how to budget and save money
How to Budget and Save Money
Knowing how to budget is a very necessary habit that one should inculcate, to be able to save for a rainy day or simply for an extravagance one would like to treat oneself to. Here's some help...
- Start by giving up your credit card. This is not an outrageous suggestion, but if you don't carry it around everywhere you go, you are likely to use it less. Temptation can strike anytime, and leaving your credit card behind may not be one of the easy ways to save money, but will definitely help you curb this temptation, so that you can save some.
- If you are someone who uses a credit card too often, choose for an auto-pay facility that will directly debit bill amount from your bank account on time. This way, you will avoid paying any late fees. Use this process for insurance premium, mortgage, and other debt payments too.
- To save money every month, start with your groceries. As mentioned earlier, walk in with a list and a grocery budget, and make sure you stick to it. Make use of grocery coupons as much as you can, as these all add up to the cause. Find stores that provide special offers.
- One of the best ways to save money is to try to eat at home. A lot of you may be in the habit of picking up a coffee on your way to work, or just ordering in food because you don't feel like cooking or can't cook. This is where your monthly expenses shoot up, and cause a big dent in your pocket. Make it a point to cook at home. You can learn how to prepare quick meals, and make your own cup of coffee. Not only will you save on restaurant bills, you will also keep healthy and save yourself some huge medical bills in the future.
- Learn how to prioritize your expenses. Make sure you pay off all your bills first, save some money, and then spend the remainder on your other needs, such as a visit to the hairdresser or that pair of shoes you've been eying for a while.
- Another great way to save money at home is to try to control your phone bills. If you have a land line and a cell phone, get rid of the land line. It is only cell phones that really ring nowadays, so you really won't lose much if you give up your home phone. Also make sure you choose the best plans for your cell phone, so that you don't end up spending too much unnecessarily.
- Walk, cycle, skate, or use public transport to get to your destination, but try to limit your use of the car. This is particularly important in case of shorter destinations. A lot of us are used to taking the car everywhere we go, so the amount spent on gas, and the damage caused to the environment is drastic. You will realize the value of this money-saving tip when you start doing it.