Inside: Looking for fun things to do with friends? Look no further! This guide has 101 fun activities for you and your friends to enjoy. From painting parties to bowling nights, there’s something for everyone.
Do you ever feel like you’re in a rut, doing the same things with your friends all the time?
If you’re looking for some new ideas for fun things to do with friends, look no further!
We’ve compiled a list of fun activities for friends to do so you can find something that fits your mood.
Whether you want to get active and try something new, or stay in and relax together, we’ve got you covered.
So round up your besties and get ready for some fun!
Why spending time with friends is important
Spending time with friends is an essential aspect of human life. It provides us with an opportunity to bond, socialize, and create lasting memories.
The benefits of spending time with friends are numerous, and they range from improving our social skills to reducing stress levels.
By participating in activities that allow us to spend quality time with our friends, we will have better overall mental health.
What should friends do for fun?
There is no one answer to this question, as friends can have different interests and preferences.
However, some fun activities that friends could do together include going to the movies, playing sports, going out to eat, or attending a concert.
That is why we will cover so many various ideas for you and your friends!
The fun things to Do with Friends
We all know the importance of having friends in our lives. They are the people we rely on and confide in. They make us laugh, help us when we’re down, and are always there for us.
If you are wondering what should I do today, then we have you covered.
So, it’s important to have plenty of fun things to do with friends as well.
1. Go on a Scavenger Hunt
Scavenger hunts are a popular group activity that can be enjoyed by friends of all ages.
Planning and executing a scavenger hunt with friends can be a fun and engaging way to spend time together.
To get started, choose a location that offers a variety of interesting sights and sounds.
Next, create a list of items to find, such as a red bicycle or a funny sign.
Divide into teams and set a time limit for the hunt.
Use a special hashtag and have each team post a pic every time an item is found.
Nowadays, you can even buy a scavenger hunt kit to make it easier!
2. Play Board Games
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Board games are a great way for friends to have fun and connect with each other.
Some popular board games include Scrabble, Chess, and Monopoly, but there are many other options to choose from. Card games like poker and blackjack are also great choices. Party games like Charades and Apples to Apples can bring a lot of laughter and enjoyment.
Board games provide an opportunity for friends to engage in friendly competition, improve their strategic thinking and social skills, and have a great time together.
So, gather your friends, choose one of the best-selling board games, and let the fun begin!
3. Explore street food
Exploring street food with friends is an exciting way to satisfy your taste buds while spending quality time with your loved ones. From food trucks to pop-up stands, there are plenty of options to choose from.
Here are three street food examples that are worth finding:
Tacos: Bite into the crispy shell and savor the juicy meat, fresh salsa, and creamy guacamole. Tacos are the perfect combination of flavors and textures that will leave you craving more.
Gyros: Sink your teeth into the warm pita bread and taste the tender slices of meat, crunchy vegetables, and tangy tzatziki sauce. Gyros are a delicious Greek dish that will transport you to the Mediterranean with every bite.
Bao buns: Savor the fluffy steamed bun filled with savory meat, pickled vegetables, and sweet sauce. Bao buns are a popular street food item in Asia that will tantalize your taste buds with their unique flavors and textures.
Exploring street food with friends is an adventure that will take you on a gastronomic journey around the world. You can try new dishes, share your opinions, and bond over your love of food.
The joy of exploring street food with friends lies in discovering hidden gems, trying something new, and creating memories that will last a lifetime.
4. Get Messy with a Color Run
Participating in a color run is a unique and exciting way to stay fit while having fun with your friends.
This 5K run involves getting covered in colored powder while running through different stations. It’s a great way to stay active and create some memorable photos with your friends.
Plus, you get to support a good cause since many color runs are organized as charity events.
5. Watch a Movie Marathon
A movie marathon with friends is a fun way to bond and enjoy each other’s company. They provide a fun and relaxing environment to enjoy each other’s company and appreciate great films.
To plan and execute a successful movie marathon, follow these steps:
Choose a theme or movie series: Decide on a theme or movie series that everyone will enjoy. This could be a specific genre, actor, or movie franchise like “Harry Potter” or “Star Wars.” Or just pick a variety of old classics and new favorites.
Prepare snacks and refreshments: Popcorn, pizza, and soda are classic movie snacks, but feel free to get creative with your choices. You could even have a potluck and have everyone bring their favorite snack to share.
Arrange the viewing space: Make sure the viewing space is comfortable and has enough seating for everyone. Consider using blankets and pillows to create a cozy atmosphere.
So, grab some popcorn and gather your friends for a movie marathon that you’ll never forget!
The best movies can be found on Paramount Plus!
6. See What Festivals Are in Town
Attending festivals with friends can be a fun and unique activity to break up your routine. There are many different types of festivals to choose from, including food, music, art, and film festivals.
Additionally, there are usually free local events like food festivals, music festivals, farmers’ markets, and intercultural events.
Planning ahead and checking the festival schedule is important to ensure that all friends can attend. So why not gather your friends and try attending a festival together?
7. Hike
Hiking is a fantastic way to stay active and enjoy the great outdoors with friends.
Not only does it provide a great workout, but it also offers the opportunity to bond with your crew while surrounded by natural beauty.
You can even plan on these fantastic hiking trails for beginners or more experienced hikers:
In California, Big Basin Redwoods State Park offers a variety of trails ranging from easy to challenging, with the highlight being the 11-mile Skyline to the Sea Trail.
In Colorado, the Mount Falcon Park Trail offers stunning views of the Rocky Mountains and is a moderate 3.6-mile hike.
For those on the East Coast, the Franconia Ridge Trail in New Hampshire is a challenging yet rewarding 8.9-mile hike with breathtaking views of the White Mountains.
Remember to dress appropriately for the weather and terrain, wear sturdy hiking boots, carry plenty of water, and pack snacks to keep your energy levels up.
8. Go for a short road trip
Planning a road trip with friends can be a bonding experience, from working together on a collaborative Spotify playlist or burning some old-fashioned mixtapes to listen to on the road to stocking up on snacks and booking an Airbnb.
Going for a short road trip with friends is an excellent way to take a break from the daily grind and explore new places. It is also a reason to escape life’s hustles and bustles.
A spontaneous road trip might turn out to be a trip to remember as you explore unknown routes, stop at scenic spots, and try the local cuisine.
9. Host a Vision Board Party
A vision board is a visual representation of your goals and aspirations for the future.
Making a dream board with friends can be a fun and inspiring activity that promotes deeper social connections while helping you achieve your dreams.
It’s a crafting and manifesting activity that can help you visualize your dreams and work towards them with the support of your friends.
Learn how to host a successful vision board party.
10. Make Smoothies Together
Making smoothies with friends is a fun and healthy activity that promotes bonding and trying out new recipes.
You will need fresh or frozen fruits, such as bananas, strawberries, or blueberries, a liquid base like almond milk or coconut water, and optional add-ins like spinach, chia seeds, or protein powder to make smoothies.
Personally, I have found the Vitamix to blend the perfect smoothie!
11. Have a Karaoke Night
Karaoke is a great way to build confidence and create lasting memories with friends, so don’t be afraid to let loose and have a good time!
To host a successful karaoke night, start by choosing a venue such as a karaoke bar or setting up a karaoke machine at home.
Provide drinks and snacks to keep energy levels high and make sure to take plenty of photos and videos to capture the fun.
12. Have a Potluck Dinner
Having a potluck dinner with friends is a fun and affordable way to spend time together while enjoying delicious food.
To organize a successful potluck, consider the following tips:
Set a date and theme: Choose a date that works for everyone and select a theme to make the potluck more exciting. Some ideas for themes include Italian food, comfort food, or secret family recipes.
Assign dishes: Encourage everyone to bring a dish to share, and assign specific types of dishes to avoid duplicates. For example, one person can bring an appetizer, another a main course, and another a dessert.
Communicate and coordinate: Make sure everyone knows what they’re bringing and communicate any dietary restrictions or allergies. Coordinate with each other to ensure a good variety of dishes and avoid too many of the same thing.
A potluck is a great way to try new foods and bond over shared experiences. It’s also a money-saver and takes the pressure off one single host.
13. Skateboard/Roller-skate
Skateboarding and roller-skating are not only fun but also great ways to build friendships and community.
There are numerous activities that can be done while skateboarding or roller-skating with friends like:
Trying out tricks and stunts with friends can be a great way to learn and improve your skills.
Racing with friends can add an element of competition and excitement to the activity.
Obstacle courses can also be set up to test your agility and coordination.
Freestyle sessions can allow for creativity and self-expression.
Doing these activities with friends can provide support, encouragement, and a sense of camaraderie.
14. Have a DIY spa day
Spa days with friends are a fantastic way to bond, relax and practice self-care. It offers a break from the stress of daily life and provides opportunities for quality time together.
Moreover, hosting a spa day at home is a more affordable alternative to going to an actual spa.
You can confer with your BFF and figure out what kind of spa treatments both of you are in the mood for. For example, you can apply face masks, give each other manicures, or soak your feet in bath salts.
If you have the funds, you could even book a couple of treatments at a real spa and make it a real spa day! Regardless of where you have it, having a spa day with friends is an excellent way to relax, rejuvenate, and bond with friends.
15. Have a Craft Night
You don’t have to be crafty to enjoy craft night!
To have a successful craft night, start by choosing a craft that everyone is interested in and gather all the necessary supplies. A few craft ideas that are perfect for a craft night include making jewelry, painting, scrapbooking, or even DIY home decor.
Once you have everything set up, encourage everyone to let their creativity flow and enjoy the process of making something together.
Make sure to create a comfortable atmosphere by providing plenty of space to work and snacks to munch on.
16. Blow Bubbles
Roll by the time calendar and remember how much fun blowing bubbles was!
Blowing bubbles is a great way to spend a lazy afternoon or unwind after a long day.
