7 SIMPLE STEPS FOR YOU MONEY MANAGEMENT

Everyone wants to save money. We think about ways and means to save money. We read blog and posts about saving money. At the end of the month we finally realize that we have spent more than we have saved. Intentions on saving money seem cordial, but they become a headache when they are not done in real.

Here we are with some tips on saving money.  These steps are easy and simple and can help to transform you being a spender to a saver.

Monitor your compulsion for buying.

The first thing that will disrupt your intentions of saving money is the urge of buying. When it’s about your tummy, your eyes are bigger than your stomach. Shopping on the other side is an intense barrier between you and your money saving intentions. When you go out for shopping your eyes are bigger than your budget. You are actually failing yourself every time you are planning to save money for yourself. 

These are the predicted sequence of habits, needs and your preferences. The first step to save your money is to think you’re your inner preferences are. Attach a sticky note to your debit or credit card every time you make intention to go out to the market. Buy things that are necessary to you. For people now days, internet shopping is a downfall. The solution is that you remove your credit card info from online accounts or block your favorite retail websites. Want to go a step further? Install Icebox, a free Google Chrome extension that removes the “add to cart” option on retail sites and replaces it with a “put it on ice” button. Cool isn’t?

 Enjoying Leisure without spending.

If you are really bored of the daily grind of your office or university schedules and looking for leisure time, but then you spend so much of your saving going out and end with no money. Spending leisure time joyfully doesn’t mean that you have to spend money on it. Quit the costly lunch and meet up with friends for a leisurely walk in the park or at the beach, share a potluck dinner, or get together for game night. You can go and look for local DVD’s instead of going out for a new movie.

Save one and use other.

This is a natural fact that most of us are really voracious about earning money. There is no end to needs. We are no just dependent on our job, but also earn through many other ways. You can save money in multiple ways if you’re save both of your salaries. You can also save one complete salary and accumulate the other, in order to meet your monthly expenses. This way you can pay your rent, own a car, and so many other things that wouldn’t be possible is you didn’t save it.

Manually tracking for your spending.

This sounds interesting and surprising, but yes, that’s true and now you can apply your studies in monitoring your spending manually. Create an excel spreadsheet and make a column of your earning and your spending. These will you not just keeping a close eye to where you spend, but also it’ll remind you that you have spent more than you had earned.   You can make weekly, monthly and yearly basis worksheet to supervise your results.

You can also put on record all your seasonal expenses also, like the yearly expenses on your holidays, money you gave on taxes and other miscellaneous.

Challenge yourself.

Let’s just add some fishes in tranquil pool of your monotonous life. That’s dealt with giving and putting yourself in challenges and targets. Challenge yourself that you are not going to spend on yourself for a particular period of time and will improve your habit lavish spending.  At start you’ll notice a little benefit in it, but as soon as you keep practicing it you’ll find yourself challenging all the lavish habits of spending.

Save your change.

“Little drops of water can make the sea”

So true!

I am talking about changes we get in our cash, but never value them at all. They are of lesser value if we have coins. I am completely confident on it. When you purchase something, put aside the change to deposit it into your saving account. Save your change and give them value. You will see how they will end up with a considerable amount of money at the end of the month.

 Specify monthly budget for spending.

This is done if you specify particular amount of budget to your monthly spending. Consider it as the only amount you have to spend onto your monthly expenditures. When you’re done with it, stop and don’t spend anything more.

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