If you’re that one friend in your group who never seems to have enough money, it can be very frustrating to ponder how you ended up in this situation. Saving money and spending wisely comes more naturally to some people more than others. If you’re not one of those people, and you’re sick of burning through your paycheque before everybody else, you don’t have to go on suffering like this! Here, we’ll look at some of the best habits to adopt when you’re trying to save more money. If you can make these a part of your day to day life, you’ll shed a huge amount of stress, and have much more money to play with!
Automate your Savings
One of the best financial habits anyone can adopt is automating their savings. If you have savings targets, but you know you lack the self-discipline to stick to them on your own initiative, get on your online banking set up an automatic transfer for a certain amount of money to your savings account to happen every pay day. If you never see that money in your main account, it will never cross your mind to spend it; simple as that! Sure, you’ll still be broke by the time your next payday rolls around, but this way, you’ll be broke with a financial cushion to fall back on if needs be. There’s nothing wrong with taking a little money out when you’re getting to the end of the month, just so long as your savings are still going up with each payday.
Have a Written Budget
By creating a personal budget, you’ll make yourself aware of exactly how much money is coming in and going out of your possession. You’ll also be able to allocate a certain amount to each kind of expense, giving you more confidence when you spend money on pretty much anything, and minimizing the risk of frivolous purchases that you’ll wind up regretting later. You may have to cut back on some of the little treats and luxuries in life, true. However, this can be a good thing, as it motivates you to look for resources for saving such as this site: https://www.couponsherpa.com/amazon/. Many people who feel like they never have enough money to save or spend on recreation can be amazed at how much easier it is once you have a clear view to where all your money is going. No matter how much money you’re working with, setting yourself a personal budget is extremely empowering.
Discover Generic Brands
Tending towards generic, store-owned brands is another great way to penny-pinch when you feel your personal cash flow is out of control. Sure, there are going to be certain brands that you simply can’t replace. There’s never been a supermarket brand of cola that measures up to real Coke! However, when it comes to toiletries, medicines, cleaning products and many types of food, there’s often very little difference between branded products and cheaper, generic alternatives. The next time you’re doing a big grocery shop, make a point to replace some of your usual choices with cheap, generic brands. By shopping around more like this, you’ll rack up some huge savings over time, and may even open your eyes to some favorites you never knew about before!
Avoid Payment Plans
Payment plans seem to be everywhere these days, and they’ve punched some major holes in the bank accounts of countless impatient consumers. If you’ve been guilty of this at some point, always paying up-front and avoiding any payment plans could be the habit that turns your financial situation around. The only real exceptions to this are paying for education, buying property, or a similar big purchase like a car. For pretty much everything else, you need to avoid finance and payment plans like the plague! Sure, the rates some companies offer are fantastic, but you never know what’s going to happen in the future. By tying yourself into a payment plan, you’re pretty much betting on the fact that your finances will stay exactly the same as they are, and you’ll be able to afford the installments with relative ease and comfort. This can backfire massively, so avoid payment plans wherever you can.
Use Cash or Direct Debit
Another financial habit that most people can benefit from is waving goodbye to their credit card. If you’re a big spender, this might sound like complete heresy. However, if you’re serious about wanting to save and ensuring a stable financial future, this particular habit is extremely important. True, if you’re already good with money, using a credit card and paying it off each month may turn out really well for you. However, if this is the case, you’re probably not reading this article! If you know your spending habits get the better of you, leave the plastic at home, and save it for instances where you genuinely need it. Instead, set yourself a budget, and get that amount of cash out. When paper money is gone, it’s gone. If you’ve already got a considerable credit card debt hanging over your personal finances, you can read some great tips for wiping it here: http://money.usnews.com/money/personal-finance/.
Pack your Lunches
There may be some gorgeous food outlets in the city where you work, but if you get into the habit of making your own lunches and taking them to work with you, you can save a small fortune in a fairly short space of time. Buying lunch out can make us feel pretty good, but it can also create a considerable strain on our finances. Obviously, with all the other tips, you’ll still be able to comfortably afford eating out here and there. However, you should at least try to make this few and far between, and think of it more as a treat that you can look forward to, rather than a part of the routine. When Friday finally comes around, that sushi platter will taste so much more satisfying than if it was your fifth that week!