Saving money and budgeting can seem almost impossible when everywhere we go there seems to be some type of expense. How do people do it? How do people stay committed enough? Well, budgeting can actually be quite simple. That is, as long as you are truly dedicated.
These budgeting and savings tips are ones that you can start doing today to bring you a stable financial future. We’re not asking you to only eat one meal a day and to sell all your belongings. These are realistic and achievable saving techniques that you’ll definitely want to commit to if you’re saving or strategizing a budget.
- Sit Down With Your Money
Update yourself weekly on your spending. Did you spend more than you wanted to on food or entertainment? Are there areas where you didn’t expect to spend? Informing yourself on your financial status weekly will help keep your budget on track. Keep your spending on a mapped out, goal-oriented course.
- Cut Out Cable
With the many streaming services available, such as Netflix, Hulu, or Amazon Prime, cable seems to be another expense you could go without. Cable prices are only increasing and projected to grow to an average of $123 per month or $1,476 per year. That’s quite an amount of money that can be saved for other financial goals.
- Save On Food
Food is a necessity so you can’t cut it out. But what you can cut is your spending. There are multiple ways to save on food that you just probably hadn’t thought of or committed to. For example, plan your meals for the week and cook at home, have a potluck with friends instead of going out, or make coffee at home. Dollars spent on a quick bite here and there can really add up, so it’s all about planning.
- Travel Financially Smart
With modern leverage lodging rental websites like Airbnb, Travelmob, or Housetrip, you can often find a place to stay for vacation at a fraction of the hotel price. Plus these places often have kitchens you can cook in (to save more money) and you could rent out your place at the same time (more money!).
- Work More
This one seems obvious, but if your job allows it be sure to do it. Or get a side job or freelance. This also leaves less time for spending.
- Wait 48 Hours Before You Click “Buy”
Don’t buy items on impulse. Especially in the era of digital shopping, wait 48 hours before purchasing. You’ll often realize you really don’t need that extra jacket.
You can find plenty of “do it yourself” instructionals online to help you either fix things, create presents, or make household beauty treatments. Save money and learn a lifelong skill.
- Impress Yourself, Not Others
Learn to be impressed with your savings progress instead of attempting to keep up with other people’s spending habits. Just because someone has a fancy car or purse doesn’t mean you need one. Impress yourself with your money saving abilities.
- Chill With Your FOMO
The same concept applies with the “fear of missing out” or FOMO. Just because someone goes out for drinks everyday, doesn’t mean you have to. You’ll ultimately be happier with your savings accomplishments and forget that missed party.
- Don’t Get Discouraged
Even if your savings don’t seem to be going up exponentially, that doesn’t mean you should give up. Start by taking small steps and soon you’ll make a habit and then a lifestyle out of saving. Saving one percent more is better than nothing, so do your best and stick it out.