Saving money is not easy, especially for folks who have an impulse buying habit or don’t get enough income. However, it’s intelligent to realize that rainy days can happen anytime for anyone and budgeting/managing your money is critical. Even if that means cutting back in areas you’re not use to.
So What Can You Do to Save Money? We’ve Gathered 10 Proven Ways below:
- Cut Down on Credit – Having a credit card in the hands of someone who is not self disciplined with finances can turn into a financial hemorrhage. If you’re someone who’s realized that you spend freely without realizing long term effects, then definitely get rid of the plastic.
- Only Buy What You Can Afford – A wise saying goes “It’s not the amount of money you have that makes you rich, it’s how you spend it”. Stop buying something you know you can’t afford. Look at your monthly income in proportionate to what you’re purchasing and plan accordingly.
- Stop Eating Outside – We know it’s tempting to freshly made meals from popular restaurants everyday, but that can quickly add up to your monthly spend. Packing lunch from home and bringing it to work will help tremendously on saving money.
- Catalogs and Email Lists – We’re constantly bombarded with email offers for stores on sales all year around. Do yourself a favor and declutter/cut down from the madness of consumerism.
- Track – This is the most important of them all. If you’re not tracking your income vs expenses, it will be difficult to save money. Start with using an app like mint.com or simply creating an excel spreadsheet. TRACK!!!!
Americans spend all or most of their income on things that have little or no lasting value.
Thomas Stanley, author of The Millionaire Next Door