Is saving money your New Year’s resolution? If this is your case, there are a few things you can do to start the year by spending less. Even if you think you already save enough money, you might be surprised and may want to take up one or two tips you had never tried before. The first thing you need to control is your credit card. People use credit cards as if they were just a part of their bodies.
Leave your credit card at home, and get cash instead. Secondly, put away the amount of money you would like to save each month. You could send that money automatically to your savings account or make contributions to your retirement savings plan. The third tip is to have a budget and not spend more than that. However, do you have a budget?
It is more than likely that you do not have one. It is true that it is really off-putting and laziness may be stronger than you. Take control of the situation, break the chains and restraints, and set your goals. Having a budget could be much easier with apps. There are many of them from banks, so browse them and choose the one that suits you best. Some of them are even free. Do not look for excuses and start budgeting.
Are you hooked on shopping when you are at loose ends?
Having some free time and feeling either bored or down, are the perfect combination to overspend. It is at those moments when you become a real shopaholic and start using your credit card. Why not join a hiking club or learn to dance salsa? You could simply go for a walk in the countryside or in the mountains. Many experts claim the benefits of forest walks to make you feel better. Walking is neither expensive nor bad for saving money.
Having a goal and sharing it with someone could boost your motivation. Why not start saving at the same time as a friend of yours? It could be your best friend or a relative, the person does not really matter. But this competition could allow you to keep going and achieve your goals. Happiness and sharing go hand-in-hand. Many experts suggest having someone to support you is essential to be successful.
So, in order to cut a long story short, remember to use cash rather than credit cards first. Remember they have really high-interest rates. That money saved on interest could be invested instead. Automate your savings and set a realistic and feasible goal. Being unrealistic can only lead to a letdown. Do not go shopping to make you feel happier or to have fun, it is expensive. Replace it with healthy habits like hiking. Then, get a friend into saving with you.