10 Tips to Keep Money in Your Pocket
I’ve realized that keeping track of money isn’t as easy as I thought it would be. I started with keeping a spreadsheet, and every weekend my husband and I have a quick look at it to make sure we are on track with our spending. Yet somehow I think I need to find more ways to save more. Here are some quick tips and ideas that might help.
1. Set budgets and limitations for each week or month: For example we each have a budget of $25 to spend on our hobbies and interests (electronics for him and arts and crafts for me)
2. Don’t keep to much cash to spend: Of course you should always walk around with a minimum amount of cash in case of emergencies. However I tend to spend cash when I have a lot. And without a notebook to record it, tracking cash is harder than tracking check or card expenses.
3. Keep a savings envelope: some people have physical envelopes where each week they put away money. Others have bank accounts where they transfer money each week.
4. Pack lunch: Eating out can be expensive and less healthy. Eating lunch out also takes up more time during the day away form work. The money saved from taking lunch from home can be added to the savings envelope each week.
5. Pay off higher interest loans first: The longer these loans linger, the more you feed the the lenders’ pockets
6. Pay bills on time: Late payments are unnecessary amounts that you pay the credit card company and of course its damaging to your credit score.
7. Check how you are doing each week: Take sometime each week to track your budget and record how much you are spending and keeping.
8. Do a little coupon clipping and weekly circular reading to save on grocery bills: This doesn’t mean spending the whole weekend clipping coupons. However this means being a wise shopper and knowing how much things should cost and where the deals are. This can save a lot on weekly groceries. A couple of dollars off each item makes a big dent in the final grocery bill.
9. FIgure out where your money is going and where you should allocate it. That means spending the most towards the daily needs and fixed payments such as heating and electricity and reducing spending towards indulgences and other sectors.
10. Keep a credit card that has a rewards or cahsback program: By using programs like this you receive gift cards and savings that can be used towards gas, groceries, travel, and shopping.