You can go with the classic way of blowing bubbles or look into a bubble machine!
So, grab some bubble solution and wands and get ready for a fun and bubbly time with your friends!
17. Have a Water Balloon Fight
Water balloon fights are a fun activity to indulge in during the scorching heat of summer.
To make the water balloon fight even more enjoyable, you can incorporate team play or set up a tournament bracket. This will add a competitive element to the game and make it more exciting.
Regardless, having a water balloon fight with friends is a great way to beat the heat and have fun.
18. Plant a Garden
Gardening with friends is a rewarding activity that allows you to connect with nature and each other.
Plus it can also provide a sense of accomplishment and a source of fresh produce.
You can choose to plant a garden in someone’s backyard or join a local CSA.
Also, this is a continuous way to get together!
19. Spend Time in Nature
Spending time in nature with friends is a great way to relax, recharge and create lasting memories.
There are a variety of activities that friends can engage in while spending time in nature such as hiking, camping, picnicking, rock climbing, paddleboarding, and gardening.
Personally, know that spending time in nature with friends can be a refreshing and rewarding experience that allows friends to bond and enjoy the great outdoors together.
20. Sign up for a Recreational Sport
Signing up for a recreational sport is a great way to spend time with friends while staying active. There are many sports that are suitable for recreational leagues and can be played with friends, such as soccer, basketball, volleyball, and ultimate frisbee.
Playing team sports has many benefits, including building camaraderie, improving communication, and developing a sense of teamwork.
Costs associated with joining a league can vary, but many leagues have affordable fees.
21. Go Kayaking
Kayaking is a fantastic outdoor activity that is gaining popularity among friends who want to bond and have fun at the same time. It provides a great opportunity to explore new waterways, race each other, play games, fish, and take breaks to swim.
While kayaking, you and your friends can discover new places and enjoy the serenity of nature, which will help you to relax and forget about your daily worries.
Also, you have to work on your communication with each other while kayaking.
22. Cook Together
Cooking with friends can be a fun and rewarding activity that helps build strong bonds.
This is one of my favorite ways to spend time with friends. You can spend hours and never actually make anything edible and it doesn’t matter! Or you can create something absolutely delicious!
23. Join a Club
Joining a club with friends is a great way to try new things and meet new people.
There are many different types of clubs to choose from, including:
Book clubs
Hiking clubs
Cooking clubs
Bunco groups, and more.
Joining a club with friends not only provides an opportunity for shared experiences and new adventures but can also strengthen relationships by creating a common interest. Plus you meet on a regular schedule for spending time together.
24. Have a Painting Party
Painting artwork with friends can be a fun and fulfilling activity. Even better, plan to host a painting party with friends!
You hire someone with experience to help you out or you can watch a video on YouTube.
The best part is being able to exchange ideas and inspiration with each other to spark creativity!
25. Play Laser Tag
Playing laser tag with friends is a thrilling and exciting activity that is sure to get your adrenaline pumping.
This is always a must-do for most teens!
Playing laser tag with friends not only provides a fun and memorable experience, but it also helps build teamwork skills, promotes physical activity, and fosters friendly competition.
26. Go Birdwatching
Birdwatching is a relaxing and enjoyable activity that can be done with friends to appreciate the beauty of nature and learn about different bird species.
All you need to go birdwatching with friends is a simple guide to birds in your area, a pair of binoculars, bird seed, and a park or garden.
Birdwatching can enhance the bond between friends as they learn to identify different bird species and discover a new hobby together. It is a great opportunity to explore new trails, take pictures, and enjoy the scenic location.
27. Have a Marshmallow Fight
Marshmallow fights with friends are a fun and exciting activity that can help you forget your worries and bond with your friends.
You need a good laugh, right? This is exactly what you should participate in.
It’s a great way to relieve stress and enjoy some friendly competition with your friends.
So, grab some marshmallows, find a safe spot, and get ready for an unforgettable marshmallow fight with your friends!
Make sure to grab this indoor s’more kit!
28. Do Yoga
Yoga is a great way to improve flexibility, reduce stress, and promote overall well-being. Doing yoga in a class with friends or in a park can make the experience even more enjoyable and motivating.
Attending a yoga class with friends can be a fun and social way to exercise. You can encourage each other to push yourselves further and hold each other accountable for attendance. Additionally, practicing yoga in a group setting can help to create a sense of community and support, which can be beneficial for mental health.
Alternatively, practicing yoga in a park can be a great way to connect with nature and enjoy the fresh air and sunlight. You can bring your own mat or towel and find a quiet spot to practice. Practicing yoga outdoors can be a refreshing change of pace from the usual indoor studio setting.
29. Plan a Trip
Planning a trip with friends can be an exciting and bonding experience. It provides an opportunity to create unforgettable memories and explore new places with your closest friends.
However, it can also be expensive, so use this 100 envelope challenge to save for the trip.
Another way to save money is to be flexible with your travel dates.
Research your destination, create a budget, and be flexible with your travel dates to save money. With some dedication and effort, you and your friends can have the trip of a lifetime. Remember, the journey is just as important as the destination.
30. Explore a New Town
Exploring a new town with friends is an adventure that offers new opportunities to learn more about each other’s interests and create lasting memories. It allows you to discover new places, try local cuisine, and learn about the history and culture of the area.
When exploring a new town with friends, you can visit local landmarks such as museums, botanical gardens, and historical sites. You can also attend local events such as festivals, concerts, and fairs.
Don’t forget to try the local cuisine at restaurants and cafes.
31. Paint Pottery
Pottery painting is a popular activity to do with friends that allows you to unleash your creativity.
Thankfully, you can go to a business that provides all of the necessary supplies or you can purchase online.
Painting pottery can also be a relaxing and therapeutic activity that helps to reduce stress and anxiety.
32. Try a New Food
Let’s be honest… If it wasn’t for good friends, you may be missing out on different types of foods and cuisines.
Trying new foods with friends is an excellent way to break up your eating routine and have some fun while discovering new flavors.
So step out of your comfort zone and try something new – you never know what delicious dishes you might discover!
33. Visit a Farmer’s Market
Visiting a farmer’s market with friends is a fun and exciting way to spend a day outdoors. Not only does it support local businesses, but it also provides an opportunity to stock up on fresh fruits and vegetables.
Did you know the Palisade Farmer’s Market is one of the best in the country? I can attest to that; it was wonderful, especially during peach season.
There are many activities to enjoy at a farmer’s market with friends, here are my favorites:
Shopping for fresh produce: One of the main reasons to visit the farmer’s market is to stock up on fresh fruits and vegetables. You can compare prices, sample different varieties, and even learn new recipes from the vendors.
Trying free samples: Many vendors offer free samples of their products, from homemade jams to artisanal cheeses. This is a great way to taste new flavors and support local businesses.
Exploring local crafts: Along with food, many farmer’s markets also feature handmade crafts and artisanal products. You can browse jewelry, pottery, candles, and other unique items.
Eating street food: If you’re hungry, there are often food trucks and stalls selling everything from tacos to crepes. You can grab a bite to eat and enjoy it at one of the picnic tables or benches.
So why not gather your friends and head to a farmer’s market? You won’t regret it!
34. Compete with Minute-to-Win-It Games
This one is popular! Competing with Minute-to-Win-It games is a fun and easy way to spend time with friends while challenging each other’s skills.
To get started, gather a few household items and set a timer for one minute.
These games are not only a great way to have fun with friends, but they also improve hand-eye coordination and quick-thinking skills.
Plus this is a low-cost and entertaining way to bond with friends. Give them a try and see who comes out on top!
35. Host a DIY Escape Room
If you are looking for a cost-effective way to enjoy an escape room challenge with friends, setting up your own escape room at home is a great idea.
You can find free missions at Escape Team, and additional missions only cost a few dollars each.
Hosting a DIY escape room for your friends is an excellent way to challenge their problem-solving and teamwork skills in a fun and engaging way.
36. Join a Flash Mob
Joining a flash mob can be an exciting and memorable thing to do with your friends. Flash mobs are spontaneous gatherings of people who come together to perform a predetermined action, often in a public place.
Typically, flash mobs can range from dance performances to singing events and can involve people of all ages and backgrounds.
Participating in a flash mob can be a unique and fun experience that you and your friends can cross off your bucket list.
You can find local flash mob announcements by searching on Google or checking out websites that list flash mobs in your area.
37. Create a Time Capsule
Creating a time capsule with friends is an exciting and unique way to capture memories and special moments together. It allows you to reminisce about the past and look forward to opening the capsule in the future.
To create a time capsule, start by finding a sturdy waterproof container.
Next, gather items that are important to each of you, such as letters to your future self, photos, ticket stubs, and other mementos.
Add these items to the capsule and bury the capsule in a safe place, such as a backyard or a park.
Make a pact to open it up in a few years, say five or ten years or twenty years.
Cherishing memories with friends is important, and creating a time capsule is a fun and meaningful way to do just that.
38. Head to the Beach
Visiting the beach with friends is a great way to spend quality time together while enjoying the beauty of nature. There are many activities you can do with your friends at the beach, such as lounging under an umbrella, playing beach volleyball, building sandcastles, or having a picnic.
If you’re feeling more adventurous, you can go surfing, snorkeling, or take a walk along the shore. The possibilities are endless, and the memories you create with your friends will last a lifetime.
Whether you want to relax and unwind or have an action-packed day, the beach offers something for everyone.
39. Try an Art Class
Trying an art class with friends is a fun and fulfilling way to explore your creative side.
There are many places you can try painting or pottery! by going with a friend, it cuts out the scary risk of doing a creative project alone.
Don’t miss out on this opportunity to create something beautiful with your friends! This is a great experience gift idea, too!
40. Go Bowling
Bowling is a fun and engaging activity to do with friends.
