If you want to save money, then it can be something that can be done. However, you really do have to want to do it, as it is all about planning and being disciplined. Saving money on your everyday items and expenses isn’t something to only think about when it comes to reaching a particular milestone. It needs to be something that you do each day by making it a priority for your financial future. If this is what you are looking to do, then here are some money-management tips to help you in your daily life, so that you can see the spending being cut, and see the savings add up.
When you’re not being careful with your spending it can be easy to get through your money because there is no thought or planning in what you spend or how much it all is. So if you want to take better control, then looking for a systematic approach to money management is something that really is a must. Here are some of the things that could help.
- Look at what you are currently spending. Before you start to build a budget, you need to have an idea of what you are spending at the moment. Where do you buy things and how much do you spend? Are the habits the same each month, or do you spend quite erratically? Then you can create a realistic budget around your needs.
- Creating a budget is the next step to take in money management. You could use a notebook or a spreadsheet, but it all needs to be written down. Plan out your incoming money, and then look at what your outgoing money is. Then when you have decided what your weekly or monthly budget will be, you have to make sure that you have the discipline to stick to it.
- Tracking what you spend is something that should be done on an ongoing basis. Even if you’re determined to stick to a budget, there are things that come up that you need to spend on, or you can slip up from time to time. So to avoid any overspending, you should track what you spend on a regular basis.
- It can be trickier at the moment, as so many things are card payments only. But one trick that works to keep spending down is to pay using cash for your day to day expenses. You can’t go over your budget when you’re using cash, because if that is all that you have with you, then you have to stick to it, no matter what.
Adjust Your Shopping Habits
When it comes to your everyday spending, a lot of it will be things like groceries, fuel for a car, public transport, and small purchases. Things like rent or mortgage and bills will be taken automatically, so there is less to think about with them. So in order to keep your spending down and in control, there are some things that you can do to adjust your spending habits. Have you ever considered any of the following?
- Using websites for freebies and coupons can help you a lot when it comes to your everyday spending. If you look on these kinds of sites before you shop, you might find that you’re able to claim something for free, rather than having to spend your own money.
- Buying in bulk is a really helpful tool to saving money. When you prepare a meal plan, you know what you need to buy, and then you can buy in bulk accordingly. Oftentimes it works out much cheaper to buy a larger pack of something, rather just buying one or two individual items.
- If you are looking for things like items for the home, clothes, or gifts, how about things that are secondhand? If you are able to find a regular store?
- In some instances, you could even look to borrow instead of buying. If you need to wash your car or clean the yard, then is it going to be worth buying a pressure washer when your neighbor has one that you could borrow instead? Just get a little creative, and it will help your spending.
Reduce Recurring Costs
If you have some ongoing costs, for things other than rent, then there are ways to cut them down. You have to pay them, but if you can pay less, then you are onto a really good thing.
- Rethink some of your memberships. So many of us have Amazon Prime video, as well as Netflix and NowTV, for example. But do we need all of them? Could you cancel yours and use a profile of a friend’s account for a fraction of the cost?
- The same thing goes for something like a gym membership here too. Do you need it? For what you spend on it each month, could you work out in other ways for less, and pocket the rest? Definitely something to consider.
- If you have a mobile phone plan, whether it is pay as you go or on contract, what can you do to cut back the costs of your plan? It can be tempting to get an upgrade as soon as you are able, but if you pay for a plan, without having to pay for the phone payments, then that can save a lot of money. Check with your provider how much of your plan you use. If you’re never anywhere near the data usage or the calls or texts, then why not pay less for a smaller plan? It is something small that makes a difference.
- For your household bills, there are a number of things that you can do to cut costs. To reduce your water bill, only do laundry when there is a full load, and take showers instead of baths. To cut your energy bill, reduce the thermostat by a degree or two, wash laundry on cold, don’t use a tumble dryer, and only switch on heating when you need to.
What else would you add to the list? It would be great to hear what you think.