Tag: Tomo

  • Finance Gender Gap: Looking at the Gender Gap in Financial Literacy

    In a Global Financial Literacy Excellence Center study, female participants answered 49% of personal finance questions correctly while male participants answered 56% of them correctly. Although both these scores are very low and need to be brought up significantly, the interesting findings were about the gender gap in financial literacy as the study also found that women did significantly worse in questions about borrowing, saving, earning, and investing than men. This knowledge impacts every aspect of your life from the decisions you make to the ones you don’t make.

    Another result of the study is that women answered “don’t know” to 25% of the questions compared to 20% for men. This suggests that it may not only be lack of knowledge creating the gap, but also lack of confidence. Another study by GFLEC found that when the “don’t know” option wasn’t available, female participants often chose the right answer. This study credited lack of confidence for one third of the gender gap. In personal finance this may look like not wanting to invest or take risks, trusting others more than yourself, or feeling like you do not have the tools to even get started. Consider finance bros, Wall Street Suits, and khaki wearing car salesmen. These typical symbols of finance are all male and as you can imagine, they represent the male majority which can be intimidating. A way to combat this is through education and experience by seeing exactly what you can do for your finances instead of letting it stay a large unknown.

    Educating yourself can be the hardest first step because it requires you to confront what you do not know. Admittedly, finance has many moving parts and can become convoluted, but you don’t need to open a Roth IRA tomorrow. The first steps can be as simple as calculating your income and expenses to stay mindful of spending. Everyone starts from knowing nothing and learns through watching and learning from others. Instead of being intimidated by people who are more knowledgeable about finance, start with videos, books, or sites that are your level and build up slowly. As we have seen, the confidence to start and trust in yourself makes a very large difference.

    There isn’t one easy solution for fixing the gender gap in financial literacy. However, progress starts with empowerment and creating an environment where women can believe in themselves. Technology has made it easier to take control of your finances but we also cannot forget the women in the field who are paving the path like Tomo CEO Kristy Kim and allowing women to see themselves in the finance world. Although they may take a little longer to find, there are plenty of women in finance who you can bank with, learn from, and emulate.

  • A Guide to Re-entering Society After the Pandemic

    Just a few weeks in, this summer has already proven to be different from the last — the previous year’s uncertainty unsurprisingly resulting in a comeback season for many who are making up for lost vacation time. This moment can feel like a second chance at fulfilling the plans that were postponed for longer than initially anticipated. However, it can also feel sudden and a little overwhelming to have so many places and opportunities open back up. Here is our guide to help you ease your transition back into a post-pandemic society.

    Traveling

    The TSA checkpoint travel numbers are reporting a more than 3x increase in daily traveler numbers in June of this year compared to last year, meaning that you may need to take some extra time to prepare yourself for the next time you grace the floors of your nearest airport. Before you plan that next trip though, make sure you do your research on travel guidelines and local mandates to avoid getting caught off guard. While many countries are slowly opening up their borders to Americans, keep in mind that there will likely still be requirements for unvaccinated travelers. If you are planning on traveling anytime soon, it’s best to make sure that you and those around you are protected by getting vaccinated if you haven’t already done so!

    School and Work

    The idea of returning to work and school in person can be overwhelming, to say the least. Schools across the country are re-opening their doors to students and teachers after more than 1.5 years of offering remote learning. The academic rigor of online learning has not been easy, so it will take some time to transition back to the routine of in-person classes. Students should know that their schools’ mental health resources are there to help them with this. The same goes for anyone returning to working in person. Make sure to know the details of your company’s transition period and what services and resources are available for you to make this easier on you. Don’t be afraid to ask questions and voice your concerns — chances are, there are others thinking the same thing.

    Budgeting

    Going out more usually means spending more money. It’s awesome if you were able to develop healthy saving and spending habits during quarantine! Make sure to keep this same energy once your friends are inviting you out every weekend, you don’t want to undo all your hard work. Overspending will be easy, but if that happens don’t get discouraged! There are many ways to manage your budget and build mindful spending habits, just take a look at our previous blog posts for tips.

  • 5 Books to Jumpstart Your Personal Finance Journey

    Investing. Budgeting. Debt. For many who have never dabbled in the field of personal finance, these finance phrases can seem intimidating — but fear not! The field of personal finance presents beneficial knowledge in regards to managing an individual’s monetary resources. With summer break upon us, it provides a perfect opportunity for you to learn and work independently. Here are our top 5 personal finance book recommendations that are a great place to start.