Not only is it a great way to get some exercise, but it also offers a variety of fun things to do while playing. From trying trick shots to competing for the highest score, bowling is a great way to bond with friends.
Bowling is a fun and engaging activity that everyone can enjoy, regardless of their skill level.
41. Use Guest Passes
Typically, when you belong to a gym, museum, or any other membership-based activity. They will offer free guest passes.
This is a great way to hang out with your friends while enjoying a new activity. Or showing your friend one of your hobbies.
42. Go Snowshoeing
Snowshoeing is a winter activity that involves walking on snow with specialized footwear. It is a fun and unique way to explore the outdoors with friends while enjoying the beauty of nature.
There are many snowshoeing trails and locations that friends can explore together.
Snowshoeing provides an opportunity to get exercise, enjoy the peacefulness of nature, and bond with friends.
43. Get Creative With Sidewalk Chalk
Regardless of age, sidewalk chalk is a fun activity to do with friends that can ignite your creativity and bring out your inner artist.
There are a variety of ways to get creative with sidewalk chalk.
You can draw a hopscotch board and challenge each other to see who can jump the longest.
Create a masterpiece by working together on a huge drawing and experimenting with different styles and themes.
Play a game of tic-tac-toe and enjoy some friendly competition.
You can even use sidewalk chalk to write positive messages or quotes to inspire each other.
Spending quality time with friends is important, and simple activities like using sidewalk chalk can create lasting memories.
44. Have a Cocktail Party
Overall, the goal of a cocktail party with friends is to have fun and create shared experiences that will be remembered for years to come.
The best cocktail parties are based on a theme that will set the tone for the evening. Then, select a variety of easy-to-make and crowd-pleasing cocktails that will impress your guests.
Dress up smartly, put on some music, and decorate your space to match the theme. Provide snacks such as finger foods, cheese platters, and charcuterie boards to accompany the drinks.
During the party, encourage guests to mingle and try each other’s cocktails, while sharing conversation and laughter.
45. Go to a Drive-in Movie
Drive-in movies are a unique and fun experience that makes for a great activity to do with friends.
However, drive-in movie theaters are harder and harder to find. So, you may have to plan ahead for a local showing.
Once you arrive, park your car and settle in for the movie, chatting and joking around with your friends as you watch.
46. Meditate
Meditating with friends can be a powerful way to connect and improve your mental and emotional well-being.
To get started, find a quiet spot in nature, set up a blanket, and close your eyes. Take in the natural sounds as you sit in silence together.
Alternatively, you can attend a group meditation or breathwork session or hold a moon circle.
The benefits of meditating with friends include reducing stress and anxiety, improving focus and concentration, and deepening your connection with others.
47. Have an Insta Photoshoot
One of the best things about having a photoshoot with friends is that it offers you the opportunity to create memories together.
You can make funny faces, strike silly poses, and capture the moment in a photograph. You can also dress up in costumes and enact your favorite movie scenes together, which is bound to create some beautiful memories.
Whether you are looking to be goofy or play model, a photoshoot is an excellent way to express yourself and have some fun. You don’t necessarily have to photograph people either! You can experiment with still-life photography, food photoshoots, or even take pictures of landscapes.
P.S. You will always see teens taking photoshoots around town.
48. Play charades or Pictionary
Playing charades or Pictionary with friends is indeed a fun way to build excitement and laughter within the group while also improving communication skills and teamwork.
These guessing games are perfect for group activities and can elicit lots of shouting and laughter as people try to guess the correct word or movie.
You can even form teams and start a tournament to make it more interesting. Alternatively, card games such as poker, blackjack, spoons, and rummy are also fun and cost nothing to play if you already have a deck of cards.
All of these games can help improve your strategic thinking and social skills while having a great time with friends.
49. Make videos together
Indeed, making videos with friends can be a fun and exciting activity that creates lasting memories. There are many different types of videos that can be made with friends, such as music videos, vlogs, or short films.
The research suggests that enacting favorite movie scenes with friends can uplift the atmosphere as well. Dressing the part, rehearsing together, and video shooting the entire set can create fun moments that are bound to create some beautiful memories.
Making videos with friends can strengthen friendships and develop new skills such as video production and editing. The key is to have fun with your best friends and enjoy the time spent together.
50. Start a Band
If you and your friends have instruments, getting together and making music can be a fantastic way to bond and express yourselves while also encouraging collaboration and teamwork.
Creating music together is an excellent opportunity to learn new skills and experiment with different musical styles.
Plus, it helps create unforgettable memories and offers new opportunities to learn.
51. Create a Photo Album
In our digital age, putting together a photo album is another fabulous activity that you can do with friends.
Asking each friend to contribute a few photos and putting them in a friendship photo album is an excellent way to keep your memories close and spend an afternoon with your best friends.
Plus you are creating something you can enjoy for years to come!
52. Have a pillow fight
Having a pillow fight with friends can be a hilarious bonding experience that will make you forget all your worries.
To get started, find a spacious room or outdoor area where you can safely swing your pillows without breaking anything. Before starting the fight, agree on some basic rules to ensure everyone’s safety, such as no hitting in the face or aiming for sensitive areas.
Once you’re ready, grab your pillow and let the feathers fly! Don’t forget to laugh, scream, and dodge as you try to land a hit on your friends.
53. Attend park concerts
Attending park concerts is one of the best fun things to do with friends.
Not only are they affordable or free of charge, but they also offer a great opportunity to relax and unwind with friends.
This is something to enjoy after long work weeks!
54. Start a Business
Starting a business with friends can be a great way to combine your passions and skills while also earning extra income.
However, before jumping into any business venture with friends, it’s important to consider the potential risks and challenges. It’s crucial to have a clear agreement and plan in place to avoid conflicts and misunderstandings in the future.
Another option is to research side hustles as a great way to earn extra income. There are numerous side hustle ideas that can be done with friends such as dog walking, pet sitting, house cleaning, and tutoring.
Learning how to make money online for beginners is a hot topic.
55. Play Tourist in Your Own Town
Playing tourist in your own town can be a great way to spend time with friends while discovering new sights and experiences. There’s no need to travel far when there are plenty of activities to do in your hometown.
To start, visit local landmarks such as museums, historical sites, or city parks. These places offer a glimpse into the history and culture of your town.
Try out new restaurants and cafes that you haven’t been to before. It’s a great opportunity to sample local cuisine and support small businesses.
Attending local events such as concerts, festivals, or farmer’s markets can also be a fun way to experience your town.
Exploring the outdoors by taking a hike, bike ride, or even a picnic in a nearby park can be a refreshing change of pace.
Playing tourist in your own town not only allows you to discover new places but also strengthens friendships by creating shared memories and experiences.
56. Play games via video call
Playing games with friends remotely is indeed a great way to stay connected despite the distance.
There are various options available for playing games online with friends, such as board games, card games, and online games like Fortnite or Minecraft. Additionally, apps like Words with Friends or Yahtzee with Buddies can also be used to play games with friends remotely.
If you prefer non-digital games, you could play games like “Would You Rather?” or “Truth or Dare?” on a video call.
Playing games with friends online is an excellent way to spend time together and maintain a strong connection, even when you can’t be together physically.
57. Go to a bonfire
Going to a bonfire with friends is a fun and memorable activity that allows for bonding through storytelling, laughter, and shared experiences. Honestly, I forgot how fun a bonfire was until I went last weekend!
A bonfire is an outdoor gathering around a fire, typically held on a crisp fall evening.
With the hot temperatures and risk of fires, I would plan to attend a bonfire put on by an organization with fire trucks readily available.
Ensure there are snacks and drinks, and follow safety precautions. Overall, a bonfire with friends is a great way to escape the monotony of life and create lasting memories.
58. Bake something delicious together
Baking with friends is indeed a fun and exciting activity that can bring people closer together. It provides an opportunity to bond and share a sweet treat afterward.
One can choose a recipe they would like to try, whether it’s an old standby or something brand new. A cake, a sweet fruit pie, or a few batches of favorite cookies are some of the options that one can bake and decorate.
Alternatively, holding a friendly bake-off is a good way to bond competitively with friends.
So, next time you’re looking for something fun to do with your friends, why not try baking together?
59. Go camping together
Camping with friends is an excellent way to bond and enjoy the outdoors while disconnecting from technology. It is a cheap and fun hobby that offers numerous benefits, including strengthening friendships.
Whether you choose to camp in a nearby park or your backyard, sharing stories around a campfire, cooking meals together, and exploring nature can be a healthy move for everyone to unwind.
Camping provides an opportunity to enjoy the serenity of nature away from the disruptions of city life. You can hitch a tent, make a bonfire, roast some marshmallows, and play games, which is sure to be an adventure away from the hustle and bustle of the city.
It is important to plan ahead, bring necessary supplies, and follow safety precautions to ensure a fun and safe camping experience.
60. Go Geocaching
One of our personal favorite activities.
Geocaching is a fun and exciting activity that involves using GPS to find hidden containers or “caches” outdoors. It’s like a real-life treasure hunt that can be enjoyed with friends.
To get started, one can download the official Geocaching app for free.
Geocaching can be a great way to explore new places in your local area with friends while having fun. With GPS coordinates, you can search for hidden treasures that are waiting to be discovered.
61. Go to A Local Coffee Shop
Going to a local coffee shop is a great way to spend quality time with friends. Aside from being a cliche, it is an easy thing to do and offers a comfortable environment to catch up with your friends.
You can order your favorite beverage and indulge in a little slice of cake while chatting about everything you have missed since you last spoke.
A coffee shop offers a cozy and relaxed atmosphere, which makes it a perfect spot to hang out with friends.
Going to a local coffee shop also supports small businesses in your community. It is also a great way to discover new cafes and coffee shops in your area, which can become your new favorite hangout spot.
62. Volunteer
Volunteering with friends is a great way to give back to the community while having fun with your pals.
