Money Saving Tips For The Chronic Spender
Do you have trouble saying no to yourself when it comes to spending money? Do you often find yourself broke at the end of the pay period, wondering where the money went? Fortunately, there is hope, even for the chronic over-spender. In this article, you will learn how to break some bad habits and start saving money now!
Saving money is difficult for many people. For some, making ends meet means spending every last cent of their paycheck. But saving money is important, so to make it less painful and start small. Set aside a small amount each payday, and put it into a savings account. You can start with as little as five dollars per week. Soon, you won't miss the money, but you will see a little nest egg starting to grow. That is a good feeling.
To make saving simpler, sign up for a payroll deduction plan at your place of employment. These deductions come out of your earnings before taxes, so you will save there as well. If you don't see the money coming out of your check, you are less likely to miss it.
It may sound childish, but giving yourself a cash allowance can help you save money. Make an estimate of how much you will need for spending money, and try to stick to it. You may need to make some adjustments to your regular spending, such as eliminating morning coffee drinks or restaurant lunches, but the money you save will add up quickly. It is important to treat yourself occasionally, though, so you don't feel deprived.
Track your spending habits to see where the money goes. Take a month, and write down everything you spend money on. Save your receipts. At the end of the month, review your expenses to see where you can cut back. Make a goal to save a small amount each month by cutting out something unnecessary.
Stop using credit cards unless they can be paid off each month. Credit cards are fine if you can resist the temptation to carry the balance over to the next month, where you will incur a finance charge. If you pay them off every month, you will save on interest and still work toward any rewards or frequent flyer miles you may have your eye on.
Never pay someone to do what you can do yourself. Does your bathroom need painting? You can do it for the price of paint and supplies. A contractor will charge a hefty fee to do the work for you. Do you hate to mow your own lawn? You can get it done for free by mowing yourself and do a better job at the same time!
Ask a friend or family member to hold you accountable. If you don't trust yourself as you begin to save, ask your spouse, partner or a friend for help. You can give them access to your budget or expense tracker, and get some helpful advice that may keep you on the straight and narrow.
In our present day, people often want instant gratification. If we want a new outfit, we charge it instead of saving up for it. Instead of impulse buying that can put you in debt, put money aside for special items or events. You will feel like you really earned it, and will have saved more by not having charged it.
It is important to have goals to work for. If you are planning a vacation, tell yourself you deserve it, and save for the vacation you really want. Then enjoy it. You may even be saving toward something large, like the down payment on a new home. When you have a clear goal in mind, saving becomes a piece of cake.
It may seem daunting, but it is never too late to change bad spending habits. The result will be a brighter future for you and your family. Keep these tips in mind, and you will be able change your spending habits into saving habits!