    Rich Dad Poor Dad

    This book, written by Robert T. Kiyosaki, explores the author’s learning experiences from two father-figures and their different money-management strategies. It delves into the concepts of smart investing, earning money without necessarily having a high income, and how to maintain long-term acquisition of wealth. No matter what age group, this insightful book offers diverse perspectives on the concept of earning money and is an excellent read for those interested in developing their long-term personal finance skills.

    Broke Millennial

    Geared more towards the younger generation, Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry presents a variety of tips for those who are just beginning their journey towards financial independence. It covers topics such as investing, budgeting, planning, avoiding credit card debt, and much more. If you are a beginner looking to learn about these personal finance concepts, this book is for you!

    I Will Teach You to Be Rich

    I Will Teach You to Be Rich by Ramit Sethi is another resource that is perfect for college students or individuals starting out on their personal finance journey. It provides helpful advice on paying off loans and other debts, how to navigate late fees, and basic investing knowledge. It also gives recommendations on making future large-scale purchases in life such as property and vehicles. Overall, it is an excellent educational read for the younger generation who are beginning to face these real-world financial decisions.

    The Millionaire Next Door

    Thomas J. Stanley’s The Millionaire Next Door: The Surprising Secrets of America’s Wealthy is a helpful book that has had a significant impact on people’s understanding of what it truly means to be “rich” in America. It consolidates research findings revealing traits shared by those who have accumulated notable amounts of wealth, such as their saving practices, financial habits, and more. This book is a great fit for anyone looking to increase their wealth and develop healthy personal finance skills to do so.

    Your Money or Your Life

    Another resource for students in college or beginners to personal finance, Your Money or Your Life, by Vicki Robin and Joe Dominguez, shares nine steps that can be taken to achieve financial independence. It goes into detail about avoiding debt, maintaining living expenses, and keeping in mind the importance of your financial impact on the planet. This book promotes healthy as well as sustainable financial habits and is a great read for those who want to practice effective and responsible lifestyle choices.

  • How your Parent’s Financial Attitudes are Impacting You

    After the age of 20, you may find yourself slowly becoming your parents whether you’ve inherited their loud booming laugh, sense of style, or even that one annoying tendency. We know the basics of heredity and can possibly draw a punnett square for eye color, but how much do our parents’ experiences and attitudes affect our day to day lives? We do know that poverty and coming from a low income household greatly affects children in many aspects of their lives. But, it turns out that it’s not just household income that affects children. Your parents’ financial literacy and attitude also impacts your financial literacy and attitude towards money.

    First, let’s start with what financial literacy means and why it matters for your life. Financial literacy is defined as “the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.”Simply put, it is the ability and skills to make educated decisions about your money. This impacts not only how you get your money but also what you do with it. People with low financial literacy may find making big financial decisions intimidating and might enter into agreements that do not benefit themselves. Imagine going to buy a car and not knowing about interest rates, the actual value of the car, or monthly payments. In this case, you may be easily talked into a car you cannot afford, paying much more than you should, or signing documents you do not understand. Someone with high financial literacy would be able to avoid these mistakes and dodge their long lasting effects.

    So how does your parents’ financial literacy affect yours? As you may imagine, your parents can only teach you what they know. If they made poor financial decisions, you may see this as normal because of lack of exposure to better approaches to saving, spending, and earning money. They may have modeled poor habits which you picked up on whether consciously or not. However, if they modeled good habits, you would also see this as normal and replicate it later in life. For example, if you saw your parent haggle, coupon, or budget as a child, it probably gave you more appreciation for a dollar. Whereas if you saw your parent put everything on a credit card and live above their means, you may not understand the connection between money and the numbers on the screen. While small splurges may not seem too important, your attitude towards money will have a drastic impact on your life as those habits add up.

    Another possibility is that your parents kept much of the discussion about money from you. Many parents and cultures consider finances an adult topic and frown upon worrying children. This is financial secrecy and it can lead to children who have no knowledge of basic personal finance concepts. These concepts are only required to be taught in schools in less than half of U.S states, leading to a reliance on informal methods of learning with the highest being mom and dad. Consider this: your parents talk about major financial decisions extensively, budget, and save without showing you. How would you learn those skills? Because your parents never taught or modelled those positive habits in front of you, you start your adult life without the benefit of all of that knowledge.