There are various ways friends can volunteer together, such as helping out at a local animal shelter, sprucing up city landscaping, or serving meals at a soup kitchen.
Volunteering with friends strengthens relationships, gives back to the community, and is a fun way to do good.
These are the best ways to capture your bucket list and find ideas!
FAQ
There are a number of things you can do right now with friends. You can go for coffee, take a walk, or visit a museum. You could also consider doing something more active, such as going for a run or playing a sport.
Whatever you choose to do, make sure you enjoy it and spend time with your friends.
The important thing is to find something that you both enjoy so that you can have fun together.
You can watch a movie, play video games, go for a walk, listen to music, or even just sit and talk.
What Fun Places to Go with Friends Will You Choose?
These unique activities are just a few examples of the many fun things you can do with your friends.
Don’t be afraid to try something new and get creative! Who knows, you might just discover a new favorite activity.
A little short on cash? Don’t worry… here are 101 things to do with no money.
So, gather your friends and start planning your next adventure together.
And if you have any unique ideas of your own, be sure to share them in the comments below!
Know someone else that needs this, too? Then, please share!!
If you’re trying to save, you might be struggling with some common challenges: How do I work towards multiple financial goals at the same time? How can I make sure my financial objectives don’t get lost in day-to-day expenses or impulse buys? How can I ensure I hit my savings goal by a certain date? Let’s dig into these questions and more ways to make sure your savings goals remain a top priority. If you’d like individualized help with your savings strategy, consider working with a financial advisor.
Determine Your Personal Goals
One of the most effective ways to make saving a habit is to understand what you want to save for. Everyone has their own savings goals, but here are some of the most common and most impactful.
Building an emergency fund: One of the best ways to feel more secure financially is to have a backup fund for unpleasant surprises. Whether it’s car trouble, an illness or something else, having a savings account that can cover these expenses can help you navigate the ups and downs of life without racking up debt or getting behind on other bills. Many experts suggest you save enough to cover about three months of expenses, but every little bit will help when the unexpected happens.
Saving for retirement: If you’re one of the many who dream about retiring and living life on your terms, starting your retirement savings early is key. The good news is that there are retirement vehicles that offer tax savings and many employers will help you build your savings. If your employer offers a 401(k) match, take full advantage of it. Experts often advise that you save at least 15% of your pre-tax income, but again, saving a smaller percentage is better than saving nothing.
Paying off debt: Paying off debt may not be “saving” in the traditional sense of squirrelling money away for the future, but paying off high-interest debt faster will often save you thousands of dollars over time. Once you pay off debts, you have more income that can then be directed to emergency funds, retirement accounts and more.
Specific funds: Whether it’s a college fund, a vacation fund or a down-payment fund for a house, setting aside money for a specific purpose is an excellent goal to have.
Make a Savings Plan
So you know your goals – now how do you get there? Here are seven steps to kick off your savings journey.
Make specific goals: Even if your financial goals don’t differ substantially from the list above, put your own unique number to it. If your monthly expenses come to $2,500 and you want an emergency fund that covers three months of expenses, you need to save $7,500. If you have two credit cards you want to pay off, each with a $500 balance, you’ll need to set aside $1,000 plus any interest payments and fees you’ll incur. If you want to save for a down payment, what price range can you afford for a home and what percentage are you hoping to put down? Get granular on the details.
Rank your goals by priority: Which goals are the most important to you? While financial advisors will often recommend you work towards multiple financial goals at the same time—especially building an emergency fund, saving for retirement and paying off debt—you will need to determine what percentage of your income you want to direct to each fund.
Break down your goals into monthly steps: Let’s say you’ve decided your top goals are to build an emergency fund, save for retirement and save for a down payment for a house. How much money can you devote to savings per month? If you have $500 of income that you can allocate to savings on a monthly basis, you could put $200 in your emergency fund, which means you would reach your goal of saving $7,500 in a little over three years. You could allocate another $200 to retirement savings and put the final $100 towards your down payment savings goal.
Create a budget: You may already have a budget, but it’s time to officially add your savings goals to your spreadsheet, app or whatever you use to track your spending. By making your savings goals a part of your overall financial plan rather than something you always mean to do and never get around to, you can keep those goals high on your priority list.
Cut spending: One of the quickest ways to accelerate your progress towards your savings goals is to cut your spending in another area and redirect that money towards savings. Are there subscriptions you don’t use? Are there services you could do yourself? Are there luxuries that you don’t enjoy enough to justify the money you spend on them?
Automate your savings: Another way to make your savings goals a reality rather than a pipe dream is to automate them. Set up an automatic 401(k) contribution with your employer. Set up an automatic monthly transfer from your checking to your savings account. Automate your credit card payments. By taking away the opportunity for you to decide to skip it, you can solidify the habit with minimal effort.
Use mistakes as learning opportunities: Let’s say you impulse bought a new pair of shoes with money that could have—and maybe should have—been put towards your savings goals. Rather than beat yourself up about it, ask yourself why you made that decision. Was it emotional? Did you feel peer-pressured? Did you actually get joy out of the purchase or did you just feel bad for not making a better financial decision?
Check In With an Expert
If you feel a little overwhelmed by your financial situation and haven’t been able to make headway toward your goals, you might benefit from working with a financial advisor. Experts are often able to open your eyes to things you wouldn’t otherwise have noticed and strategies you may not have otherwise tried. Financial advisors often understand the emotional side of financial decision-making as well and can help you stick with your financial priorities even when it’s tough.
It’s not just the expertise that can be valuable. Sometimes the accountability of working with a financial advisor can go a long way. If you knew someone was looking at how you spent your money and measuring it up against the goals you shared with them, would you be more likely to stick to your plan instead of splurging on something outside of the plan?
If you don’t think you can afford an advisor’s fees and you belong to an underserved group (including low-income people, military personnel, veterans and more), you may be eligible for pro bono financial planning services through the Financial Planning Association. Reach out to your local chapter to see what services they offer.
The Bottom Line
Many people have trouble prioritizing their savings goals, but you can start by fleshing out the specifics of your goals and making a plan to reach them. If you need expert help, consider working with a financial advisor, who can share new strategies and provide accountability that will help you meet your goals that much faster.
Tips for Saving Money
Not sure what investments and strategies will help you meet your long-term goals? For a solid financial plan, consider speaking with a financial advisor who can help you think through details you may not be aware of. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use SmartAsset’s budget calculator to see how your spending breaks down and how your budget stacks up against the average person in your neighborhood.
Infidelity is always devastating. But if your spouse or partner has been cheating on you by hiding pricey vices or illicit spending sprees, the consequences can be far worse than an affair, for the simple reason that money — often large sums of money — are involved.
As one reader wrote to us, after a similar article ran on on DailyWorth:
My ex took out a credit card in my name and ran up $40,000 debt without my knowledge. Now I’m paying it off. I asked the credit card company to investigate the matter as fraud, but they didn’t. It doesn’t seem like I have many rights. As I found out, there were many secrets behind the numbers. Right now, I’m waiting for the divorce to come through.
Although incidents of identity theft and fraud are well-documented — and can be prosecuted — spouses who are the victims of their lying, cheating partners often have little recourse. As another woman wrote:
I just checked my credit report, and found out that my husband ran up $18,000 on one of our cards — when I thought we only owed $400. I confronted him, and he admitted it, but now what? He doesn’t have the money to pay it back.
To recover from financial infidelity, you need a two-pronged strategy. You need to shore up the non-financial side of your relationship and, at the same time, tackle the actual money mess.
The Mess
The first step is to find out where the money went and how much is owed, says credit expert Erica Sandberg, a columnist for Creditcards.com. Your credit report contains a list of all open accounts; ask your mate to show you all statements. In addition, your mate may have accounts opened in his or her name. These would show up only on their credit report, so ask them to come clean.
As you examine the statements, what you discover may be shocking. Your spouse wasn’t just deceiving you about debt; it’s likely that he or she was hiding habits (perhaps even vices) that cost a pretty penny.
To clean up the mess, you’ve got two main tasks:
Your mate’s secret spending has to stop (and the habit itself addressed).
The debt has to be repaid.
So, the second step is to make a debt repayment plan. While you may not feel that the debt is your problem, until it’s cleared up (or you split up, if that’s the case) it will affect you. First, have your mate sell any purchases they bought when they were cheating, and put that money toward the debt. Insist that they get a part-time job or work overtime.
Next, depending on the extent of what’s owed, credit counseling may be in order. (Two reliable sources for credit counseling are the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies.) At worst, you may need to consider bankruptcy.
Otherwise, create a budget, reduce spending, apply all excess funds to the debt, and stop charging until the balance is at zero!
The Marriage
As you address the financial problems, talk. Your partner’s financial infidelity is a red flag that you two are out of sync — and not just about money. Make time for regular discussions about the life you have and the life you want. As the great Russian writer and philosopher Leo Tolstoy once wrote, “What counts in making a happy marriage is not so much how compatible you are, but how you deal with incompatibility.”
Piggymojo is a new saving site, where couples can set a goal (in this case to save enough to pay down your debt), and find new ways to talk about money.
You may also want to seek professional help. Few relationships can survive this kind of strain without counseling. If you’re both invested in staying together, then it’s worth spending some money on a therapist who can help you, especially if gambling or other addiction issues are involved.
Lastly, if your spouse has committed financial infidelity, you may need to take a long hard look at your own money habits and head-in-the-sand behavior. As one reader described her sister’s loss of nearly $120,000 thanks to her husband’s secret gambling problem:
The moral is, you can’t afford to become a passenger in your own finances. Looking back, my sister said there were so many warning signs. But because her husband said he was taking care of the bills and expenses — and she believed him — she didn’t know what was really going on until it was too late.
