If you want to save money, do not just apply common practices in managing money, but instead, make your imagination work and think of new yet effective ways.
– Make it a habit to make a single withdrawal transaction from only one of your ATMs per week. This should include paying your credit card or utility bills ahead of due date in order for you to avoid penalties.
– Below are several ways to help you save money. These are simple ways and there’s no reason why you can’t apply it in your own finances.
– List down all your weekly expenses and reconcile them with your weekly budget. This will allow you to see if you overspent or if you have savings. It is important that you do not spend your entire allowance just in case an unforeseen event happens. This will, likewise, show you in what categories you should you lessen your expenses.
– Every time you get your pay check, put aside a certain percentage for emergency purposes.
– Get a container or a box where you can put your coins and use it in each time you have to pay for small bills like pizza delivery. Tossing a few of your loose change into a can every day can actually save you money. This trick is really worth a try.
– Give yourself a weekly allowance. Take the average of your expenses per week and place the computed amount in four separate envelopes. The money that is inside each envelope will only be the amount that you should allow yourself to spend. Budget your allowance and the excess amount shall be considered as your savings or emergency fund.
– Keep only a single credit card in your wallet. If ever you have to use your credit card, pay your bill as soon as possible so that you will not have to pay for interests. And in case you can’t control yourself from swiping, the next time you go out, just leave your credit card at home so that you will not be tempted from spending.
– If you really want to save some of your hard earned money, deposit your salary straight to your bank account particularly to your savings account. You can still pay your bills online. If your money is stuck in the bank, you can avoid having extra expenses.
– You may also open a separate account where you can deposit money if you are planning to buy your own home or a car.
Do you practice any of the above? Leave your comments here.
Key to success in financial is actively management for passively derived (aka Smart Income)income.
As Robert Kiyosaki pointed, he estimate 50% of adult fall into level zero of investor scale simply by not managing their income well.
To start, go for a Regular Saving Scheme.
Ms Excel is providing a lot of excel format template for planning your budget, investment, retirement etc. Just download these templates if you are lazy arranging your own budget.