Trying to save cash for a rainy day? Tired of seeing butterflies in your wallet? Here are 10 ways to manage your finances.
Keep track of your spending
Extremely important, it’s easy to lose track of how much you spend in the heat of the moment. If you know where your money is going it’ll be easier to make changes if needed.
Separate wants from needs
Do you really need that 42-inch flat screen television? When money is tight it should not be spent unless absolutely necessary. Yes I know, the temptation of spending on frivolous items will be there but think and remember how much you can save up.
Avoid using credit to pay your bills
The extra charge from using credit cards isn’t worth it. While it may make things easier now, it’s more sensible to use credit only increases your monthly payments in the future.
Now this is a good habit that requires consistency and discipline. Have a percentage of your paycheck directly deposited into your savings account or set up an automatic transfer each month from your checking to your savings account. You never know when you need it on a rainy day.
Check your insurance policies
You may have too much and be wasting money or too little and not be adequately covered. Virginia CU Insurance Services is recommended to find the best coverage at the best price.
Be careful about spending a significant amount of money on periodic purchases, like gifts and vacation
Once in a while, travelling on vacation is good for you, ONCE IN A WHILE. Gifts are situational. If it’s for your significant other, or a good friend, for a once a year thing, then its fine. Bear in mind, you may wish you had the money later.
Cut or downgrade your services
Now this is a tough one. Consider having a cheaper mobile data plan. Let’s be honest, we’re practically on social media all the time. Not only will this aid our finances but its good put down the phone more often.
Try lowering your energy bill
Turn off appliances and lights when not in use. Buy energy-efficient light-bulbs that save power. If possible, use a fan instead of air conditioning or put on a sweater instead of turning on the heat.
Consider signing up for online bill payment
You can make sure your payments are received on time and it’s convenient rather driving to some place to pay your bills. Gas costs money too.
Cut down on take-out ordering
Even if the meal isn’t expensive, doing it frequently can really add up. Cooking your own meals is a cheaper alternative. You can control the amount of ingredients used in each meal to your preference.
10th February 2020 18:25