5 Money Tips
Our existence revolves around money, whether we like it or not. Where we sleep, what we eat and if we shower. But if you are reading this, you have similar stresses and struggles with money and we are fortunate enough to not have the extreme stresses.
With my awakening and realisation that I won't be happy until I take control of my finances and my debts, and until doing so I am unable to plan or spend on larger purchases or trips, comfortably with my debts currently weighing on my head.
I've decided to become more money smart and develop habits to do so which I can take into the future
Now with some tips to help saving and maximise your money making, here's some tips which I've discovered and would love to share with you.
Have a spreadsheet budget - this will help you have control of your income, help you have restrictions to your spending and be more mindful as to your allowances on expense. In creating your budget work out. Make cut sacrifices to your spendings, not necessarily doing nothing till it’s paid off but be mindful, with or without debt, cut the crap!
Create a financial cushion account if anything was to happen unexpectedly that you had to spend money on. This will depend on your income, age, living at home etc. For me, I’m looking at $1200.
After you’ve created a financial cushion you can now start saving account. Seek an account which accumulates a high amount of interest. Make sure it’s an account can’t touch it! And you don’t get drunk and transfer to buy more drinks. If you are paying off debt set aside at minimum saving amount, to let it accumulate and know you are still keeping your savings in mind, even if it’s $20 a paycheck, it adds up. Do your research see what works best for you in any of these aspects.
A new rule I created for myself is also on any financial decisions and spendings, wait a day to make the decision, i.e. no impulse buys
4. Find the savings - take the time to find the cheaper price. Use this for groceries(utilize click and collect and delivery to minimize over spending, clothes = op shops or sales, books, eBay. Only be purchasing your needs. Keep your eye on the prize.
5. Habits to instill
Give up drinking coffee or cut down on alcohol - allocate specific times you buy coffee, for me this is Mondays and Fridays, and minimizing nights outs and replacing with wholesome activities
Make your lunch at home.
Borrow books and DVDs from the library or even friends!
Keep cash at work to minimise over spending on your card for snacks
Get into the habit of checking your bank statements to monitor your spendings
Hope these few tips and guidelines help you all! Please share with me your money tips as well! I would love to hear them.