August 15, 2022

5 Money Rules That Are Made to Be Broken

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You know how the old saying goes: rules are made to be broken.

While that’s certainly not the case for all rules, there are some that the adage can apply to. And that even goes for the rules when it comes to your money and finances.

Centers Health Care has a look at five money rules to break on occasion that can lead to an overall better life.

  1. Go Ahead and Use That Credit Card—Responsibly

Some advisors will tell you to never use a credit card because it can be hard to get out of debt, but if you’re stressing yourself out and putting yourself in a financial bind just so you don’t use a credit card, go ahead and do so. Just be responsible about it and make a plan to pay the debt off.

  1. Allow Yourself Some Splurges

When creating your budget, be sure to save some room for things that make you happy. It can be something as small as a coffee shop indulgence once a week to saving for a big vacation. You want to be strategic with your spending but still allow for happiness.

  1. Don’t Put Off Issues

Don’t put off things like car maintenance or home repairs because while you may save in the short term, problems like that always get worse over time and will cost you more in the long run.

  1. Don’t Cancel All Your Subscriptions

Financial analysts will say to cancel everything if you’re trying to get out of debt or boost your emergency fund, but instead, be strategic. If you are subscribing to several streaming services or magazines, maybe drop it to one or two. One popular strategy with streaming services is to rotate among three or four that you like since there are no cancellation fees with them.

  1. Don’t Jump Into a Side Hustle

It might seem tempting to get a side hustle by working for an online grocery service or car rideshare app, but you have to take into account how valuable your time is as well. If you overload your schedule and burn yourself out, that could overshadow the extra income.

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