    The relationships between parental financial knowledge and attitude are numerous, but the important thing is acknowledging them and taking the time to reflect on your own situation. Your parents may have been too frugal, leading you to overspend in an effort to overcompensate. They may have been careless with family finances and not balanced needs with wants leading you to live above your means as well. Whatever your situation, make sure to take a step back and analyze your financial history and its impact on your life. This process is not about pointing blame but more about understanding who inspired your amazing money habits and also finding holes that need filling. Thankfully, we do have many options for filling in those gaps. You could learn about personal finance through websites such as Cashcourse, Khan Academy, or Investopedia. You could even watch videos on YouTube, Instagram, or even TikTok! Get to learning in any way that fits your needs (and attention span) so we can continue breaking generational cycles and setting our own.

  • 5 Summer Activities That Won’t Break Your Bank Account

    As we head into summer and the weather heats up, many might be looking for affordable activities to enjoy with family and friends. Summer is a great time to enjoy the sunshine and get out of the house. All of the trips, vacations, and outdoor activities can start to add up and take a toll on your budget. Whether you’re a college student or looking for affordable activities for your family, here are some summer activities that won’t break your bank account.

    1. Head to the Farmer’s Market: In most cities and towns, farmer’s markets where local farmers and businesses gather to sell their products are hosted on the weekends.. This is an affordable way to buy your products while enjoying some time outdoors. It’s also the perfect spot to meet up with friends and family and shop around for an affordable price.
    2. Look up near nature trails: Check out distant or near trails in your area for its scenic view and experience the great outdoors for free! Whether you choose to hike or bike these trails, it is a great way to get outside and be in touch with nature. This is also the perfect activity to spend time with friends and family and exercise which is good for the mind and body.
    3. Go Swimming: A nice hot summer day calls for a pool day. If your home does not have a pool, no need to fear, there are plenty of neighborhood pools, rivers, lakes, and oceans, depending on your region. Access to a cool body of water is the perfect activity to lounge and enjoy a hot summer day. This activity should cost a low fee and can even be free.
    4. Read a Book: Summer is the perfect time to pick up a new hobby or read that book you’ve been thinking about. Make time in your day to sit outside or choose another space to relax in and enjoy the book you have been wanting to read. This activity can be done in your own home or in public, such as the local library, park, and coffee shops. Books are usually inexpensive and great for your mind and soul.
    5. Host a BBQ: As more people become vaccinated and guidelines are followed, family and friends can begin to gather as life returns back to normal. While restaurants and eating out becomes more of an option, hosting a BBQ is the perfect inexpensive and more affordable option to dining with friends and family. Hosting the BBQ as a potluck will further reduce the costs for everyone attending as one person is assigned to their own dish. The warm weather is perfect for a classic BBQ and an easy way to spend quality time with your loved ones.

  • 12 Media Recommendations for Asian Pacific American Heritage Month

    This year, as many regions are in the process of recovery from the global pandemic that shattered our daily routines, the month of May brings a new context to the importance of Asian Pacific American Heritage Month. Officially established by Congress in 1992, APAHM is an opportunity for Asian and Pacific Islander voices to be amplified. For many API identifying folks, May is a month to bring awareness to issues close to home, such as the recent rise in Asian American hate crimes during the pandemic. For others, May is also an important month to dedicate some time to explore the many resources available in order to broaden our perspectives and learn how to support the communities around us. Here is a short list of films, television shows, books, and podcasts by API creators that we hope will carry you to the end of May and beyond.

    FILM and TV. Early media representations of API individuals have a problematic history at best. Only recently are we now seeing an increase of entertainment media created by and featuring API voices. Film and television are important media for minority voices to express and navigate their identities through engaging narratives that humanize them, rather than make caricatures of them.

