Everyone wants to save money, but not everyone has the means to do so each month. Fortunately, there are plenty of tricks and tips you can use to help you save money without having to give up everything you love to do. Follow these simple tips and tricks, and you’ll be able to save more than $100 per month in no time at all!
Track your spending
If you’re on a tight budget, it’s important to be aware of where your hard-earned cash is going. Saving your receipts from purchases or using an app like Mint will allow you to track where exactly your money is going, so that you can make better financial decisions in order to reach savings goals. If you really want to keep track of what's coming in and out of your bank account, try downloading a separate budgeting app that allows users to enter spending manually instead of through digital receipts.
Redirect spending habits
Find out where your money is going by keeping a log for at least a week. By simply writing down what you spend your money on, you might find that there are big differences between what you think you’re spending and what you’re actually spending. Once you find these leaks, try redirecting your spending habits so that more of your hard-earned cash gets put into savings.
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Categorize Spending Habits
One thing most people can do to cut back on their spending is to look at their monthly expenses more critically. Categorize all of your expenses as either need or want items, then rank them from highest-to-lowest in terms of necessity. From there, it’s easy to see where all your cash is going—and, if possible, you can then make adjustments for lower costs. Need an example?
Invest in yourself
Learning a new skill can also be an investment in your future, especially as our careers are becoming more and more specialized. Take time to learn about things that interest you or that might come in handy down the road—even if they don’t have anything to do with your current role. After all, learning is never wasted!
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Set goals with reward systems
Start small! A good rule of thumb is to start with a reward system that costs $1. Make sure it’s something simple, fun, and attainable. Once you’ve achieved that goal, increase your budget by $5 or so. Try using apps like LevelMoney (iOS/Android) or Digit (iOS) if your bank doesn’t have a program for free financial management tools.
Reinvest into your business or personal growth
Start saving. The way we’re taught to think about our finances is backwards. You don’t need to earn a high income to become wealthy, instead, focus on spending less than you earn and investing wisely. When you spend less than what comes in, your bank account will begin growing. And remember, as your bank account grows, so do your options in life—investing in your business or personal growth is something that can increase earning potential over time.
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Create a Money Management System That Works For You
When it comes to developing a budget, there’s no one-size-fits-all approach. Some people do best with an automated system that links to their accounts, while others need a manual system where they enter numbers manually on paper or even in a spreadsheet. Some people like their budget on their computer, while others need something tangible that they can stick on their fridge or set next to their desk at work.
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