Have you ever found yourself counting the days before the next pay day? Have you tried recalling your purchases for the past week and mentally computing the total expenses? If it’s a yes and a yes, you may be not be spending wisely enough.
In the age where there are endless innovations packaged with good marketing strategies, one is always tempted to buy one thing after the other and saving money often takes a backseat until something important comes up. Often, one realizes the value of saving a bit too late. Big savings starts from small. Following these simple ways will ensure that all those hard-earned money will go a long way!
- Set realistic goals. If saving up 30% of your monthly salary will still allow you to pay off apartment rent, utilities, groceries, movie and dinner dates, a trip to the salon and other things you need (and want), then by all means, set this target. Do not set an unrealistic amount because it will only discourage you and make you feel frustrated in the end. Set your own comfortable and realistic goals. As you go along, you will be able to assess if you can still go higher with your set amount.
- Keep a breakdown tracker of your expenses. Keep an accurate record of your expenses to find where the unnecessary spending comes from. Have you been taking the cab to work lately because you have been waking up late? A change of lifestyle can actually cut down your expenses. Taking the train rather than the cab means greater savings – that is if you wake up early enough. Have you been spending so much money on lunch? Try preparing your own delish lunch on some days. You will find that this is not only healthy but is a good saving tip too!
- Pay debts as soon as possible. Swiping credit cards is easy and convenient. It gives you that happy feeling of finally buying something for yourself. There is no harm in rewarding yourself after weeks of hard work. Just remember though to pay exactly the terms you used for your purchase. Do not let your debt balloon up with surcharges. Be a responsible credit card holder so that you can continue enjoying the perks of your card without worrying about the debt from months ago!
- Bring just enough cash-on-hand. This tip is a bit tricky but really effective in preventing you from unnecessary spending. Keep your money in the bank or in a jar where you will not be tempted to use everything at once. The more money you save, the more inspired you will be. Bring just enough cash to get you through the day. This will discipline you and will train you to become a wise spender as you carefully plan your purchases.
Saving up for bigger investments or for rainy days is a mature and prudent thing to do. This will teach you to value money and spend it on important things. Saving need not be a burden if you start from the basics. Always remember that you work to earn money that will give you a comfortable life in the long run!