    • Minari (2021) Lee Isaac Chung’s tender film is about a Korean family’s search for the American Dream.
    • Better Luck Tomorrow (2002) Justin Lin’s edgy film depicts a group of over-achieving high schoolers that challenge the model minority stereotype and find themselves in a life of crime and excess.
    • Crazy Rich Asians (2018) Based on the novel by Kevin Kwan, Crazy Rich Asians is a contemporary romantic comedy about a New Yorker who struggles to navigate her boyfriend’s wealthy lifestyle.
    • Master of None (2015) Aziz Ansari and Alan Yang’s Netflix Original comedy is loosely based on Ansari’s real-life experiences as a New York actor struggling to realize his identity.
    • Kim’s Convenience (2016) A Canadian TV sitcom, Kim’s Convenience follows the lives of the Kim family as they run their convenience store in Toronto and features lovable characters in relatable situations.

    BOOKS. Since the recent rise in violent crimes against API individuals, books provide a portal to understanding the unique and personal struggles of identity that many API deal with. Novels allow us to step into a different pair of shoes and empathize with a life that we may find to be more similar to our own than we realize.

    • Crying in H Mart Michelle Zauner, also known as the musician Japanese Breakfast, writes about her grieving process after losing her Korean mother, and her only connection to her Korean heritage, to cancer.
    • On Earth We’re Briefly Gorgeous Ocean Vuong is a prolific Vietnamese-American writer, whose debut novel is written in the form of a letter to his mother.
    • Pachinko Min Jin Lee’s second novel is a historical fiction about a Korean family’s immigration to Japan over four generations.
    • Minor Feelings Kathy Park Hong’s autobiographical book reckons with the Asian American identity through memoir, critical criticism, and history in a series of essays.

    PODCASTS. Entertaining and insightful, podcasts as a media form are having a moment. API podcast hosts are taking over with witty commentary, complex discourse, and interesting interviews about the API identity.

    • Asian Enough From the LA Times, “Asian Enough” is a podcast about being Asian American — the joys, the complications, and everything in between.
    • Feeling Asian Comedians Youngmi Mayer and Brian Park navigate previously taboo topics in their Asian American households and take the opportunity in adulthood to talk about their feelings after a lifetime of holding in their emotions.
    • Asian Not Asian A weekly comedy podcast with a simple pitch: “Two Asian guys not from Asia talking about American issues no American cares about.”

  • Building Out Your Productive Summer — Tips for Students

    After weeks upon weeks of stressing over deadlines, submitting assignments, and cramming for exams, the light at the end of the tunnel begins to appear a little brighter. It’s almost summer break!

    When your long-awaited vacation finally arrives, you realize that the lack of items on your to-do list has left you with a lot of time to fill. With this newfound freedom, the possibilities might seem overwhelmingly endless. Here are just a few ideas you can try throughout your summer break to ensure that these next few months will be both productive and self-fulfilling.

    Learn Something New

    The thought of jumping back into classes right after a stressful finals season may seem daunting at first, but hear me out. Take advantage of summer courses offered by your university, local community college, or even various online resources. While you can definitely utilize this chance to get ahead on your graduation requirements, there are also a variety of entertaining classes that you can sign up for to learn something new or even discover a new hobby. While learning in the classroom has its own advantages, you may enjoy learning at your own set pace. Some fun ideas to explore are guitar playing, cooking, and even vegetable gardening!

    Travel/Study Abroad

    For over a year now, the pandemic has put a halt on a lot of people’s summer plans, but the recent availability of the COVID vaccine has offered a lot more opportunities for transportation and travel, whether it be casual roadtrips or booking flights. Additionally, a lot of universities have begun reopening their study abroad and virtual study abroad programs as well. There is no better time than summer break to check out the places that you have been waiting to check off of your travel bucket list. Stay safe and explore!

    Develop Your Resume

    Now that you are finished with the semester, you can finally take time to reflect and update your resume with all of the new skills you have gained throughout the past semester. If you’re looking to gain even more experience, look into applying for volunteering opportunities, summer internships, or jobs on various career resources such as LinkedIn, AngelList, and Handshake.

    Work on Yourself

    Outside of academic and professional growth, one of the most valuable things you can do for yourself is focus on personal growth. This can come in a variety of forms, ranging from small lifestyle choices to large scale habit building. Working out, learning a new skill, taking hikes are all productive activities that will keep your mind and body healthy and productive throughout your break. If you’re looking to develop good habits, you can try creating a list of short and long term goals, bullet journaling, or working on your personal finance!

