There can be periods of our lives when it seems like our bank balances are always in the “red” and no matter how many extra hours we spend at work, we never have anything left at the end of the month. There are hundreds of ways to think about how we should spend our earnings, and often the idea of saving is less exciting. The sooner you start recording your spending, cutting out surplus expenditure and working out where to invest your time, the sooner you and your loved ones will be able to enjoy a debt-free and stress-free existence without sacrificing your current lifestyle.
Track your spending
This is a great place to start. With dozens of apps and the necessity of online banking, there is no excuse not to know your income (and outgoings) each month. You may be surprised about how much money goes on small but habitual purchases. However, you will also realise that there are hundreds of ways to curb your spending. Although it may seem painful to regard your spending in the cold light of day, it will lead to a more profitable future and rid you of any uncertainties – you may even get a pleasant surprise when looking at your bank statement.
Do More Yourself
A lot of money is wasted through paying other people to do things that we feel we don’t have the time or experience to do ourselves. But what we don’t consider is that we may save more money by working fewer hours and completing a task by ourselves, rather than spending more per hour hiring someone else to do it. When it comes to small household jobs, there are plenty of opportunities to learn anything online that will help you save money while learning a valuable new skill.
Take your Shopping Online
One of the best ways to save money when we need to purchase something is to explore the options that are available to us. It is easy to do this if we shop online rather than spend our free time looking around the shops. Whether you are looking for books, electronics, or even practical products to help with various tasks, such as SGT knots, you can find these products online. We can be tempted into aisles of luxury goods that we don’t really need. Shopping online can take a great deal of stress out of our routines, and there’s nothing more exciting than receiving our package in the post at a reduced cost.
One way to motivate yourself to keep saving is to have rewards in mind for when you have saved a substantial amount of money. Taking the extra five minutes to fill up a flask with coffee in the morning isn’t so bad when you realise that skipping the expensive coffee run each day could be funding your next beach holiday. It is important to strike a good work-life balance, and if you are too cheap in every situation, you will find yourself to be very unpopular, so it’s always important to strike a balance that suits you and your desired lifestyle.
By engaging in a small shift in behaviour and by spending a little time organising yourself, you’re guaranteed to have a financial weight lifted off your shoulders within months.