Last Updated: May 27, 2023 BY Michelle Schroeder-Gardner – 58 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Recently, I published the article Reasons You’re Still in Debt. Like I said in that article, I think the first step in eliminating debt is to realize why you are in debt in the first place.
I believe that if you don’t know what your problem with debt to begin with is, then it would be hard to make a positive change.
Yes, it is great to just start attacking your debt, but you also don’t want to fall into the same cycle of going into debt over and over again.
After you realize why you are in debt (or why you keep going back into debt), the next step is to figure out how you will eliminate your debt. There are many different ways for you to attack your debt, and I prefer a mixture of everything.
Below are different ways to get rid of your debt.
1. Stop adding to your debt.
This sounds obvious, right? Like I said earlier, if you don’t know why you are in debt, then it would be hard to stop adding to your debt.
Also, if you’re eliminating debt but also adding to it at the same time then you won’t get anywhere fast.
Different ways that you could prevent yourself to stop adding more debt include:
Canceling your credit card.
Freezing your credit card.
Asking for your credit card limit to be lowered.
Don’t take out extra student loans that you don’t need.
Think it over before you buy something.
Avoid places like the mall altogether.
2. Create a budget.
Of course this is on my list. Why wouldn’t it be? If you don’t believe in a budget but you have a lot of debt, then you better start believing.
You should create a realistic budget so that you truly know how much you are spending. Then total how much you actually bring in each month. If you are bringing in less than you are spending then a change definitely needs to be made.
A budget can also help you see where your money is going so that you know what areas you need to work on. Maybe you never realized how much you spend on food each month, how much you spend on clothing or something else.
A budget really puts that in front of you so that you know what you can cut out of your spending (or at least lower your spending in that area).
3. Cut your expenses.
To continue with what I was saying above, you may have to cut your expenses in order to have a realistic budget so that you can pay off your debt.
If you have $100,000 in credit card debt, should you really still be spending $500 a month on clothing?
Probably not.
Depending on how quickly you want to get rid of your debt, there are different things that you may want to cut out. You could cut out Starbucks (I know, I know), lower your restaurant spending, find a cheaper way to workout, sell your car for something cheaper/more affordable, cook from scratch and so on.
There are many ways to cut down your spending. Below is a quick list for you to start with:
Lower your cell phone bill. Instead of paying the $150 or more that you spend on your cell phone bill each month, there are companies out there like Republic Wireless that offer cell phone service starting at $5. YES, I SAID $5! If you use my Republic Wireless affiliate link, you can change your life and start saving thousands of dollars a year on your cell phone service. I created a full review on Republic Wireless if you are interested in hearing more. I’ve been using them for over a year and they are great.
Sign up for a website like Ebates where you can earn FREE cash back for spending like how you normally would online. When you sign up through my link, you also receive a free $10 gift card bonus to Macys, Walmart, Target, or Kohls!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first four weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
Check out my recommendations page for a full list on money-saving websites.
4. Find a way to make extra money.
Making extra income is the main thing that helped me pay off my student loans so quickly. I worked like crazy in my spare time because I knew that I could make more money than I could cut out of my budget(don’t worry, I did do both).
There is a limit to how much you can cut, but you can always find different ways to make more money.
You could find a part-time job at a restaurant, retail store, and so on. You could freelance on the side. You could babysit, dog walk, sell your crafts and so on. The list is really endless for what you could possibly do.
Miscellaneous other things you should do:
Pay more than the minimum.
Put little amounts toward your debt. For example, whenever you get an extra $25 (such as by selling something), then you should just throw that extra money that you won’t miss towards debt.
Automate your payments if you can’t force yourself to make payments.
Put money towards debt right when you get paid so that you are “paying yourself” first.
How are you eliminating your debt? When do you think you will be debt free?
Are you considering buying a fixer-upper? While it can be a great way to save money and get a home that suits your unique tastes and needs, it’s important to know what you’re getting into before you sign on the dotted line. Here are some things to keep in mind:
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1. Understand the Cost
Buying a fixer-upper can be an affordable alternative, however, it’s important to understand the potential true cost of the project before you start. To ensure that you’re aware of the necessary repairs and their associated costs, get a thorough inspection of the property. Make sure to check the quality of the foundation, roof, electrical and plumbing systems. Additionally, it’s crucial to consider the expenses for permits, materials, and labour in your final budget.
2. Know Your Limits
While DIY projects are fun and rewarding, fixer-uppers often require extensive work and time. If you’re not handy with a hammer or don’t have experience with major renovations, you may want to think twice before taking on the challenge of a fixer-upper. Hiring professionals to do the work can be expensive, but it may be necessary if you want the job done right.
3. Consider the Time Frame
Transforming a fixer-upper into your dream home can be time-consuming. If you’re on a tight schedule or have other commitments demanding your attention, a fixer-upper may not be your best choice. Make sure you have a realistic idea of how long the project will take and whether or not you have the time and energy to see it through.
4. Factor in Resale Value
If you plan to invest in a fixer-upper, ensure that it doesn’t become a financial burden by costing more than its actual value. It is possible to strike a good deal on the property, however, make sure that any renovations made will increase the property’s value in the long run. Research the market and talk to real estate professionals to get a sense of what buyers are looking for in your area and what features can help make the property stand out.
5. Have a Plan
Finally, it’s important to have a plan before you start a fixer-upper project. Without a clear plan and budget, your fixer-upper is at risk of becoming a money pit. Know what you want to achieve and how you’re going to get there. Create a budget, timeline, and list of priorities to keep you on track. With a solid plan in place, you’ll be better equipped to handle any unexpected hurdles or delays.
If you’re ready to find your next home, we can help! From fixer-uppers to chic condos, our qualified real estate agents can help you find your dream home.
Ready to find your next home?
Contact us today to speak to a Realtor in your area
It’s Friday, and you’re looking forward to a relaxing weekend in town with friends. You log into your online banking portal to check your balance, but your account keeps giving you an annoying “account not found” error.
Panic sets in and questions flood your mind. Did I do something wrong? Why was my account suddenly closed? Don’t worry. You’re not alone in your panic. Many banking customers have found themselves in similar situations, left to unravel the mysteries of why the bank closed their account.
In the world of banking, account closures can happen for various reasons, and understanding why can save you a lot of frustration and inconvenience.
Reasons the Bank May Close Your Account
There are many reasons your bank could close your account, from irresponsible behavior to fraudulent activity. No matter the reason, your bank should inform you, so the first step is to look through your unopened mail for notifications about any of these circumstances.
1. Insufficient Funds
If your debit card frequently gets denied, your bank might decide to part ways with you. Some banks require you to keep a minimum amount of cash in your account. If your balance consistently falls below that, the bank will close your account since you’re violating its policies. Understanding how to manage your finances effectively can help you avoid this situation altogether.
To avoid overdrawing your account:
Turn on alerts through your bank’s mobile app.
Create a budget.
Keep a buffer amount in your account as a cushion for unexpected expenses.
Sign up for overdraft protection.
2. Suspicious Activity
In a time of frequent cyberthreats, banks prioritize the security of their customers’ accounts above all else. So if they detect any unusual or suspicious activity on your account, they might close it.
This activity can come in the form of identity theft or fraudulent transactions. Banks have sophisticated systems in place to monitor account activity and identify potentially fraudulent transactions. If they notice any suspicious patterns, such as multiple large transactions in a short period or transactions in unfamiliar locations, they’ll take immediate action to protect your account and other customers.
To safeguard your account and prevent account closure due to suspicious activity:
Regularly check in on your account through your bank’s online portal or mobile app.
Enable transaction alerts that notify you of any activity on your account, good or bad.
Report suspicious transactions to your bank immediately.
3. Violation of Terms & Conditions
Having a bank account requires adhering to the terms and conditions set forth by your bank. They’re all laid out in the ridiculously long document the bank sent you when you first signed up for the account. You likely had to check a box saying you agree to them. Violating these terms and conditions can result in account closure.
A few common violations that can lead to this closure include:
Illegal activities, such as money laundering, fraudulent schemes, or financing illegal ventures.
Policy violations likeusing a personal account for business purposes or failing to maintain a certain minimum balance.
Engaging in fraudulent behavior, such as providing false information, submitting fraudulent documents, or attempting to deceive the bank.
If you have any questions or concerns, reach out before agreeing to your bank’s terms and conditions.
4. Inactivity
Believe it or not, simply leaving your account dormant for an extended period can lead to its closure. Banks close inactive accounts as a means to streamline operations and reduce costs.
After all, having an account with no money in it isn’t making them anything in terms of profits. Additionally, inactive accounts are more vulnerable to fraudulent activities, so banks prefer to close them to minimize risk.
To prevent your account from closing due to inactivity:
Use your account for at least one transaction per month, even a small one like autopaying a streaming service.
Set reminders or alerts on your calendar or phone to use your account.
Automate your recurring payments.
5. Relationship With the Bank
Your relationship with your bank plays a significant role in the overall banking experience, for both you and your bank. In some cases, rude or aggressive behavior or treatment of bank staff influences the bank’s decision to close an account.
Additionally, if you repeatedly fail to comply with reasonable requests, such as providing required documentation, responding to inquiries, or addressing potential issues, it could lead to an account closure.
Maintaining a respectful relationship with your bank’s staff and following the bank’s rules are crucial, so to foster a positive banking experience:
Communicate politely and professionally.
Understand and comply with your bank’s guidelines.
If you have any questions, concerns, or issues, reach out to the bank.
How to Get Your Closed Bank Account Reopened
Experiencing the unexpected closure of your bank account is likely a stressful situation, especially if it was for anything other than inactivity. If you respond promptly and take the necessary steps to address the issue, you should be able to get your account up and running again fairly quickly.
1. Contact the Bank
When you discover your bank has closed your account, don’t wait to contact them. Reach out immediately.
