7 Money Saving Tips
Everyone wants to be able to save more money to buy and do things they want without being in debt with Credit Card companies, hopefully this post can help you do just that.
Create a Monthly Budget
Have you ever wondered why companies have things like; income statements, cash flow statements, financial statements and balance sheets? It’s so that they can see their strengths and weaknesses, know where money is coming from and going to and how to maximize profits and minimize losses. By doing this you can save yourself a couple hundred of dollars every month. By having a monthly budget, it helps you know what you need and things you don’t, like that HBO subscription you still have months after Game of Thrones has ended. I’ll leave a link to my personal Budget Template down below.
Set Specific Goals
By setting time specific goals with monetary values, like saving $500 in a month or more and writing it down you’re doing two things. Firstly, you’re committing yourself to doing it and secondly, seeing it every day serves as a reminder of what you have to do by a certain time.
Set Automatic Transfers
I personally use my PayPal account to save, I setup an Automatic payment goal, which takes a certain amount of money from my account every week, by doing this I am forced to live off what is left in my account without having to touch what I am saving because it is a goal I am trying to reach.
Use the 24-hour Rule
If you are someone that buys things on impulse, using a self-imposed 24-hour rule will do you a lot of good, what is the 24-hour rule you ask?
It is taking 24 hours to gain perspective on whatever your thinking about, so if you feel like buying that new TV you saw online immediately, take 24 hours, sleep on it, think about it and then you’ll be able to decide if you really need it or not.
A Little Reminder
This step is rather extreme, but I think some people need it. Take a little piece of label or Tape and write “DO I NEED THIS” on your Credit Card, so every time you want to buy something, the note serves as a voice of reason, sometimes it saves you money.
Before going ahead to make that purchase, are you sure you can’t get a better price elsewhere? I do a little bit of research before buying anything; computers, clothes, shoes even my car, just make sure you get the best deal and the best price possible; I’m not saying be a cheapskate, but make sure you’re getting value for money.
Limit Credit Card Use
Using Credit Cards can certainly get you good rewards, they can also get you into debt. Sometimes using cash makes it difficult to spend compared to when you just have to swipe a card, you feel the money leaving your pocket more when It involves cash.
What I do most times, is leave my Credit Card in my Desk at home and I only use it to buy gas and groceries to keep my utilization low and keep my Credit Score going.