Welcome to the July edition of The Money Minute! Whether you're traveling, relaxing, or staying cool, here are tips to keep your finances on track this summer.
Wishing you a Happy July 4th filled with good weather and better BBQ!
Track Your Subscriptions
Streaming, apps, fitness — they add up! Take 15 minutes this week to review your recurring charges and cancel anything you're not using.
Quick tip: Use your credit card or bank app's "subscriptions" filter to make this easier.
Create a Sinking Fund
Planning for a vacation, back-to-school shopping, or want to get ahead on holiday gifts?
Start a sinking fund: set aside small amounts each month in a separate account so big expenses don't sneak up on you later. It's one of the simplest ways to remove financial stress from planned expenses.
Money Mindset: Using Cash Makes You Spend Less
A study from the University of Kentucky found that people spend significantly more when using credit cards compared to cash. Why? Handing over cash feels different — it creates a small pain point that makes you think twice.
In the study, researchers reviewed grocery store receipts and found:
- Cash customers spent $6.65
- Credit card users spent $11.45
- Debit card users spent $11.08
Try This: Next time you go to the grocery store or out to eat, bring a set amount of cash and leave the card at home. You'll be more mindful of what you spend.
Client Spotlight
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Want to go deeper? Read the full guide: Why Paying With Cash Makes You Spend Less (What the Research Says)