  • A Recent Graduate’s Guide to Controlling your Finances

    In many ways, graduation feels like the finish line of a long race. You’ve been dreaming about not having to attend classes or write twelve pages on the molecular structure of a twig. What happens when you get there and realize that graduation is just the beginning of an adult life? Well if you are anything like me you may have come to the realization that there is much that school didn’t prepare us for so non-finance majors, listen up.

    Take Stock of any Debts

    First thing is first, take stock of any debts from that $50 you owe your friend to those thousands of dollars accumulated in student debt. Pay off those small debts as soon as possible to get into a good habit for future finances. As a student, acquiring debt is pretty easy but unfortunately keeping track of it is not, especially since many need to take out different types of loans to cover the cost of college. As a fresh graduate, understanding your options is important and thankfully the student aid website has all your public loans in one place with helpful visuals no matter where you are in your loan journey. For those private loans, log in to the lender’s site or check your credit report if you’ve lost track of that information. While in many cases repayment does not begin right after graduation, it is important to know your debts and pick a repayment plan. This can start with low payments and increase over time or you may want to plan for future repayments. Either way, it’s best to address any debts before time goes by and it seems too daunting to find accounts and information from years ago.

    Address Current Finances

    For this step you’ll need to pull up all bank accounts and piggy banks. Thankfully we have the benefit of banking apps which allow you to view account summaries, transfer money, and pay bills. While some apps include more advanced features like depositing checks, checking rewards, and a breakdown of your spending based on categories, you may need to supplement with a third party tracking app or personal spreadsheet including any cash purchases. For this you will want to track how much you spend on popular categories such as housing, transportation, food, etc as well as some personalized ones for hobbies, pets, or guilty pleasures such as your personal sneaker fund.

    As you take a closer look at your accounts, now is the best time to review the organization of your finances. My personal favorite debit account setup utilizes banking on the go by having direct payments go into savings first and periodically logging on to your accounts to move money from savings to checking. While this is a great way to make spending more purposeful, it does take some diligence to ensure that you do not over withdraw and many institutions have a monthly limit of six transfers. An easy solution is to open a credit account which works in virtually the same way by keeping your spending and savings separate while allowing you to take advantage of cashback rewards and build credit. For this you will want to look for cards without any fees or apr such as the Tomo credit card, which also offers a weekly repayment plan to increase the number of full payments and build credit faster.

    Anticipate Future Expenses

    Now that we have gotten organized, it’s time to look to the future by accounting for any upcoming costs. For example, if starting a new job, you may want to anticipate the costs of transportation, appropriate clothing, necessary technology, and housing. Other costs can include those that your parents may have been covering such as phone, insurance, and household items which can add up quickly. Depending on your situation, it may be time to consider these expenses seriously or just in a general sense. Either way, being aware of any upcoming spending will help you start saving or make any necessary changes to ensure that you are both mentally and financially ready. There is no one-size-fits-all route or financial plan, so take this time to reflect and explore what your priorities are and how to best make those happen!

  • Simplify Your Finances and Your Life in 5 Easy Steps

    Simplifying your finances can improve your quality of life by decreasing money-related stress and freeing up time to do the things you love. Everyone has to deal with their finances differently, and some are more organized than others. Every individual would benefit from getting a hold of their spending, budget, and personal finances to live a stress-free life. Below are five tips to simplify your finances so that you can start living your best life now.

