Saving money is a progressive affair. Save every week or every month, and your bank balance miraculously improves. You also get into a habit of saving, which soon becomes your second nature. Spending money today is effortless. You only need to tap a button, and your money is gone. Sometimes you have no money and are laying on the bed. A few minutes later you realize your orders for some a series of inexpensive items that add up to a few thousand dollars. People are spending up to 15% of their income on things they will never see or use. Think hard about that statement. You might be throwing your money down the drain. Wake up and embrace these savvy ways to save money.
Check bank statements frequently
Know where you stand with your finances by frequent checking of your bank statements. Include reports from any other financial institutions. Payday loan providers are usually creeping into your financial life because you do not check your statement with them. You might shock yourself at the money you are paying in interest, and in recurrent bills that are not adding anything to your life. People have several cable TV payments, yet they are always using online video on demand services. Others have gym memberships paid monthly when they only show up once in a few months. The statements should be the first thing to see to find out whether you are taking yourself for a ride.
Always try to convert to cash before spending
When you need to spend money, go to the ATM and get the cash. You will see money physically, and that will affect your mind. You need to keep seeing it physically so that you teach yourself to keep most of it in the pocket. When you are looking at your money physically, you may find it easier to tell others a big no. You would not want just to find yourself getting a clear mental picture of what you spend in a week. You should then set this money aside and do not go out getting more money until you finish the week’s spending.
Avoid high phone data charges
Switch your career to the cheapest one. The quality of voice will remain the same. However, you will save big on data costs. If you have wifi at home, then you can go with the least data bundle offer in the market. It will save you extra money bills. If possible, go prepaid with your phone bills, so that you only spend what you use. For the rest of your internet needs, go to public wifi places or use the connection at home. Invest in a good broadband connection that will be cheaper than most other things. Good broadband can also save you the cost of cable TV and many other things. It can serve as your number one entertainment utility.
Avoid going out
You need to find things to do at home. Stop going out to have meals. Learn to cook and make it your hobby. Stop hanging out in places that you have to pay. Think of spending time in parks, or just riding the bus, when you feel you must get outdoors. Avoid idle sitting at coffee shops because you end up spending a lot of money for nothing.
Always pay debt
When you get money, pay debts. This behavior should be your new default. Get money, pay the debt. Many people linger with free money for too long only to realize that they end up spending the same money that they needed to use for paying your debts. Their debt grows big, and soon any savings they put aside becomes insignificant as debt interest erodes all of it away.