People today are far more budget conscious than they were two years ago. With the economy not in a great shape, consumer spending has gone down and businesses have been offering promotions and discounts to boost their sales. It may be tempting to spend your paycheck on all those great offers, but your priority right now should be to save sufficient money for important things like paying for your children’s education or your family’s medical bills. Here are some tips on how you can start saving more money every month:
Draw up a monthly plan
Thrifty living is easy enough if you religiously follow a good, well-thought out budget plan. Size up your monthly income and make a list of your regular expenses. Deduct the expenses from your income to find out how much you are left with after you pay for them. If the remaining amount is negligible, figure out areas where you can cut down, like eating out too frequently or spending a lot on fuel. You can probably save yourself a few dollars if you take the bus, walk a few blocks to the local store, or eat home cooked meals.
Invest wisely
You should think about how you intend to use the money you save. You may be looking at putting away money for your retirement or buying a home or a car. Focus on your goals on occasions when you may be tempted to spend on something you can do without. Do not try investing your savings in quick return schemes, no matter how convincing or lucrative they may seem.
Don’t use your credit card too often
If you are determined to regulate your expenditure, credit card is most likely not going to be your friend. Paying for your purchases with cash or debit card is a better option. If you pay with your credit cards, you will lose track of your expenses and start to overspend. The only and may be a late reminder that you are straying off the path will be your credit card bill at the end of the month. Stay away from your credit cards if you want to stay out of unnecessary debt. If you must have them, carry them around in a separate wallet or section of your purse so that you don’t reach out for them for every small or big purchase.
Stick to your planned budget. You may find it a little hard initially and may have to make a few sacrifices, but you can be assured that the results will be worthwhile.