You want to save monthly, but at the same time, you don’t want to be broke at the end of the month. Set a goal of how much you want to have in a slump fund within 3-6 weeks, or 1-2 years to save for a car or truck. In case you want to put money toward your retirement savings, try to set aside some money each month and then talk to a financial agent. You can also save more money by always find a good deal by using coupons when shopping for something online. If you feel you don’t need to talk to your financial agent, then let’s take a look at some tips to save more money below.
Don’t Spend Any Money for One Day a Week
The next thing you need to do is delegate one day of your week not to spend money every day. You may be amazed to find that you visit a store every day when you are away from home to buy things like lunch, gasoline, stationery, or perhaps a grocery purchase in advance.
If you can’t make it on the day you set as a no-spend day, pick another day of the week to complete the plan. You must do this every week for a month. If possible, try to increase to two or three times a week when you are not going near a store or spending money online. This is sometimes easier for men and women who don’t live or work near stores.
Give Yourself a Set Sum of Spending Money
This tip is to commit to spending a certain amount of money each week. This is for snacks, lunches, or various other grocery store set-ups. Although this amount is small, it allows you to reduce your spending. Instead of eating out five times a week, you can now only consume twice a week.
You need to make sure that you pay the amount you set for this week and no more. Suppose you discover a broken or extra routine left behind, investigate why. You might be buying something you don’t need. It also makes you aware of what you buy daily because you want to make sure you have enough money in your pocket to pay for it.
Take a Look at Your Monthly Budget
Before you think about cutting your monthly expenses and saving some money, you should look at your finances to see what you can save. This usually means looking at what comes into your bank account each week and what goes out. Each of these expenses should be the same amount each month, except maybe in the winter when some may increase. What’s left is exactly what there is to save each month, you want to set up an automatic transfer to put that amount in your savings account, and when you do your financing you want to add that one of your expenses.
Keep a Record Book
My final advice is to start keeping a record book and record all your expenses each day for a week. After doing this for a month to determine where your money goes, you can record your expenses in the notes program on your phone when you are away from home. Then each day or weekend, write down in your notebook all the expenses you made that week.
Write down exactly what you spent money on and the amount of each. This will be important in the long run as you try to cut down on unnecessary spending. Once you know what you spend your money on each month, you will want to reduce those expenses to increase the number of expenses you can save each month.