If you can pay your telephone bills and your automo' bills, maybe you can chill.
Ever find yourself staring into the social media abyss and wishing that *you* were the one buying a house or finally paying off all your student loans?
Columbia Records / Via tenor.com
When it comes to money, the old saying rings true: "Comparison is the thief of joy." While it can be easy to feel like you're financially behind, the truth is everyone's money situation varies.
This post serves as your reminder for the day that you should be proud of your own financial accomplishments! If you're doing any of these 12 things, give yourself a little extra love and celebrate your wins:
1. You have an emergency fund.
Comedy Central / Via giphy.com
Finance experts recommend stashing away three to six months’ worth of expensesin case of an emergency (which is more than the average American has saved, BTW). Even if you're still working on this goal, having a little extra money set aside for the unexpected is an accomplishment.
The fact of the matter is, life throws us lemons sometimes. When you're stuck buying a new car part or cornered into making a necessary home repair, you'll feel much better about dipping into this fund instead of racking up tons of debt. You can learn more about growing your emergency fund here.
2. You aren't consistently taking money out of savings.
GQ / Via tenor.com
Ah, the plight of watching your savings account rise and fall… In my early 20s, I was a frequent offender of throwing too much money into my savings. What I mean by this is I was depositing an amount I couldn't afford into my savings, only to transfer it back to checking two weeks later. It can be a total rush to watch your savings account grow, but it takes a well-thought-out budget to determine how much you can allocate each month.
With the exception of those purchases you want (or need) to use your savings for, it's good practice if you are letting this account remain relatively untouched.
3. You contribute to your savings monthly.
NBC / Via giphy.com
Here’s the best news you’ll hear all week: If you’re putting any amount of money into your savings each month, you’re winning! Truthfully, not everyone is able to do this. If you're lucky enough to be able to grow your balance by even $10, you are doing the thing! You're saving!
4. You have a budget (that you actually use...).
Warner Bros. / Via giphy.com
Here's where I turn into the bearer of bad news. Having a budget is not the same as following through with your budget. I had a fancy spreadsheet with all my expenses and money goals sitting on my computer for ages, but it did me no good until I actually tracked my spending. If you actually spend within the means of your budget, 10 points to Gryffindor (or the House of your choosing).
5. You pay your bills on time each month.
FOX / Via tenor.com
Living paycheck to paycheck is no fun — and living even more tightly than this is just plain stressful. If you're able to pay your bills on time each month, that's worth a celebration. This also includes those less formal "bills," such as gas and transportation, groceries, toiletries, and other expenses you can't live without. Making sure you can make ends meet is the first step to creating an effective budget.
6. You're able to spend "fun" money without stressing.
NBC / Via giphy.com
While it might sound silly, being able to treat yourself to dinner with friends without a second thought is a real luxury! For most of us, this also means learning to comfortably set financial boundaries in social settings. If your friends are going to a concert that you don't actually want to attend, for example, saying no allows you to spend this "fun" cash on another purchase that truly fills your cup!
7. You're actively paying off debt.
HBO / Via tenor.com
For most Americans, debt is a part of life. Don't beat yourself up for it!Whether it’s student loans, car payments, a credit card balance, or all of the above, managing debt can be stressful. Fortunately, there is a ton of different methods for effectively lowering your money owed. Personally, I live and die by the snowball method, which encourages aggressively tackling your smallest debt until it's completely paid off. Then, you do the same with your next smallest and so on and so forth. If you're actively working toward lowering your debt rather than accruing more, give yourself a pat on the back today.
8. You don't abuse your credit card(s).
HBO / Via tenor.com
I know that you want to charge $40,000 worth of designer shoes to your AmEx (*ahem* Carrie Bradshaw), but please don’t! Credit cards are a glorious thing meant for us to use. However, it’s incredibly easy to walk the fine line between using your credit card and abusing your credit card. Racking up a balance that you're consistently unable to pay off in full is a very slippery slope. To those who have a handle on their credit card usage... Go, little rock star.
9. You keep tabs on your money.
Nickelodeon / Via giphy.com
Are you checking your bank statements? Keeping up-to-date with your credit score? One of the easiest best practices for managing money well is simply keeping tabs on your financial health. With online banking and plenty of money apps available (like Intuit's Mint), you can see the bigger picture of your finances with the click of a button. This can help you make positive financial choices and is a great way to spot any signs of fraud.
10. You have money goals that you're working toward.
Netflix / Via tenor.com
Whether you're putting aside money for a downpayment, a wedding, a move, or another major milestone, preparing for your financial future is necessary! Everyone's goals and priorities are different, so it's important to save for what you want for yourself. If you already have a goal or two you're working toward, two thumbs way up. You are slaying!
11. You're investing in your future.
NBC / Via giphy.com
Saving for retirement is one of the best things you can do for future you! It may feel like a lifetime between now and when you're finally set free of your workplace shackles, but when the time comes, you definitely won't want to be bogged down by financial worry.
If you aren't saving for retirement, you can read up on easy ways to kickstart this process here, or get tips on how to save without access to a 401(k) here.
And if you are contributing to a retirement fund, your daydream of sipping piña coladas poolside at 2 p.m. is well on its way...
12. Finally, you're in a better place now than you once were.
NBC / Via giphy.com
Last but not least, if you're budgeting better than you were six months ago, a year ago, or five years ago, that's something to be proud of! This can be especially difficult while living through a pandemic, so even if you've faced financial adversity, remember that there's time to get back on track. Achieving your own personal money goals is what defines financial success!
How are you managing your money well? Tell us about your wins in the comments below!
And for more stories about life and money, check out the rest of our personal finance posts.
