5 Top Tips: how to save where you lose
So, you’ve got a hole in your pocket…
Do you feel like you lack money when you need it most…? Do you often find yourself buying unnecessary things only to regret the purchase the day before…? Do you struggle at the end of the month, waiting for that payday to come…?
If you’re like most of us, this is daily bread for you. Keeping your finances in check can be a challenge. For many it is a challenge for life, for some, it is a dare for their youth, and for a few, it is not the slightest problem whatsoever. And the important thing is to note it should not be as difficult as it may seem. The way to get it right is just a matter of practice, taking a few steps, and keeping oneself in check. With this article, you should be better equipped for the next month of expenditures and if you follow the tips consistently it might just change the way you feel about your funds.
So, let’s get to it and save you some money!
Tip #1 – Understand your expenditures…
Before any problem can be solved, it is necessary to recognise its roots. You could make plenty of changes ‘for the better’ but without addressing the true issue, you’ll inevitably end up in the same place. Einstein once said ‘Insanity is doing the same thing over and over again, expecting a different result…’ With this in mind, let’s try to see where you send your money.
Recognise your expenditure patterns by keeping track of every cent for the next month. If this seems like too big of an assignment, you could do it for a week, but remember that since you’re most likely to be paid monthly and your rent usually comes out at the beginning of the month, it is best to keep track of your thirty-day budget. By writing it down you will not only learn where your money goes, but you’ll also discover the greatest advantage of such activity – attention.
So, pay attention to your finances and keep track of their journey!
Tip #2 – Plan your expenses…
The second tip has its roots in the first one. After all, you cannot take control of your budget if you only look behind your back. In finances, like in life, it is essential to observe and anticipate in which direction you’re headed. This might sound rather simple. Everyone knows where they are going right…? Well, I do not think that’s accurate. But with finances in mind, you’ve got to do the budgeting early.
No business plan ever became a business without a financial breakdown. If there is no profit, there is no success. Simple. Well, when it comes to your savings account, your pocket money, or your monthly budget, this is also true. With the understanding of your usual expenses, you can plan the upcoming month and become more how funds leave your account. By writing down what must be inevitably paid (rent, phone contract, internet, council tax) and cross-checking it with the available resources, you’ll be able to estimate the potential for grocery shopping, going out, and any other expenses.
So, win the monthly battle by planning your finances first!
Tip #3 – Find out what’s important for you…
Do you sometimes find yourself spending money in a pub, even though you’d prefer to meet with friends at home…? This is a great example of how certain circumstances might pressure us to make bad financial decisions. I know this is the case for myself and always has been. Think about it for a moment. For the price of one drink at a venue, you could get four in a shop next to your house. The only challenge you face is to make that choice early.
Inviting friends to hang out at yours, deciding to skip this week’s party bender, or deciding to pass on the expensive field trip that will leave your pocket in shreds afterward, are just a few examples of how prioritising your wishes and needs will help your budget. This is not to say you shouldn’t attend the social gathering if you’d like to. The important point is – this should be your conscious choice and you should take it into account in your monthly budgeting. Otherwise, you might find yourself in trouble in the weeks to follow.
So, choose what’s important for you and budget accordingly!
Tip #4 – Save money and time by bulk buying…
Have you thought about the price of the milk you’ve got in your fridge compared to the price the shop pays when buying it through wholesale…? Price margin will vary depending on the number of ‘hands’ the product had to pass through. The great thing about this knowledge is, you can take advantage of it as well. Instead of contacting a wholesale retailer, just do your shopping less often and buy more than you would usually.
A great example of this tip in practice would be your grocery shopping. How many times do you go to the shop each week…? Making that trip only once, with a list of needed items prepared or even a weekly meal plan considered, you will not only save money by spending less on unnecessary products, but you’ll also save your precious time. Once a week bulk-buy will help you stay in shape, spend time more productively, and avoid wasting funds on those things that ‘catch one’s eye’ when you see them on a shelf.
So, become a bulk buyer and save on both ends!
Tip #5 – Make plans early and pay less…
With the previous tips in place, you’re likely to save some pounds for the months to come. That is why this advice will consider the way to make the most of the money you’ve saved. It is no surprise that by buying in advance you’re likely to cut costs. Planning your vacation a few months prior is a great strategy, which will leave your pocket heavier and your mind calmer. The difficulty lies in getting it done.
Try to make use of this method and realise where you want your savings to go. Do you have some plans already…? Would you like to go abroad, buy a new device, or go back home for Christmas…? Either of these reasons is completely viable and ultimately important to yourself, and that’s all that counts. Take advantage of the deals and purchase that ticket home earlier. It might put a strain on you at the moment, but over time it will save you additional expenses. It is worth it.
So, look into the future and buy in advance!
Money comes and goes…
Finances can be overwhelming and for some they are. Sometimes, lack of funding makes us feel troubled, anxious, and helpless. But it doesn’t need to be that way. Money is fluid, which means it is only valuable if both parties agree to use it. You couldn’t buy a pint of milk for your pound if the store manager refused to accept the payment. That is why you should always remember that your money is yours to spend, not to put in a box and hide in the woods. It wouldn’t have any value if you couldn’t use it.
So, with these tips in mind, with the plans in place, and with the thought embedded in your awareness, you can take charge of your budget. Use your finances well, anticipate challenges, adjust your approach, and enjoy your life, because no matter how much money you’ll manage to accumulate, what you will inevitably run out of is time. And that makes all the difference.
The next steps…
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