We’re not all natural at this, and for some of us, the thought of saving money is painful. Because the money we earn is something we like to spend, enjoy, and definitely not keep for a rainy day. But, if you’re still living in this mindset, then you haven’t really moved past high school. As soon as you leave the comfortable embrace of those highschool walls, you start to realise what the real world is going to throw at you. What it’s going to throw at you is a ton of problems, and most of them will directly link back to money. So, if you truly are living in the mindset that you don’t need to save money, then we’re here to show you why you couldn’t be more wrong. We’re not saying that you have to stop living a great life here, we’re just saying that a few things that you might be doing wrong need to be changed, and we’ll show you the benefits of changing your bad ways! So, if you have zero savings at the minute, and you don’t have a clue about how to save money during your day to day life, then have a read of this, and see if we can turn your finances around.
The thing that pretty much all of you are going to be terrible at. Budgeting is just not easy, but the more you try it, the more you’ll realise that have a plan with your money laid out for you is so much better than just going through the month, spending as you go, and hoping that you still have enough money to last you the last two weeks of the month. But budgeting isn’t second nature to the majority of us, so something we’re going to need a push in the right direction to make sure our money is set out right, and we’re making some savings along the way. Well, here is your push in the right direction. First of all, write down your total monthly pay. Then write out all of your bills and deduct them. The write down how much fuel, parking for work, or essentials you’re going to need each week. We’re talking your food shop and things like that, not essentials such as a meal deal from McDonald’s. Once you’ve got absolutely everything out of the way with that you usually spend each week and month, you should be left with a lump sum of money that is yours to spend. Wrong, it’s not yours to spend, it’s yours to use wisely. Divide the total by four as there are four weeks of the month. You should be left with more than enough for the weeks. So, take a chunk of that off, making sure that you leave yourself enough to live comfortably. That chunk needs to go straight into your savings account. You should have left yourself enough money to be able to enjoy yourself, so that you’re not dipping into your savings account each week!
Couponing is fun, but it can be taken to an extreme. There have been reports that it can actually become and addiction, but let’s not focus on the negative side of it. Couponing is actually really fun when you get into it, and the rewards you’ll feel when you know you’re saving yourself a ton of money each month will be more than worth the effort. Because it can also be a big effort. It used to be more so that you would get coupons out of magazines and newspapers, and they could easily be used in the stores. But nowadays, people are shopping more on the internet than they are in stores, so it’s actually so much easier to find coupons through the internet! You can easily get a coupon code and use it at most major online stores, saving you an absolute fortune when you shop. We know most of you won’t have been interested in this before, you’ll just simply make the payments when it comes to checking out. So, if you don’t use it at all at the minute, try your hand at a bit of couponing, and let us know how much you end up saving each month!
Locked Savings Accounts
Are you someone has an open savings account, actively puts money across into it, and takes it back out again the next week? Welcome to the club if you do. We’re all so bad at managing our savings accounts because they’re just so easy to access and take from. And when money is getting pretty tight, the first thing you’re going to reach to is all that money that you conveniently put away. It allows you to spend as you want still, and doesn’t give you any restrictions or control on your spending habits. So, we want you to think about setting up a locked savings account. It will be so much more beneficial for you to have a locked one in the long run. All you have to do is make sure you’re not putting too much aside each month. If you ever need to call on the money, you won’t be able to! The savings accounts usually have rules. A minimum deposit to set up the account, a minimum monthly deposit agreement, and you’ll only be able to make a certain amount of withdrawals a year. These rules are what make it so effective!
Self control is the last thing that you need to try and master. Self control is something we all have very little of, which is one of the reasons why you’re reading this article! The more money we have, the more tempted we are to actually spend it. So, rather than thinking of the money that you can spend all of the time, take some time to think of the money that you can save. If you get yourself in the right mindset, and find a way to learn some self control when it comes to things such as shopping, you should have no problem with saving money in life!