Approach this conversation with a calm and polite demeanor. Clearly explain your situation, provide any relevant details, and ask for specific information regarding the closure of your account. Be prepared to provide identifying information, such as your account number and full name.
It’s beneficial to keep a record of the conversation, noting the date, time, and the name of the representative you spoke with.
2. Seek Alternatives
There are times when an account closure can provide you with an opportunity. If your bank closed your account because you can’t keep up with its requirements or you simply aren’t using the account anymore, maybe it’s time to find another bank.
To find a better option for your financial needs:
Research different banks and credit unions. Take the time to research various banks and credit unions to find one that aligns with your financial goals and preferences. Look at factors such as fees, account features, customer service, accessibility, and the convenience of branch locations or online and mobile platforms.
Compare account options. Look into the different types of accounts offered by the banks you’re considering. Would a checking account work better for you? Or maybe a money market account?
Evaluate customer reviews and ratings. Customer reviews are the best way to get a feel for a company. Online platforms, review websites, and personal recommendations can provide valuable insights into the banking experience you should expect.
Ensure you can meet minimum requirements: Pay attention to the minimum requirements each bank sets for opening and maintaining the account. Ensure you can comfortably meet these requirements, such as minimum deposit amounts or monthly balance thresholds, to avoid potential closure in the future.
3. Resolve Any Outstanding Issues
Having your bank account closed doesn’t necessarily solve the problem. You must proactively address any outstanding issues to minimize the negative impact on your financial history.
Contact the bank quickly. Reach out to your bank to discuss any outstanding fees, overdrafts, or disputes associated with your closed account. Request a detailed breakdown of any outstanding balances or charges.
Negotiate a resolution. Engage in a constructive conversation with the bank representative to negotiate a resolution that is fair and reasonable on both sides. If you’re facing financial hardship, explain your situation and explore possible options for fee waivers, reduced payment plans, or debt settlement arrangements.
Address overdrafts and negative balances. If your closed account had any overdrafts or negative balances, work with the bank to establish a repayment plan, or pay the balance in full.
Retrieve your remaining funds. If there were funds still in your closed account, the bank provides you with a few different options to receive those funds. That can involve issuing a check, transferring the funds to another active account, or utilizing alternative payment methods.
Monitor your credit report. After resolving any outstanding issues, monitor your credit report to ensure that the closure of your account and any related matters are accurately reflected. If you notice any inaccuracies or discrepancies, dispute them with the credit reporting agencies to maintain a clean credit history.
Final Word
Understanding why your bank may close your account is not just about unraveling the mysteries of the banking world; it’s about taking control of your financial well-being.
While the reasons for account closures can sometimes seem arbitrary, there are steps you can take to mitigate the risk and minimize the impact.
If you just can’t make it work with your current bank, it might be time to move on and find one that can meet your needs. Check out our list of the best checking accounts.
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Christopher Murray is a professional personal finance and sustainability writer who enjoys writing about everything from budgeting to unique investing options like SRI and cryptocurrency. He also focuses on how sustainability is the best savings tool around. You can find his work on sites like Bankrate, Money Crashers, FinanceBuzz, Investor Junkie, and Time.
Today, I have an inspiring story from a blogger. Cassie paid off $10,000 in debt in 10 weeks and shows how you can make this a reality too. Enjoy!
In September of 2015, my wife and I officially tied the knot and, as perfect as it all was, when we returned to our home after our honeymoon we had to take a serious look at our finances. What we found shocked us.
We had known from the get-go that we both had student debt. We both attended a private, Christian college where we met and we both continued on to receive our master’s degrees. While we knew we had student debt, we had always assumed that we would simply pay the minimum until it was gone and that would be that.
What did we find when we did the math? It turns out that my wife and I owe a grand total of almost $200,000 in debt (OUCH!). Even worse? The minimum payments don’t even begin to cover the interest which means that no matter how many payments we make, we will never escape from this debt’s grasp.
Unless…
One of my favorite Dr. Seuss quotes comes from the Lorax, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”
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Now, I know that this quote is referring to saving the world, but I think it’s applicable to paying off debt too. Debt can be all-consuming and debilitating, but unless you care about fixing it, it’s not going to get any better.
The thing with debt is that unless you truly work toward eliminating the problem, the problem is not going to go away. It’s certainly not an easy-fix sort of thing. Unless you truly care about getting the weight of debt off your shoulders, you’ll be trapped.
My wife and I do care about paying off our debt because we realize how much it is holding us back – we are unable to afford a house, put money into retirement, or start a family.
That’s why we made the decision to begin aggressively paying off our debt. Do you know what happened when we made that decision? We began crushing the debt that had been, only recently, crushing us.
In our first ten weeks of debt repayment, we paid off a whopping total of almost $10,000! How did we do it? Well, it’s simple: create a budget and a plan, develop a side income, and learn how to live frugally.
Related tip: Check your credit score with Credit Sesame for free!
Creating a Budget & a Plan
Developing a budget was the first step. My wife and I spent an entire month simply monitoring our spending without changing our habits. Why did we do this? Well, we wanted to see where our money was going.
What we realized is that our money was going everywhere. We were spending outrageous amounts of money for things that we didn’t even realize we were getting! Sure, some of it was important (food, certain bills, etc.), but there was so much that was unnecessary. The couple of dollars here and there for snacks and beverages (when we have these at home), the fast food or restaurants in place of dinner at home, or the subscriptions that we had forgotten we had that were still charging us monthly.
Once we realized that our money was everywhere, we knew we needed to put it into place. We created an excel document to organize our income, budgets, and debts (I love organizing things). We determined what we needed to keep to survive, what the minimum payments for our debt were, and other costs we absolutely have to have.
We wrote it all down and made important decisions as to how much we would spend on food, how much we were willing to pay for gas, etc. This was our budget. If we followed our budget, we knew we could put a significant amount of extra cash toward our debt (which is exactly what we want to do).
The hardest part about developing a budget, though, is not actually the planning, but the sticking to it. The problem we have is that when we try to follow our budget with our debit cards, we somehow always end up off. This time, we knew that we had to do our budgeting right. We pulled out some business envelopes, withdrew some cash, and began using the cash envelope system for our budget.
Almost like magic we were able to stick to our budget – better than ever before. The reality is that plastic money is easy to overspend, but when you have cold, hard cash in your hands, it’s hard to not notice it leaving. When it’s gone, it’s gone.
Developing a Side Income
The second step we took toward aggressively paying off our student debt was to develop a source of income on the side. For me, that meant blogging. I worked as hard as I could to develop a blog that focused on my goals, that inspired people, and that helped people to reach their dreams of becoming financially free.
My wife and I both work with a caterer as we are able in order to earn a little extra money. Each event lasts around six-seven hours and pays us each $100, but we can only score around one to three events per month. Jobs such as dog walking, house / babysitting, and even renting out space are great ways to make a few extra bucks within your community.
We also have started freelancing and taking up positions in the virtual assistant world. My wife has started working longer hours and taking “on-call” shifts. We sell items from our home that we no longer need and we utilize companies that offer legitimate ways to make money online. I test them out and share them on my blog for my readers to see and utilize.
Basically, we are doing whatever it takes to earn an extra income and then ensuring that the entirety of that income goes straight toward our debt repayment goals.
Related tip: You can answer surveys and make extra money! The companies I recommend include: American Consumer Opinion, Swagbucks, Survey Junkie, Pinecone Research, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
Learning How to Live Frugally
Earning an extra income can only get you so far if your spending is too high. Therefore, we also spent a lot of time learning how to live frugally and sharing it on the blog. We are learning new ways each and every day to reduce our spending and live our lives to the fullest on a frugal budget.
Some of our favorites in the kitchen include baking our own bread (which saves us over $250), making our own pasta (which saves us over $100), growing our own vegetables (which saves us hundreds), and learning how to can (which saves us tons)! While each of these individually may not seem like a lot, when added together the savings can be incredible.
The frugal living tips don’t have to end in the kitchen, though. My wife and I are learning great ways to save thousands per month by cutting the cord on cable and other subscriptions, reducing our cell phone bill, and even finding new ways to entertain ourselves that don’t cost money.
As Dave Ramsey so eloquently puts it: “Live like no one else, so later on you can live like no one else.”
Living a frugal lifestyle means making cleaning supplies and hygiene products instead of buying them, making food from scratch instead of eating out, and playing board games instead of going to the clubs. It’s a lot of cutting now, but by living like we are broke, we are putting money toward debt so that later we can live the way we want to live.
How We Paid Off Almost $10,000 in Debt in 10 Weeks
Ever since we started paying off our debt aggressively, we have been competing against ourselves. When we paid off $3,000 in one month, we knew that we could do better the next month and so we did.
It took ten weeks before we had paid off almost $10,000, but the next ten weeks will be even better, we can assure you of that. How? Because we are working as hard as we can to budget, to be frugal, and to earn extra money – no matter what it takes.
The ultimate goal here is to pay off our debt as quickly as possible and that’s exactly what we are doing. We are not putting a date on our debt repayment because we don’t want to limit ourselves to that date. We want to work to surpass any dates that could have been put down and by sticking to our budget, earning side incomes, and living frugally, we can do it.
Author bio: Cassie Jahn is the author of a DIY blog devoted to living life to the fullest on a frugal budget. DIY Jahn began to help Cassie to stick to her plan to aggressively pay off her student loans, in hopes to inspire others to do the same.
How much debt do you have? Are you trying to eliminate it?
If you are new to Making Sense of Cents, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:
Find ways to make extra money – Here are over 75 different ways to make extra money.
Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $100,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $2.75 per month plus you get a free domain if you sign-up through my tutorial. Also, I have a free How To Start A Blog email course that I recommend signing up for.
You should know your credit score – Check your credit score with Credit Sesame for free!
