellbeing is a journey best travelled together.
So, there you have it – simple yet effective ways to improve your cashflow management and financial wellbeing with RiseUp. We’re all about making money your management stress-free, enjoyable and part of your regular routine.
What does financial wellness mean to you? Have you tried any of these tips?
Share your thoughts and stories in our community or drop us a line at contact@letsriseup.com. We love hearing from you and learning how we can support each other in achieving greater financial health and wellbeing.
