Tweet
Saving money is a mind game! You cannot do it without planning. You cannot do it if you cannot stick to your planning. I am struggling to be a money savior. I can stick to my budget planning only for a short period of time. But I try to return to my plan after 'carried away'. It's been a cycle! Any good advise?
-
-
It's hard to give good advice without a detailed expenditure outline but for starters these are some of my tips;
1) If you are an impulse buyer I'd suggest leaving your credit cards at home and only carry say $20 in cash per day (and you don't have to feel compelled to spend it all, save it for tomorrow or the next day, so on and so forth).
2) If you buy meals during your lunch break at work/school consider packing home lunch, this can save you quite a bit of money.
3) If you're paying for manicures/pedicures/hair cuts consider doing it yourself.
4) If you have unlimited data/voice/text plans on your cell phone consider downgrading.
5) If you rent a 2 bedroom apt and can get by with a studio/bachelor unit downgrade as well.
6) If you have a gym membership consider cancelling and go running around your neighborhood for exercise instead.
7) If you are paying for an expensive car loan consider selling it and get a cheaper car.
8) Live within your means and don't spend money that you don't have. -
What are some of the reasons that you usually find yourself deviating from your budget? Do you just spend money without thinking about the budget or do you find yourself with unexpected emergencies where you have to spend money that you weren't planning on spending?
If it's just a matter of forgetting about the budget, the envelope system might help. What you do is set your credit cards and debit cards aside and forget about them. Then put money for each budget category in an envelope. When the time comes to spend money, use what's in the envelope for the category you're spending on. If there's no money in the envelope, don't let yourself spend any money.
If the problem is that you keep needing to spend beyond what you have budgeted, you might need to adjust your budget. If there's never enough money for groceries at the end of the month, maybe you need to give yourself a higher allowance for groceries and cut back elsewhere. If you keep running into completely unexpected expenses you either need to be budgeting for some of those things or add a big category for unexpected expenses.Comment
-
Have you tried writing down your savings goals?
Writing daily or weekly saving goals will help a lot in actually reaching them. Update the budget/plan whenever you feel is best!Comment
-
I suggest you set up automatic contributions to a savings account (or retirement account or CDs). Either automatic deductions from your paycheck or automatic transfers from your checking account. When saving is automatic, it relieves you from the conscious and difficult decision to save. When the automatic saving plan is in place, adjust to a lifestyle consistent with the remaining income.Comment
-
I suggest you Pay Yourself First. It's the first bill you pay every payday. 10% of net pay transfers to your saving account whatever format. After that pay rent/mortgage, utilities, car loan etc. You might have to cut down casual spending or delay planned purchases but living within your means and below your wants is reality. Are you spending money you've not yet earned?Comment
-
Well, first and foremost, you should track your income and expenditure. Once you know your expenses in comparison to your income, you will be able to formulate the right kind of budget for yourself. Unless the budget is correct, you will never be able to save money.Comment
-
pay yourself first and put away the debit card...
what about opening an internet only bank, like ingdirect, (now cap1) and have a fixed amount from your paycheck automatically deposited each payday. To make the savings stick, cut up the debit card they send you, and then it will be more difficult to take or use your savings, you have to really make a conscious decision to do so.Comment
Comment