Answer surveys. Survey companies I recommend include Swagbucks, Survey Junkie, American Consumer Opinion, Pinecone Research, Opinion Outpost, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
You can save money and get cash back at the grocery store. Read my review and learn how to here.
Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 cash back too!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
Save more, spend smarter, and make your money go further
Entering the real world is exciting. For young professionals this often means getting your first career-track job, moving into your own place and taking full control of your finances.
While everyone wants to get started on the right foot, there are some common mistakes young professionals make that can have long-lasting impact.
Figuring It Out Later
This is a time in your life when you may find yourself making many big decisions in a small amount of time.
Don’t say yes and figure it out later. Before you sign a lease or mortgage, determine whether you can afford it.
The easiest way to do this is to create a budget.
You may think you need to wait a while until your expenses “normalize” since when you first move into a place, there can be one-time costs like furniture and security deposits.
But if you wait a few months, you may find yourself already in some serious debt.
[Read: Can You Get Your Student Loans Forgiven?]
Do some research and make a budget immediately.
Then adjust your budget when you see how much money you are bringing home and how much you are really spending.
It’s best to start out tracking your spending right away, instead of playing catch-up later.
Assuming You Will Make More
You may be disappointed by your first salary. You may work in an industry where big bonuses are normal.
Regardless, plan your finances around the salary you are guaranteed right now. This gives you the freedom to make choices in the future.
If you are living beyond your means now, that raise or bonus will only go to paying off debts.
[Read: Can Your Job Hurt Your Credit?]
If you budget for your current salary, you can use that raise or bonus to boost your emergency fund, increase your retirement savings, or treat yourself.
Don’t spend your future self into a corner.
Not Asking Questions
Young professionals are covering a lot of new territory — making decisions we haven’t made before.
Don’t be afraid to do some research or ask for help. Read the fine print before you sign documents and if you don’t understand something, stop.
[Read: Your First Credit Card: What You Need to Know]
Before you accept a job, sign a lease or accept a credit card, ask a few questions.
Being financially independent doesn’t mean you have to be totally alone in the decision-making process.
There are others who have done these things before, so seek out a mentor to help guide you through the process.
There’s nothing more grown up than knowing when you need help.
“Top 3 Financial Mistakes Young People Make” was provided by Credit.com.
Save more, spend smarter, and make your money go further
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Do you struggle with budgeting?
Many people do, too.
What I have found is that it is important to plan ahead so that you know where your money will come from and when.
Since most of us live paycheck-to-paycheck, in fact, 64% of Americans struggle each month with this issue (source).
This can be difficult because our paychecks only arrive once every two weeks or four times per month – but if we don’t plan accordingly, then there’s a good chance we’ll run out of money before the next paycheck arrives.
Have you ever wondered how much money is sitting in your checking account? Just because you are stressed and wonder whether or not, you have enough money until the next payday?
How would it feel to know what was going out of your wallet could be funneled into savings instead and then only spend what is leftover on necessary expenses?
This may seem like an unattainable goal, but it can actually be done with a little planning and discipline.
Here are the practical ways to start budgeting by paycheck…
What is budget by paycheck?
Budget by paycheck is a budgeting technique that helps people to better manage their money by breaking their budget down into smaller, more manageable chunks. This technique helps people to stay on track with their budget by knowing how much money they have to spend on a paycheck basis.
Budget by paycheck is a new way of budgeting that has become popular in recent years – thanks to The Budget Mom. It’s a system where you budget from your paycheck to your next paycheck. This type of budgeting takes the guesswork out of budgeting because it uses your regular paychecks as a guide.
How do I budget my weekly salary?
There is no one-size-fits-all answer to this question, as everyone’s budget will differ depending on their individual circumstances. However, some tips on how to budget your weekly salary include setting aside money for bills, groceries, and other necessary expenses, as well as setting aside money for savings and/or investments.
There are a couple of different ways to budget your weekly salary. You can either budget by paycheck, which means you budget every time you get paid.
The budget by paycheck method is perfect for people who have weekly or bi-weekly paychecks.
This way, you’ll know exactly how much money you have to spend each week and you won’t have to worry about going over your budget.
Why Budget by Paycheck?
There are several benefits to using this type of budgeting method: it’s simple, you always have money for emergencies, and you are less likely to overspend.
There are also some drawbacks: you might not have enough money saved up for larger purchases, and you need to be disciplined about sticking to the budget and the time to manage it.
Overall, Budget by Paycheck is an easy way to stay on top of your finances without too much hassle.
Who is the paycheck budget method right for?
This budgeting method is perfect for people who want to see their money last until the next paycheck.
The paycheck budget method is ideal for people in a few specific financial situations:
Variable income
Trying to get out of debt
Want more control over their spending
If you have a variable income like freelancers–meaning your income changes from month to month–then the paycheck budget method is a great way to ensure that you’re never spending more than you can afford.
This system also helps people who are trying to get out of debt because it enables them to put extra payments to their debts when they are able to. Finally, if you want more control over your spending, then the paycheck budget method is a great way to achieve that goal.
People who are paid on inconsistent days
When you are paid more than once per month and those days are different each month, it’s easy to forget how much money you have already been paid. With the paycheck budget method, you will know exactly how much money you have each month and what bills need to be paid.
This includes rent or mortgage, car payments, insurance, utilities, and any other regular monthly bills that you have.
People who live paycheck to paycheck
People who live paycheck to paycheck are often forced to make tough choices when it comes to their finances. They may have to choose between paying their bills and buying groceries, for example. This can be a difficult way to live and can often lead to stress and anxiety.
It can help you build up your savings and get ahead financially. The basic idea is to break your net income into four parts: fixed costs, essentials, savings, and debt. You then use this breakdown to create a budget that helps you stay on track each month.
It will require some effort on your part, but it’s worth it if you want to get out of debt or save for the future.
People who are new to budgeting
People who are new to budgeting may find it helpful to start by tracking their spending for a month. This will give them a good understanding of where their money is going. They can then use this information to create a budget that works for them.
It’s simple and straightforward, and it makes it easy to track your spending and stay on track. With this method, you divide your income into four categories: fixed expenses, variable expenses, savings, and debt payments. This approach helps you stay mindful of how much money you have left each month after covering your essential costs.
With this approach, you further break down your expenses into different categories (e.g., groceries, transportation, housing) and put a set amount of cash into envelopes each month to cover those costs. When the cash runs out, you can’t spend any more money in that category until the next month.
How the Budget by Paycheck Method Works
The budget by paycheck method is a great way to manage your money.
It is helpful to see your expenses and budget them down each month.
The system can be combined with other methods, such as the calendar method, to help you visualize your plan.
The Budget by Paycheck Method is popular because it allows you to budget in smaller, more manageable chunks.
This system is helpful because it gives you control over your paycheck- when there are times when one paycheck won’t cover all of the expenses, you’ll know that earlier in the year. The monthly calendar is still useful because you may need to save up before a big expense comes due or be able to spend more on others if they aren’t covered by future paychecks.
The Budget by Paycheck Method can help you see how much money is coming in and going out each month. You can also use this method as a plan to track your monthly expenses so that you’re always aware of where your money is going!
Step #1: Track your spending
It is important to track your spending in order to understand where your money goes each month.
This will help you figure out where you can cut back and save money. It may take a month or two for you to get an accurate picture, but it will be worth it in the long run. You can use a variety of tools and techniques to track your spending, including budgeting apps, spreadsheets, and tracking your net worth.
Alternatively, one can use bank statements, credit card bills, and old receipts to retroactively take inventory of spending habits. Whichever way you choose, being aware of where your money is going is the first step to taking control of your finances.
Step #2: Start with a Blank Budget Calendar
There are many different types of calendars that can be used to create a budget.
A person might choose to use a blank calendar and write in their own budget goals, or they might prefer a monthly planner that breaks down the month into specific days and includes room for notes. Alternatively, many people now use digital calendars on their phones or computers which can also be helpful for budgeting.
By using a calendar, you can visually see when you need to save money from one paycheck in order to have enough for expenses during the next paycheck.
This is where the budget by paycheck method comes in handy. In this system, you plan out your expenses and figure out how much you need to save from each paycheck in order to make your goals work.
Step #3: Add your paychecks and bills amount
This will help you keep track of when money is coming in and going out so that you can better plan for the future. It may also be helpful to set up reminders for yourself to help make sure you don’t forget about any important payments.
For example, on this paycheck, you pay your cell phone, car insurance, water, life insurance, and internet bill. This leaves a net balance that can be used for food/clothing/entertainment or other needs that come up throughout the month.
With this paycheck budget method, you will create a workbook with all of your past budgets and calendars.
Step #4: Create a Budget For Each Paycheck
Creating and following a budget is an important part of financial stability. It can be customized to your needs as you grow and change, so it always reflects your current goals and situation.
First, you should make a budget for each paycheck. This will help you stay organized and aware of your spending.
Second, your budget is customizable- that means it can be tailored to fit your wants, values, beliefs, and feelings.
Finally, remember that budgeting is an ongoing process- it’s not something you do once and forget about!
Add up all of your expenses for the month, including rent or mortgage, car payments, insurance, groceries, and everything else. This is your total monthly spending.
Now, you need to divide each paycheck to meet your expenses.
When you are trying to pay off debt, your savings should be your number one priority. This is because if an emergency situation arises, you will have the money saved up to cover it without having to go into more debt.
Step #5: Set Money Aside in Sinking Funds for Variable Expenses
Sinking funds are important for anyone trying to budget their money because they help cover variable expenses that may come up unexpectedly. This can be anything from clothing and transportation costs to unexpected medical bills.
The variety of sinking funds you can create is up to you, depending on your needs. This is an important step to include in any budget.
Many people use cash envelopes to divide their money.
However, more and more people want a cashless envelope system and that is something we use, too.
