Budgeting can be difficult due to money being fleeting. The ability to save money may sometimes wane as you encounter more and more unwanted expenses. Still, there are some people who budget well. That makes you wonder, doesn’t it? How do they save so much money? The answer is a realistic saving plan and lots of (plus a whole lot more) commitment.
The budgeting and money saving advice that you’re about to read could change your financial life, and could in fact determine the magnitude of your financial future. Relax, we aren’t about to suggest that you starve five days a week. These methods can be applied in any lifestyle possible on earth. However, to get them to work for your saving and budgeting plans, you need to commit to them now.
- Pay Attention to your spending: Every working person knows how easy money blows. Your plans to save could be foiled by the urge to buy necessaries. All’s well and good, but are you keeping track of those spending? Because if you’re not, there’s every chance that you’re spending more than you should. So, take some time, weekly if you must, to update yourself on your financial status. It will accelerate your saving plans.
- Reduce unnecessary purchases: Is that cable really worth it? Do you really need those weekly magazine subscriptions? Because think about it, if you have plans to save more, you’re probably working more, so definitely, you don’t have time to watch your favourite Netflix show. Don’t let those increasing cable bills ruin your savings. That money can be invested in other financial goals. Watch blu-rays or read a novel instead.
- Cook; don’t eat out: Most people don’t realize how much money goes into eating out. You could save a lot of money by going to the grocery store and preparing your own dishes. By doing this, you not only save on food, you also plan your diet. Think about it, that coffee’s not so hard to make indoors is it?
- Work Overtime: If you have the chance to earn more, take it. Or better yet, do some freelance. That extra cash will help, believe it.
- Don’t buy on Impulse: Before you place that order, ask yourself if you really need the item. Impulsive buying is the main cause for many credit card debts. To avoid buying on misplaced priorities, take a day or two to think it through—except its Black Friday, and you would save money by buying, which is the point of all this.
- Do It Yourself: You don’t have to hire a professional every time. You can fix that broken sink yourself, or fix your door hinges. The internet has so many walkthroughs that will help you figure things out on your own. Google your problems first, it’ll save you money.
- Don’t Keep Up with The Joneses: Your saving progress should matter more to you than catching up to other people’s lavish spending. The bandwagon effect goes on and on and never profits anyone. Stick to your saving plans and be happy with your budget plans. It’ll pay off eventually.
- Stay Indoors: Well, if you can’t afford an outing like a date or a drink with friends, why don’t you stay indoors? Subjecting yourself to unneeded debt pegs you back on your saving plans by a mile. Staying indoors never hurt anyone. That doesn’t mean you can’t have fun outdoors, but do so when you can afford it.
- Commit to your plans: If you’ve made plans to budget and save, follow it till the end or till when you’ve accomplished a financial objective. Saving is a personal investment. If you can’t trust yourself with money, how can you trust others with it?
- Fixed Deposit, maybe: And well, if you’ve tried to save and somehow failed, you could open a fixed deposit account. You won’t be able to withdraw your money until the due maturity date, however the interest rate are always high. Get yourself a fixed deposit and save!