In this week's Weekend Reads, what are the little things you can cut back on that add up to big savings? Are people really moving away from traditional banks to tech-based banking startups?
There are two main schools of thought when it comes to curbing your money spending habits. One says that you should cut little things you don’t need, like your morning latte, and snowball those savings into something big. The other says that your coffee isn’t really the reason why you’re terrible with money, and you should be thinking about the big picture so go ahead and enjoy that cup o’ joe! The truth is somewhere in between: as a society we aren’t the greatest at looking ahead, but frivolous spending probably isn’t helping things. Mary Parisi over at The Financial Diet has gathered a list of things she’s cut to help her save money, and, surprisingly, coffee isn't on it. Did you ever think about how those "Today only sale!" emails or even things you browse on Pinterest contribute to your spending? Maybe you should. And maybe this list can help you get started.
"Banks suck" isn’t strictly true 100% of the time, but after the past decade or so you can’t really blame people for thinking that. Maybe that’s why we’ve seen such a rise in financial startups recently. They’re all the rage these days. Heck, we’ve even covered a lot of them: Simple, Chime, Acorns, Stash, and others. But can tech companies really replace too-big-to-fail names like Wells Fargo? The answer seems to be a resounding "maybe, but not yet," although the likely outcome will probably be customers using both types of banking for different needs. Until that future arrives, though, feel free to read our reviews of these companies. And yes, I know that headline includes the dreaded M-word, but trust us, a lot of these platforms are useful for everyone, not just 20-somethings.
Are your money habits in a rut? Need to find motivation? I know where you can find a good blog with all of the personal finance and life tips you could ever need (note: it’s this blog) but if you somehow need even more advice, Fruclassity has provided some steps you can take. They range from the immediate, like getting educated through said blogs and reworking your budget, to more long-term practices like finding enlightenment through visualization and gratitude. So we ask: do any of these work for you? How do you find yourself motivated to reach financial goals? Let us know in the comments, and share any other interesting articles you include in your own Weekend Reads!