We all experience those days when we go a little bit overboard on our spending. Now don’t worry if you’ve had a few of these occurrences recently in your life; it’s more than reasonable to overspend every once in a while, but if a malady like this becomes a common habit that’s when things become much more serious. If you can’t budget your money well in the present, you won’t be able to build your way to a strong financial future – and the last thing you want to do is put you or your family in financial jeopardy because of your frivolous spending habits.
Many people underestimate how easy it is to save money around the house. It doesn’t require you to make many drastic life changes, and if you stick to the plan you’ll be on your way to saving more money right away. If you’re looking to keep a few more pennies in your bank account, consider utilizing these three great money-saving tricks.
Invest in money-saving fixtures
Did you know that having a programmable air conditioner can save you $400-$500 a year? How about the fact that environmentally friendly CFL bulbs can help you save a $150 a year in power usage, as well as cut down on carbon dioxide emissions? By investing in some money-saving fixtures around your home, you’ll start to notice a decrease in the amount of cash you’re spending to maintain your home over time. Sure, these fixtures might be a bit pricier in the beginning, but the savings you’ll reap in the long run make them worth the initial splurge. For some more ideas regarding money-saving fixtures you can use around your home, link.
Make cooking at home the priority
Going out to eat is delicious fun, but all that fun comes with a heavy price. Did you know the average person spends almost $2,700 a year going out to eat? That is borderline absurd. Going out to eat every once in a while is fine, but going overboard with your meals out will put a big dent in your wallet. In fact, some restaurant meals cost more than a week’s worth of groceries. If you make an effort to clip coupons, buy fresh produce, and write out well-planned, budgeted grocery lists, you will find yourself saving much more money than you would if you were dining out every day.
Keep track of every penny
It’s easy to think that spending a dollar on a miscellaneous purchase like gum doesn’t matter that much, but it actually does. For every penny you let slip out of your fingers, you’re slowly but surely depleting your hard-earned dollars. Do you really want to let hundreds or even thousands of dollars slip through the cracks? I didn’t think so. By creating a spending diary or money-tracking computer document you’ll be able to look over every dollar you spend and see how much of your money goes to necessary expenses vs. unnecessary expenses. Carry your journal with you everywhere and when you spend money write it down and track it day by day. Drawing attention to all of your spending habits – both the large and small – helps you gauge how you need to tweak your spending patterns to reach your saving goals.
Budgeting isn’t the most exciting topic to talk about in the world, but it’s something that all of us can benefit from. If you’re trying to save more, see if you can incorporate some of these three habits into your budgeting efforts.
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