Step #6 – Make Time for an End-of-Month Budget Review
It’s important to review your budget at the end of every month to ensure that you are on track with your financial goals. This will help you make adjustments for upcoming months, as well as avoid any costly mistakes.
In fact, it’s imperative that you do so for a few reasons:
You might be spending more than you need to.
You may have extra money left over at the end of the month.
Your money goals may have transformed.
Your budget will change as your life changes.
Set a date on the calendar to plan your paychecks and review past spending.
Step # 7 – Be Realistic about Your Finances
Creating a budget that works for you can be difficult, but it is important to be realistic when doing so.
One way to help make your budget more achievable is to track your spending and see where you are overspending. Once you have an understanding of your spending habits, you can begin to make changes that will allow you to save more money.
Another way to be realistic in your budgeting is to think about what is important to you and what compromises you are willing to make.
For example, if you plan to spend $300 a month on groceries while previously spending $750 a month. That is an unrealistic expectation to start from.
Budget by Paycheck Printables
The Budget by Paycheck printable provides a helpful way to create a budget. It is intended for people looking for an easy way to spend their money on groceries, gas, and other necessities.
You can use our budget by paycheck printable templates and spreadsheets to help you stay on top of your finances. Alternatively, you can also use a pen and paper and create your own.
Just be sure to track your spending and income so you can make the most of your money!
Tools Needed to Create your Budgeting by Paycheck
There are digital tools available for creating a budget using your pay dates as a guide.
This will help you avoid overspending, and going into debt into actually saving and reaching your financial goals.
You can use these tools to take back control of your money.
A monthly calendar
Just remember, a monthly calendar can be helpful in visualizing your paydays and monthly bills.
You can list out all of your bills and due dates on the calendar, as well as when you get paid. This will help you to stay organized and ensure that you are able to pay all of your bills on time.
Additionally, it can be helpful to set a budget for each month and try to stick to it. Having a monthly calendar can be a great way to stay on top of your finances and keep your budgeting goals in check.
Budget templates
You can use a budget template, or you can create your own budget from scratch. If you’re looking for a quick and easy way to get started, using a budget template might be the best option for you.
Some templates are geared toward people who have a lot of debt, while others are designed for people who want to save money. It’s important to find one that works best for your unique situation.
Cash Envelopes
Cash envelopes can help manage your spending.
When the envelopes are empty, that means you have no more money to spend. This will help you from going over budget immensely.
A budgeting app
You can use a simple spreadsheet or one of the many specialized budgeting apps on the market. The important thing is to find one that fits your needs and makes it easy for you to track your spending.
Some apps allow you to set financial goals and track your progress over time. Others let you create budgets for specific categories (e.g., groceries, entertainment, rent) and warn you when you’re getting close to your limit.
Whatever app you choose, make sure it’s easy to use and provides the information you need to stay in control of your finances.
Here are our popular budgeting apps:
Ready to Plan with the Paycheck Budgeting Method?
For a long time, I was trying to stick to a budget that only allowed me a certain amount of money to spend each month. However, this was very difficult because my expenses varied from month to month. After tallying up my total expenses for the year, I realized that it would be much easier to just allow myself a flexible budget that could adjust with my monthly spending.
The budget by paycheck system is different from other popular methods in that it doesn’t dictate how much people should spend in each category or what percentage of income should go toward which goal.
Rather, it allows individuals to figure out what they can afford and then work within those constraints. This method can be especially helpful for people who have variable incomes or who want more flexibility in their spending.
This budgeting method is perfect for those who have an irregular income and want to make sure they’re not spending more than they’re making. Or for those with a stable income, but a knack for spending too much money.
More importantly, you need to dedicate the time needed to stay on top of your budgeting and spending.
Know someone else that needs this, too? Then, please share!!
Many people want to get better about budgeting but don’t know where to begin. Some people will like using apps, others the envelope method, but others may find that a basic online spreadsheet is the best way to keep track of the money coming in and going out.
Here, you’ll learn how to easily do that last option using Microsoft’s Excel spreadsheet program. It has some impressive features that can make it user-friendly and efficient as you budget. It can help you manage your money and hit those financial goals.
Step 1: Opening a Workbook and Creating the First Month
To begin creating a budget, the user will open a fresh Workbook in Excel by hitting File > New > Blank Workbook. Before diving into building the perfect budget, they need to save this file somewhere safe. After completing the first draft, it may be worth it to back it up on a USB drive or on a cloud-based platform. After saving the file, they’ll move on to building out the budget.
One way to keep track of this monthly budget, and review past months’ spending and saving progress is to create a tab for each month of the year. For extra convenience, the budgeter could consider beginning by creating a “template” tab to build the initial budget in and then copy it over each month and edit it as needed.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
Step 2: Adding Income
Before creating a spending budget, the user will start by looking at expected income for the month. Doing so makes it easier to formulate a budget that is realistic, making them more likely to stick to it. To begin building the proper formulas to help calculate income, the user will take the following steps:
Select cells A3-A11 (if more space is necessary later on, expand this selection past A11) and hit “Merge and Center.” Then write the word “income” and center it.
Merge the cells B3 and C3. Label these cells as “Source” which will show where the income is coming from. Some may have consistent income sources such as “Paycheck 1” and “Paycheck 2.” Others may have more sources they need to track “Side Hustle Income” or “Unexpected Income.” After choosing income sources and properly labeling them, merge every row from B and C through row 11 or whatever the chosen stopping point is.
While not necessary, one can label cell D3 “Date” which is where the budgeter can track which day they received a type of income. If they have predictable sources of income, this option may not be worthwhile, but for those with flexible incomes (say, seasonal workers who earn an hourly rate or entrepreneurs), it can help them stick to a budget and follow up on missing payments.
For the final step of the income section of the budget, which is more of a benefit to those with varying monthly income, label section E3 as “Planned” to identify what the originally planned income is. Then label F3 as “Earned” to identify how much money was in fact earned from each labeled source of income. For G3, label it “Difference.” This cell will automatically calculate the difference between the expected income and the income actually earned after adding the proper formula.
To create the formula needed to automatically track the difference between expected and earned income, add the formula “=SUM(F4-E4)” after every row it should apply to. Then replace the F4 and E4 with the cells that correspond to the “Earned” and “Planned” income sections.
💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.
Step 3: Adding Expenses
After wrapping up the income section of this project, the budgeter can start planning what their typical monthly expenses may look like. (Make sure to add those commonly forgotten expenses, too.) They can do this on the same tab that they calculated their income in or they can create a separate tab. How they organize their budget is totally their call!
They’ll use the same format for building out expenses as they did with their income (although if they choose to continue working in their original sheet, they’ll need to adjust the row letter and column number accordingly) and will name this section of the budget “Expenses.” Using the same labels from the income section is fine, as is creating new ones.
They’ll only have to make one major change to this process, which is to use a different formula for the “Difference” column. In order to best calculate expenses, they can use the following formula: “=SUM(Planned Number-Actual Number)” which will calculate how much they overspent.
When creating spending sources, instead of income sources, they can make as many or as few as they’d like. For example, someone may want to make one row that represents all utilities or they may want to designate a row for every single utility they pay. Another budgeter may want to budget for overarching categories such as living, automobile, entertainment, food, travel, and savings. It really depends how detailed someone wants to get about their budgeting.
For those drawn to a more detailed budget, they can create multiple sections for their expenses, they don’t have to be all lumped together. It’s fine to repeat this process again and again to create more detailed categories such as basic living expenses or business expenses.
Recommended: 15 Causes of Overspending
Step 4: Adding Some Goals
For those who want to expand their budgets past basic incomes and expenses, they can repeat the process used to create the income section of the budget and make some more specific savings goals.
One way would be to create a category that tracks how much they hope to save that month in general, another would be to break it down by savings category. Similar to expense sources, it’s possible to break goals down into separate sections, such as one that provides a more detailed look at saving for retirement or tracks a big expense they’re saving for, such as a down payment on a home or a wedding.
Using the same basic formulas for tracking expected income and how much income is actually earned in a month, the user can track what they hope to save and how much they actually do end up saving.
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.
Step 5: Customizing a Premade Template
If someone’s not interested in learning how to create a budget in Excel from scratch, they can use a premade budgeting template provided by Excel or one of the many free or for-purchase options that are available online.
Even when using a premade template, it can be helpful to review the tips for creating an Excel budget from scratch shared above, as they may allow the budgeter to customize the template to their needs.
At the end of the day, creating a template from scratch will allow the user to truly customize it to their needs, especially if they follow a particular budgeting method. That being said, a template can save a lot of time, especially for those who aren’t comfortable using Excel.
Step 6: How to Track Spending and Stick to a Budget
For those who have been hard at work creating their Excel budgets, it’s time to take advantage of that budget. It seems unlikely that anyone wants their Excel efforts going to waste, so one might want to make a budgeting check-in plan that they can easily stick with.
At the end or beginning of every month, it is a good idea to sit down and review if one went over or under last month’s budget, as well as take some time to build out the new month’s budget. That may involve simply copying over the template created earlier or the user might need to make a few tweaks based on how much they earned and spent last month.
As tempting as it can be to set it and forget it, the budgeter should try to check in on their budget more than once a month. Setting a quick weekly check-in date with their budget will allow them to update how much they’ve earned and spent so far during the month. That way, they’ll know if they need to scale back on spending in a certain category or if they can relax in another category.
While it takes a decent amount of self discipline and motivation to stick to a budget, awareness can be the first step in staying on track. By checking in with their budget frequently, savvy planners will remember their short-term goals and longer-term ones and hopefully will be a little extra motivated to meet them.
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Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
The Takeaway
There are many effective budgeting tools, and using an Excel spreadsheet can be one of them. It can allow you to track your income and your spending and saving, while making updates in real time. This can help you manage your finances and contribute to meeting your financial goals.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners. SOBK0523046U
