Spending money is the easiest part of your money management. According to a recent survey of Bankrate, 24% of Americans owe more on their credit cards than they have in their saving funds. This data reflects the love for that feeling of instant gratification and how most people get carried away with it.
Saving money seems very tough, but it’s the most important part for having a strong financial foundation. No one likes to face financial problems, though this life is full of unexpected surprises. Your saved money will help you deal with these occurrences while staying calm and cool. Keep a check on your spending habit and cut off the futile expenses to save necessary resources for your odd times.
Here are some creative and easy ways that will guide you along the way to save some extra dollars everyday:
Value Based Budget
The best way to term your budget and saving is to create a value-based budget. Prepare a list of things that are valuable in your life in terms of importance. Now look at your budget and spending habits. Is there anything you could cut back on to fuel your future goal based on the current value? Go for it. By creating a value-based budget, you’ll cut out on things that are neither helping you nor making you feel happy. Therefore, it aligns your spending and saving goals with your values.
Weekly Money Date
If you are planning to achieve a desired financial goal, it’s very important that you record your money once a week. During this time, review your account, track your progress and update your budget. This needs to be done once a week as it’ll give you an overview of your structured plan and will let know that how well it’s going.
Meals for the Week
Dining out is one of the main expenses for most of the households. Taking out a few extra hours on weekend for grocery shopping and meal planning for the week will definitely save you a good amount of money. Enjoying your food at home not only saves your money that would have been spent on tax and tip, it also helps you avoid those extra calories.
Prepare Coffee at Home
Everyone enjoys to hangout in coffee shops with delicious coffee. However spending on a single cup of coffee everyday adds up to a considerable amount at the end of the month. Try avoiding cafes for everyday caffeine dose. Allow yourself coffee at cafes only few days a month and make it at home the rest of time.
Strictly Follow Your Grocery List
Before going out to a super market to refill your pantry for the upcoming month, make sure you’ve made a list of all the essentials needed such as cleaning materials, vegetables, meat, and other necessary items. Once you’ve made your list, follow it till the very last detail. Don’t deviate from it or get tempted to buy something else that’s not at all of your use.
Money saving doesn’t have to be hard or boring all the time. If it feels really hard to save some money at the end of the month, don’t get irritated because there are many other ways to save money. You just need to find the one that works for you!