Friday, 28 April 2017 11:22

Top 5 Tips For Saving Money

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Top 5 Tips For Saving Money

Keep a spending record

Writing down everything you spend is a great way to make you really think about your spending habits. It will provide you with a list of things you need to cut back on and is the first step to creating a monthly spending budget. First start small with a one day record. Then continue to do this everyday for a month. Once the 30 days are up, take time to assess your habits. Identify where all your money is going and if there are any areas you need to spend less on.

 

Write a budget

Having a written, monthly budget allows you to keep on track with day-to-day costs, help plan for larger expenses and avoid spending up big on your credit card. Start by noting down your net income so you know how much you have to spend each month. Also subtract any amount you wish to save from this figure. Then look at your spending record and allocate money to your expenses. You should also set financial goals you want to accomplish in the short and long term. You may need to adjust your habits to achieve these but this is an important step in keeping you on track.

 

Learn to cope with stress

Excessive and unnecessary spending is often a method to relieve stress. It’s a hinderance on both your budget and mental health and should be addressed immediately. Find a sustainable way to manage your stress and you will reap the benefits. Eat healthy meals, exercise regularly and share how you are feeling with others. Eventually this should help to reduce the desire to spend unnecessary amounts of money.

 

Master the 30 day rule

Avoiding the need for instant gratification can save you a tonne of money. Waiting 30 days before you decide to splurge on a purchase is a great way to master this rule. Most commonly once the month has passed, your desire for the purchase has gone and you will have saved yourself some money just by waiting. Always give yourself time to think about any unnecessary purchases. Waiting can open your mind and give you a better perspective on what you really want and whether or not it is truly worth spending your money on.

 

Invite friends over instead of going out

Going out to eat consumes both your weekly food and entertainment budget in one fell swoop. So instead of heading out to a bar or restaurant, invite your friends over for a pizza and games night. Play cards around the dining table or a fire if the weather permits. Order a few pizzas in for delivery and come up with your own entertainment. Find a savvy pizza voucher online and have each person to chip in for the pizza to save even more money. Have each one of your friends bring over a different card game with them, you will have a blast without breaking your budget.

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