Establish your budget. Are you looking for an easy way to begin? On the first day of a new month, get a receipt for everything you purchase. Keep track of all your expenses by stacking up your receipts into categories like restaurants, groceries, and personal care. At the end of the month you will be able to clearly see where your money is going.
Don’t just save money, save. There’s a difference between saving money and saving money for your future. So don’t just spend less, put the money you save into a savings account to plan for the important dates like retirement or emergencies that can leave you financially better off.
Setting up automatic savings is the easiest and most effective way to save, and it puts extra cash out of sight and out of mind. Every pay period, have your bank deduct a certain amount from your account and transfer it to a target savings or investment account. people with a savings plan are twice as likely to save successfully.
Create and place a spending limit on gifts. as there is a high chance of going over budget while buying gifts.
Don’t be a cheap skate. It sometimes make sense to prioritize quality over price when purchasing personal items, but also remember to cut your coat according to your size. The only person you have to impress is yourself.
Designate one day a week to a “no spend day.” Reserve one night a week for free fun. Cook at home, plan out free activities such as game night, watch a movie, or go to the park.
Commit to eating out one fewer time each month. Save money without sacrificing your lifestyle by taking small steps to reduce your “hangout” budget. Start off with reducing the amount you eat out by just once per month.
Watch your savings grow. Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly.
These simple ways to save may even inspire you to save more money every day and hit your goals faster.
Remember ; financial intelligence is the gateway to riches