    1. Consolidate Bank Accounts and Credit Cards. Check the number of credit cards and bank accounts you have accumulated throughout the years. Most people only need one checking and one savings account, allowing you to simplify all of your finances into one account. This will streamline your bank statements and make it easier to plan your budget, evaluate your finances, and stay organized. Reevaluating the number of credit cards in your wallet and the bank accounts attached will also simplify the organization in your wallet and your online bank account. Cutting back on the number of credit cards will simplify your life and your spending. It would, however, be beneficial to keep some credit cards to build credit and reek the benefits. When picking what card is right for you, it is essential to look at each card’s benefits and evaluate which one offers the most valuable rewards. It is important to ensure that your cards are building credit and have cash back options when finalizing your card decision.
    2. Get Rid of Paperwork. As the world is turning digital, you might want to consider doing the same to all of your finances. Bank statements, water bills, energy bills, etc., primarily have included a paperless billing option which will allow you to handle all of your finances online without the hassle of receiving bills through the mail. This leaves your finances at your fingertips and will keep you organized without keeping track of paper within your home. Companies have rolled out perks for signing up for their paperless option to encourage more customers to join while also giving benefits such as a cut on payment and no added fees. A bonus of going paperless is that you are contributing to saving the trees and the environment.
    3. Pay in Cash. Paying for goods and services when outside the house with cash will allow you to easily budget and track your spending. Using money will allow you to map out your purchases, keep you from overspending, and helps stop impulse buys. Using actual cash will simplify your budget and your credit card bill. This is an excellent tactic to have better peace of mind in knowing you spent what your budget was. Understanding how much cash you have can also include reevaluating your cards’ benefits and seeing if there is a cashback option. This feature will allow you to get cashback on your spending and use it towards other purchases.
    4. Cut Services. Check all of your billing statements and the app store’s subscriptions to evaluate what services you are currently paying for. There are many streaming platforms, app subscriptions, and other memberships that you might be paying for monthly without even knowing it. It is very easy to accidentally sign up for a plan and be credited each month without using the service. To avoid this, take time to review your bank statements each month and check to see if you are still using these services. Cutting down on subscriptions and memberships will simplify your financial life and allow you to use that money towards other products or services that will be of greater benefit to you.
    5. Stop Looking at Your Screen. Now that you have simplified your finances, it is essential to go outside and live your life without the stress of being unorganized. The average American spends half of their day staring at a screen, while that number has only increased during COVID-19 lockdowns. With vaccine rollout, the reopening of businesses, and the loosening of restrictions, there are more opportunities to go outside, put down the screen, and start to experience life on a deeper level. Simplified finances will allow you to spend your money and time on things and experiences that bring you joy.

  • Take Control of Impulsive Spending

    Let’s be honest, we have all found ourselves victim to the temptations of impulsive shopping. It’s difficult to resist the calling of a seasonal sale, especially when this offer comes with the promise of an updated summer wardrobe or a new device for your productive home office set-up. However, the shame outweighs the benefits when we find that our email inbox is overflowing with shipping notices for items that we don’t even remember adding to our online cart. Being increasingly connected online also means being constantly bombarded with advertisements in the form of cleverly written articles and discreet social media posts, all of which may contribute to an increase in impulse shopping. One of the smartest ways to care for your financial health is to understand how to identify episodes of impulsive shopping and learn what you can do to avoid this type of unhealthy consumption.

    Understanding temptation

    Getting to the bottom of impulsive spending habits is much easier said than done, but it is a necessity in order to help rewire the financial decision making process. Everyone turns to “retail therapy” for various reasons; most times, these reasons allude to deeper emotional needs. Instant gratification is one common reason that many people turn to impulse spending. This stems from a misconception that material items provide aspirational characteristics. Take a second and understand why that “add to cart” button seems tempting. Step back from the checkout page and consider whether these items are truly necessary or if these purchases are being used to distract from something else.

    Take inventory

    The dangers of overconsumption are very real especially when it comes to items like clothing or cosmetics which can be easy to purchase an excess of, leaving you drowning in backups of backups. Avoid getting into a habit of over-purchasing and stocking up on items especially during sales. If it takes 3 months to get through a bottle of sunscreen, think before buying 4 more bottles during annual cosmetic sales. These items can oftentimes spoil before they fulfill their utility, and you may find that your preferences have changed over time. For clothing, keep a working inventory of your wardrobe in any way that is helpful to you, this can be mentally or written down in your notes app. Know which clothing items you actually wear to avoid buying pieces that seem more aspirational than practical.

    Virtual cleansing

    Email marketing is effective. Your favorite retailers know this, which is why you get weekly emails detailing sales and deals to your inbox. Some of these may be helpful when you are in the market for certain purchases, but most of the time, these emails are constructed to convince you to buy things you wouldn’t have purchased otherwise. Cleanse your inbox regularly by unsubscribing from pesky marketing emails that got your information from previous purchases. This will help by providing an out of sight, out of mind approach.

    Budget for impulse

    Impulse shopping is most unhealthy when this habit interferes with your financial health. Knowing when you can afford to indulge in a little bit of instant gratification makes all the difference from using impulsive spending as a crutch for other issues. Every week or so, put aside a bit of your spending budget so that you can make a guilt-free purchase at the end of the season. Financial health involves mindful habits that allow for both necessities and luxuries without worry.