Trim the Fat on Your Spending

Spending habits are like diets

They say that 70% of your physical fitness is about diet — it doesn’t matter how much you exercise, if you have an unhealthy diet, it’s going to be a challenge to get fit. And it’s the same with your money. Even if you made $1 million a year and you spent $999,999, you wouldn’t be financially fit. 

This week, MoneyLion members got their money in shape by learning how to keep their spending in check. Don’t forget you can track your spending and see how it affects your overall financial fitness in your Financial Heartbeat tool (the fitness tracker for your money in the MoneyLion app).

6 Tips to trim your spending

1. Track your spending. Review your purchases every few days to find areas you can cut back. (Tweet this)

MoneyLion’s Financial Heartbeat automatically tracks your spending — offering personalized tips on how to cut back.

2. Budget like a boss. Separate your expenses into categories and set limits for things like food, travel, and bills. (Tweet this)

Or try the 50/30/20 plan — put 50% of your spending toward needs like rent and utilities, 30% toward fun things like traveling and dinner out, and 20% toward your savings. Try an easy budget template.

3. Check your subscriptions. Make sure you’re not paying for services you don’t use and cancel subscriptions & trials. (Tweet this)

MoneyLion notifies you about all of your recurring expenses so that you can see how much you’re spending on subscriptions and pinpoint the ones you want to cancel.

4. Take advantage of rewards. Get rewarded for daily expenses. Swipe your MoneyLion Visa® Debit Card to earn cashback. (Tweet this)

And keep an eye out for seasonal promotions in your MoneyLion app for opportunities to get even more cashback.

5. Treat yourself to a small reward. Having a good saving streak? Indulge on a small treat this weekend. Check your balance first! The MoneyLion app makes it easy. (Tweet this)

6. Use cash advances to spend. Spending budget getting a little low? Use 0% APR Instacash to get paid any time. (Tweet this)

Just open the MoneyLion app and link your checking account to qualify today and access up to $250 per pay period when you connect direct deposit.

It’s not too late to join the Money Fitness Challenge

Don’t forget that September is self-improvement month! You can still join the Money Fitness Challenge for a chance to win $100! Download the MoneyLion app to get started.

Disclosure

NO PURCHASE NECESSARY TO ENTER MONEY FITNESS CHALLENGE. Void where prohibited. Sweepstakes open to legal residents of the 50 U.S. states and D.C. 18 years of age or older as of date of entry. Begins 12:00 AM ET 9/1/19; ends 11:59 PM ET 9/27/19. For complete Official Rules and eligibility, visit the Official Rules. Sponsor: MoneyLion Inc.

MoneyLion Checking Account provided by, and MoneyLion Visa® Debit Card issued by, Lincoln Savings Bank, Member FDIC. Terms and conditions apply.

Investment advisory services provided by ML Wealth, LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Investment Account, see Investment Account FAQs and FORM ADV. Broker-Dealer may charge a $0.25 withdrawal fee, among other fees. Funded accounts are subject to administrative fee of $1 per quarter.