It seems like an easy task, but saving is hard – especially in these tough economic times. You may barely have enough money to pay your bills, let alone save money for a rainy day. But, cheer up. Anyone can become a thrifty spender with a few tips.
For the family without a budget, have a budget-making party. Gather all your family and your bills together in one place. Cook up a few snacks and get to fixing up your finances.
The first place money goes is the household bills. Then you have other needs like groceries, gas and school lunches. Entertainment is last on the list. After your household bills are figured up, take an account of how much money you have at your disposal.
Even with groceries you can tighten the belt. Learn to shop with coupons. When used in conjunction with store sales, you can really save. Try the store brand version instead of the name brand. The box may not be as pretty but most store brand products come off of the same assembly line.
Creating more meals at home is another way to save a few dollars. When we are in a hurry or rushed for time, fast food is usually the answer. Instead, make a habit of planning your meals in advance so there is always something to eat in the house.
When it comes to entertainment, you can probably cut some of the fat there too. If you rent movies from the video store, consider using a DVD service. The monthly fee is cheaper than the per movie rate at the video store and you have more perks.
After you go over the budget and see where you can tighten the belt, again calculate the amount of disposable income you have. A portion of that money can be put into a savings account. To make saving even easier, have that amount direct deposited to your savings account. You won’t even see the money. When you look at the amount of your paycheck in the bank, that money will already be safely tucked away.
Another way to save is to avoid hasty purchases. Try this: When you see something that you want to buy, give yourself at least a day or two before you make a decision. If you still want it, then make the purchase. Usually, the extra day gives you time to change your mind.
Are you trying to become better at saving and spending? These are some tips to help you live by a budget and still have money to put in the bank for a rainy day.