Posts made in May 2017

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It can sometimes feel that we’re always looking at our bank balance and grimacing, always worrying about whether we’ll be able to afford the cost of a bill, and so on. Sometimes, it makes sense; at others, it doesn’t. If you know you have a job that should be able to live off, then it might be your spending habits that need checking, not your salary. Here are ten tips to put that cash back where it belongs: in your wallet.

(photo credit)

What Are You Spending?

Before you’re able to figure out how to save more of your money, you need to establish where exactly it’s going in the first place. For one week or month, keep a list of all your incomings and outgoings. It might be that you’re spending far too much money on one thing (let’s say, travel). Once you know where it’s going, you’ll be able to better focus your energies on reducing how much you’re spending. We can very easily end up spending more than we think on things we thought were pretty cheap!

Reviewing the Finances

If you’ve been spending more money than you should have, then you’ll need to review your financial situation, as being in debt can cost you much more money than if you’re financially secure. If necessary, get help with your finances before you do anything else. Once you’ve plugged the hole in the ship, you’ll be able to focus on getting it back on course. Small credit card bills and other debts can quickly add up, so it’s important to take care of them as soon as possible.

Cutting What You Don’t Need

If you had all the money in the world, we’re sure you could find plenty of things to spend your money on. But the fact of life is, you can’t have everything in this world. If you’re spending a large chunk of your income on what could be considered luxuries, it’s time to trim away the fat and focus on the essentials. This doesn’t mean getting rid of everything that isn’t bags of fun; it’s just about really asking whether you need one thing or not. For example, you probably do need an internet connection, but you might not need a cable television subscription.

Buying Smarter

We tend to fall into the habit of buying things the only ways we know how. It might be that we’re used to going to the shop, picking out whatever we need, and throwing it into our shopping trolley. That’s another luxury that you might not be able to indulge in. Instead, you should be looking at the smart ways to buy your household food and items. There are plenty of coupons available, as this very website shows, and you can also save a lot of money if you buy in bulk. You can dramatically cut your monthly shopping bill if you just think about what you’re buying.

Cutting the Bills

It’s not cheap to maintain a home, but it probably doesn’t have to be as expensive as it currently is. If you get smart about the energy you use in your home, then you can reduce your energy bills. For example, install installation in your home, and you won’t need as much heat to keep your house warm, as the walls will retain the heat longer. You should also look at switching off any electrical appliances at the wall.

Loose Change

How often do you withdraw money, end up with some loose change, and then promptly spend it on something that you don’t really need? If you have money burning a hole in your pocket, you’re liable to make any number of avoidable purchases. Instead, take any loose change you have and put it in a jar. It might not sound like a lot, but in a year you could have hundreds of dollars, and it won’t even feel like saving! Another good tip is to only withdraw your money when you need it, rather than just having it “just in case”.

Change Your Social Life

It’s not cheap maintaining a social life. There are dinners with friends, drinks with the coworkers, cinema trips with the loved ones…it quickly adds up. No one’s suggesting you stop being social; instead, change what you do when you’re social. Instead of going to the bar, invite friends around to your home for drinks instead. Don’t go to the cinema on a Saturday night, go during the week the tickets are cheaper, and so on.

Eating Well

Saving money should not come at the cost of compromising your health. It’s still important to eat healthy, even if you ask trying to save money. Most people don’t realize that many of the ingredients that combine to make a healthy meal can be very cheap. Learn the art of cooking delicious meals on the cheap and you’ll ensure your family eats well without breaking the bank. Being unhealthy is also an expensive business when you need more medical treatment!

Second-Hand Goods

You can’t avoid buying things forever. Some things you just need, and while friends and older family members might appreciate handmade goods, sometimes you’ll need to buy a paid gift. Instead of blindly buying the item you want for full sticker price, take a look to see if there are any second-hand options available. If you’re buying electrical appliances such as smartphones, laptops, and televisions, it can also be worth looking at refurbished models. They’re practically the same as new items, but cost much less.

Invest in the Right Areas

Money saving is really about being sensible with your money. It doesn’t mean not spending: it means spending your money well. If you are going to buy things, make sure they’re good investments. For example, a $70 pair of shoes is obviously more expensive than a pair that costs $30, but they might last four times as long, so it’s a good purchase. Similarly, spending money on a course that might help you earn more money, in the long run, would be another good investment.