An emergency comes knockin’ when you ain’t lookin’. It makes sense for everyone to start saving for the hay day, and keep a stack of money for those trying times. But that doesn’t really happen. Therefore, experts suggest that you put aside a certain amount of your paycheck each month and consider it as paying yourself. Think of it as treating yourself for performing well throughout the month.
If the various aspects of budgeting confuse you, don’t worry. We feel you. Some of us have no control over our spending habits. To avoid going beyond your budget, try distributing your cash into different designated envelopes. The aim of this method is to keep you from excessively spending your money. You’re more likely to find yourself in debt when you use credit cards for everything.
One of the easiest, effective, and sure-fire ways of ensuring that you save more is to start off with automated deductions. Not only will this prepare you for a rainy day, but this is the money that is out of your sight. This ensures that you won’t go without savings even if you overspend. Plus, you also get interest on these savings.
If you are just starting out or are in college working a part-time job trying to be financially independent, you probably can’t afford to have a savings plan. But that’s okay. You don’t have to sweat it out. Starting small goes a long way too. Decide on an amount as small as $20 dollars a week. The important part is to get started.
You know what it feels like to find a $20 bill in the pocket of your jacket or opening up those birthday and Christmas envelopes from your grandparents to see if they have sent you some cash? All the money aside from your primary income is a windfall gain. Your tax refunds, bonuses, winnings, and oh-I-found-it-in-my-pocket cash can amount to a considerable chunk if you put them aside.
Did you know that there are some applications that help round up your purchases? The app pays a roundup figure and puts aside the cents and pennies into a savings account. That way, you are literally saving the change. And since nothing is too small, think about having a piggyback to store all your change, and you might just be able to pay off your debt with this money someday.
Worried about overspending? Impulse buying can land you in much more financial trouble. Spending your cash on something you like is a good way to treat yourself, but too often we tend to go overboard with it. To avoid messing up your carefully curated budget, it is important to delay your purchases. If you come across something you want to buy, add it to your cart, and see if you still want to buy it after a week.
Here is a tip we think will work out for anyone and everyone. No, we are not about to ask you to hold off from treating yourself. In fact, the opposite. Every time you indulge yourself with non-essential expenses, put aside the same amount into your savings account. So the next time you splurge 50 dollars on a dress, put aside 50 dollars in your savings account. Easy peasy, right?
The cashback you are earning on your credit cards is only going to benefit you if you aren’t accumulating debts. Paying off your credit card bills regularly is going to ensure that you don’t dig yourself a deep debt hole you can’t get out of. We know that you can’t be paying off those other debts all at once, but how about paying $1000 a month? That is bound to decrease your principal amount and the interest on that debt.
If you don’t know how to deal with the debt you are in, don’t forget that you have access to Consumer Credit Counselling Services. CCCS has counselors that are easily available to guide and navigate you through your repayment plans. And if you do not have a plan in place, they will help you figure one out. Set yourself up for a free session instead of worrying about what you can do.
In these modern times, one of the saddest things is that people have stopped visiting libraries. Why would you when you can order everything online and have it delivered to your doorstep. But what we tend to forget is that books and OTT subscriptions come at a much steeper price than library cards. Let’s go back to those libraries and free online entertainment to save our hard-earned money.
If you are one of those who live in the constant fear of missing out, here is something for you. Instead of trying to figure out how you will manage to pay for a concert ticket, try volunteering at your local festivals and events. That is bound to get you free entry and various other benefits as a volunteer. Plus, there is unlimited entertainment involved.
Gifting is a joy that needs to be treasured. But let us all work on taking gifting back to it being about surprising our loved ones instead of showing off our spending capabilities. Most thoughtful gifts don’t tend to be all that expensive. So, the next time you are out shopping for Christmas gifts, call your family and decide on a budget.
Too often you will come across flyers advertising swap meets. These meets bring people of similar age or interests together where they can exchange things. This means that in exchange for the things you give away, you receive books, movies, supplies, toys, games, and clothing. The good thing is that you don’t have to pay a penny. If you don’t have any meets in your neighborhood, you can organize one.
This might sound stupid or ineffective to you, but we ask you to try this out before being a naysayer. Pick a day and make a promise to yourself to not spend any money. This makes time for more activities like cooking, gaming, and catching up on movies at home. Even if you do not end up saving all that much, you are still saving something. And something is always better than nothing.
We are sure you have heard this one before. But we all fail to comprehend how useful it is. Brown-bagging your meals goes a long way when you’re trying to save money. It is one of the most effective frugal tips you are ever going to come across. A homemade lunch will not only cost you less, but it also saves you the money you spend on tipping.
Cutting back on eating out is healthy. It keeps your body in shape, saves you from junk food consumption, keeps your health in check, and your bank account fat. At first, it might seem like a monumental task, so start with reducing the number of outside meals in a month gradually. Subsequently, you can have a meal plan in place to keep your pantry stocked and the nothing-to-eat incidents to a minimum.
There is no shame involved in being a person that uses coupons. Don’t be embarrassed about using coupons if they save you a pretty penny. Remember, our goals are more important than what people think. Hoarding coupons and using them simply on buying stuff like toilet paper, cleaning supplies, or other household essentials is a smart way to save.
We all probably know this, but not many of us have considered venturing down this lane. Be on the lookout for profitable refinancing plans. Mortgaging amounts and their interest rates aren’t exactly small. Refinancing mortgages gives us the opportunity to switch to a lower interest rate, making it easier for us to save some money.
If you know about generic medicines, you know that one of the biggest differences between them and brand names is the price tag. Generic medicines tend to save you over a hundred dollars as opposed to branded medications. The next time you are getting a prescription, ask your physician if they can swap the brand-name medicine with a generic one.