If it seems like the money always somehow finds way out of your pockets, you need to change your spending habits. Fortunately, there are some very simple trick that will help you cut your spending and devise a realistic savings plan.
- Use saving apps: we live in the age of technology and there are many computer and phone apps that you can use to help you manage your finances. With apps such as Mint and Bill Tracker, you will never forget to pay your bills again, as they allow you to track your finances to the minutest of details. There are also apps for shopping, notifying you of the latest discounts, coupons and promotions. In addition, you can use technology to gain money via hundreds of online gambling apps out there. Promotions at Betway are our recommendation for all those who want to try to improve their financial situation this way.
- Record your expenses: every day, you should find time to write down how much have you spent and what did you spend your money on. Track all your purchases and sort them in categories, such as restaurants, groceries, personal care, etc. Sometimes, we are not even aware how much money we mindlessly spend on things that are very easy to give up. By recording your spending regularly, you will get to see where you can cut down and suddenly, money management will become far less stressful. This is the first step towards creating a sustainable budget, which simply means organising your recorded expenses so that they measure up to your income. You should also include savings category in your budget: ideally try to put away 10–15 percent of your income as savings.
- Set up a savings account with automatic savings: this is the easiest way to save because it puts extra cash out of sight, keeping you from succumbing to temptation. Ask your employer to deduct a fixed amount from your paycheck and automatically transfer it to a retirement or savings account. You can also arrange with your bank or credit union transfer to have them transfer a certain amount from your checking account to a savings or investment account.
- Choose something to save for: having a goal is one of the best ways to save money. Start by choosing something, whether it is a down payment for a house, your kid’s education or your next vacation, and try to figure out how much time you will need to save enough money for it. Don’t focus exclusively on short-term goals: it is important that long term goals (e.g. retirement) don’t get a back seat to shorter-term needs.
Stick to these few simple tricks, and you won’t have to worry about money management ever again!