Thankfully, they’re simple to implement and can save you money. So check these tips out and let me know what you think?
1. Live close to your workplace:
This is self-explanatory and really simple. Time and Money both are saved which are usually wasted in travelling. Be more happy by spending those extra minutes with your family.
2. The Cash Envelope System:
The cash envelope system is a way to keep track of your spending.
First divide your spending in categories. Then assign one envelope for each category for instance grocery, vehicle maintenance, holidays, Rent, education, etc. By following this method you know exactly how much money you have for various needs. This method in beneficial in curbing overspending. This is quite easy and practical solution to follow.
3. Make use of Sale and discounts:
Items which are regularly consumed in your home and have a broad shelf life, can be bought in more quantity at sales and discount seasons. You may not notice the difference but your budget will definately!!
4. Shop Smarter with Coupons and cash backs:
Today there are lots of free money saving apps and cash back schemes for debit/credit cards that can save you some money. This is an easy and quick way to save money at grocery stores, retail stores, and restaurants.
5. Avoid Eating Out:
Eating out can be saved for special occasions only. Cooking at home can save you a lot of money. Home cooked food is clean and healthy and gives you bonding time with your family.
6. Save for your future:
Always try to save 20-30% of your income. This money can go in saving plans, emergency fund or future wealth building by investments.
7. Keep a track of all Your Expenses:
The simplest method to track all your expenses is to use a small journal and make a note of all your spendings at the day end. On a daily basis you will start seeing where is your money going and you will automatically stop bad spending habits. A record of your spendings habits will help you keep an eye on your inflow and outflow of finances.
8. Have a weekly meal plan:
A weekly meal plan helps you to only buy food that you need for the week. This results in no food wastage and no overspending. Creating a simple and healthy meal plan can benefit your health as well.
9. Create Multiple Sources of Income:
This may be the biggest secret to building wealth in long term.
Try and create multiple streams of income. Extra income streams protect you in case one stream dries up. Something as simple as a side hobby, part time work can give you that extra cushion.
It can be hard to get your finances on track when you are weak in sticking to a budget. But with above tips and tricks you will gradually watch your savings grow. It’s the small pieces that complete the big picture.