Budgeting expert shares spending habits she CUT OUT to have a ‘healthier relationship with money’

A budgeting expert has revealed the five things she has stopped doing to become financially savvy in a bid to help others start the new year with better money management skills.

Caitlin Silvafrom Toronto, Canada, is a 25-year-old money coach who frequently gives advice on becoming the smartest version of yourself on her TikTok account.

As the cost of living prices continue to rise, and more and more experts reveal different ways to save, from cash stuffing to snowballing, the budget expert revealed the habits she kicked for a ‘healthier relationship’ with the money’.

From shopping for home decor to using her debit card, Caitlin explained how five changes helped transform her bank account and make her financially educated.

Home is where the heart is, so ditch the decor! Stop buying trinkets for your home

The money coach’s first tip for building a strong relationship with money was to stop buying ‘home decor knick-knacks.’

He explained that items like “statues, vases and decorative pieces from houses that we buy to finish off a space” are a waste of money.

Although Caitlin said it was “very easy” to buy small items to enhance your space, “especially when you move,” she explained that you should leave these items on the shelf.

The budget expert added that if you’re not “in love” with these products, they can just add “mindless clutter to a space” while putting a dent in your wallet.

And if you can’t help yourself when it comes to leveling your space, Caitlin even gave viewers a tip on how to decorate without breaking the bank.

She explained that the items you often see in stores are often ‘fashionable’ items that you’ll probably ‘get sick of’, so you should wait for ‘sentimental’ trinkets to ‘come into your life’.

Caitlin added that these could be travel memorabilia or items her family has inherited.

She noted that this practice will not only help break a bad money habit, but when you look at the items, you will no longer see just one ‘thing’, but rather think of the ‘people or memory associated with it’.

Do not buy cards or gift wrap at the same store where you purchased

As a second smart piece of advice, Caitlin gave a gift-giving tip.

She said you should never buy wrapping paper or cards at the same store where you buy a gift if you want to stay under budget.

“Usually at these stores, gift cards or wrapping paper are much more expensive,” he explained.

The money coach added that buying these items in-store can also put you “over budget.”

“You can really go over budget for the gift you’re buying,” she explained.

Instead, he suggested, viewers should save money and head to dollar stores when looking to buy wrapping paper or cards.

Beware of bookworms! Don’t buy all the books you want to read

His next unique, but useful hack is one that may be hard on bookworms, as he recommended viewers avoid buying “every book” they want to read.

Caitlin explained that the cost of books has “increased over the years,” which isn’t helpful when working toward your financial goals.

He added that “readers have the struggle” of desperately wanting to buy every book on the shelf, but they are short on money.

As an alternative method to splurging on physical books, Caitlin revealed that she tries to “rent eBooks” through her local library to help cut costs.

He suggested renting e-books through an app called libbywhich helps users to borrow ebooks, audiobooks, and magazines from their local library without even spending a dime.

Caitlin added that when it’s not available through the app, she buys it in an eBook, but only when she plans to read it next, so she doesn’t “waste money” on multiple books she won’t be able to read.

Get rid of that debit! Opt for a credit card instead of a debit card

The money expert then pointed out that she also stopped using her debit card to make every purchase in order to become more financially savvy.

She explained that by using a credit card more often than a debit card, you may receive more benefits, however, Caitlin noted that you should only use this tip if you are “disciplined.”

‘Using a credit card can give you extra money in the form of points [and] refund of money.

“As long as you’re someone disciplined enough, this is key, disciplined enough to pay off your balance in full each month, then you can get something extra by using a credit card with the right rewards system that maximizes your spending,” he explained, before adding that there are many “sites on the Internet that can help you find the right credit card for you.”

In addition to receiving more rewards, money experts recommend using a credit card more often than a debit card because it offers greater protections against fraud.

The most important part of using a credit card is treating it like a debit card, which means not spending more money than you have and not just paying your minimum balance each month.

Don’t let the money rest! Stop allowing deposits to accumulate in your account

The money coach noted that his last piece of advice was by far the most important and the “most important” on his list.

Caitlin explained that she never allows deposits to ‘accumulate’ in her account.

‘Immediately when the income arrives in my account, I separate it into a different account for savings [and] invoice investment.

“This really helps me stay on top of my financial goals and creates a lot of transparency about where my money needs to go,” he added.

Although inflation has decreased in recent months, it remains high at 7.1 percent.

As the cost of living rises, people across the country are forced to skip meals to save money.

According to consumer data firm Dunnhumby, a third of households skip meals or reduce portion sizes to save money.

The researchers found that 18 percent of the 2,000 survey participants noted that they were not getting enough food to eat.

Additionally, 31 percent of households have reduced their portion sizes due to empty pantries as a result of rising grocery store prices.

In addition to food costs, millions of people across the country lack a financial safety net.

According to the researchers, 64 percent of the participants admitted that they would not be able to raise $400 in an emergency.

Many have suffered due to inflation, which has caused the prices of basic goods to soar, including prices of meat and poultry by 10.4%, grains by 15.1% and fruits and vegetables. 8.1%.

Gasoline prices are another pressure point for many people across the country, rising nearly 60 percent over the past year, with the cost of airfare more than 34 percent and the price of cars used more than 7 percent.

Clothing costs increased 5.2 percent, general housing costs increased 5.5 percent and delivery services increased 14.4 percent.

In the past, 37 years old undercover rachelfrom Massachusetts, shared her money-saving tips that helped her retire at age 36.

She revealed that she followed the 4 percent rule, which sees her never spend more than four percent of her assets in any given year, in an attempt to live her life to the fullest, and invested in low-cost index funds.

Dyana King, a 30-year-old woman from Arkansas, shared that six years ago she was saddled with $34,907 in debt and snowballed to pay it off.

The snowball method is the practice of listing all the debts you owe and paying off the smallest debt first before working to pay off the next smallest.

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