Tag Archives: ALWAYS

Tips on How to Save Or Spend That Hard Earned Cash Wisely

Planning your expenses is an important thing which you will need to do if you would like to have a certain level of savings or even want to invest minimally in order to get a decent income flowing when you wish to retire. What this article aims to do is provide some easy tips which you can immediately carry out in order to control and at least help you curb your expenditure and spend wisely. I will describe this in two phases. The first is what I would call structural methods. In this section, I will describe to you some methods you can use to at least implement a system into your personal finances so that you will have some form of financial plan for any period of time in place. The second is what I shall call personal methods. These are methods and habits which you can carry out for your everyday life. Believe me, these will at least improve how you plan your finances.

1) STRUCTURAL

a) Budget your finances, Monthly, Weekly and Daily.

Yes, the first thing that will come out of the lips of everyone when they talk about personal financial planning is always creating a budget. And for good reason too. Creating a budget for your finances would at least provide a system for you to actually set aside some money for whatever purposes or things you wish to get, or even cover you in emergencies. While most people would recommend that you plan your budget monthly, I would suggest that a monthly AND weekly plan would actually be beneficial. Why? Because anything can happen within a week that may result in us tweaking or compromising our monthly budget plan. I will cover daily budgeting in the personal section later.

An example of how to do monthly budgeting is to firstly, list down all your necessary expenses. This can range from monthly household items like bills for the home to even the amount of allowance you give your kids. Minus off that from your income (usually your monthly salary only) and you should have a balance. Now plan the amount of savings you believe you can draw out of that monthly balance after you have already taken away necessary. I strongly recommend you set aside at least 10% of your income before expenses as savings to ensure that at least you have some cash for a rainy day.

The same can be said for your weekly planning. Plan for weekly expenses or events which you know you need to plan for in the particular week. It can range from things like grocery shopping expenses, or even the pizza you feel you want on that week because of a night of Football or Soccer on tv. This will allow you the flexibility of changing the monthly plan, without being so drastic about it.

b) Sign up for a monthly savings account from a bank.

Well, if you do not want the hassle of planning to save (though I feel it is VERY IMPORTANT that you do), you can try signing up for a monthly savings plan with your bank. What happens here is that when you sign up, every month, the bank will withdraw from your main bank account a certain set amount into another savings fixed account. This way, every month, you will have peace of mind that at the very least, you have set aside a certain amount of money for savings. If your local bank does not have such a service, then you could open a fixed account, which will not allow you to withdraw the cash, but will ensure you will save every month.

2) PERSONAL

a) Plan your daily budget.

Alright lets get personal. When I am talking about personal daily budgeting, I mean that limit your amount you wish to spend daily. Also, watch what you are spending on and really ask yourself “Do I Really Need That Thing?”

This is due to the fact that we buy a lot of things on impulse. Hence this is why we need to be conscious about what we are spending on and limit the amount which we are willing to take out for expenses on that particular day. Remember, BUY ONLY WHATS NECESSARY. Try not to spend beyond how much you have set aside for that day.

b) ALWAYS ask for a receipt and other small tips that you can use.

There are small everyday habits which you can use that can make a whole lot of difference in your lives in terms of personal finance. For one, I personally find keeping my receipts of my purchases useful. This would allow me to keep track of my expenditure for the day or week, and will also tell me what I spent on and what I can reduce. Another tip I can offer is to really practice delayed gratification. What I mean by this is, do not immediately jump in whenever you see the latest tech gizmo on sale, or that scarf on discount. Hold yourself back and question yourself whether is it really worth it? For example, once I saw this iPod Nano selling for $130 and it was ON SALE. I felt myself wanting to jump in, but I held myself back, thinking do I really need this? That held me back and stopped me from making that wild eyed decision. True enough, there was another shop selling it for even cheaper. At $100, and it’s a 4th Generation model.

Money Tips That Will Help You

Being a single mom is a financial challenge that does not have to break you! Single moms should be proud to be a single mom and can still have the success’s that you have always dreamed about. You simply need to be smart and creative when it comes to your money saving.

First of all, to be in control of your finances you must be a budget queen. You need to know how and when your bills are due, your paychecks come in and what you have for groceries etc. Your breakdown guideline should be: 60% of your income to needs, 30% of your income to wants, and 10% of your income to savings. If you don’t have a budget tool, I have you covered. Visit my website below for a free tool that will help you budget and get on top of your finances.

Secondly: Examine all of your house bills. Look at what you have and what you are paying. You will be surprised at the extra fees and services that you have, but you DON’T need. By reviewing your bills, and adjusting your services to what you NEED you will save hundreds of dollars a year – possibly even a month.

Third Tip- When you go shopping, ALWAYS, ALWAYS ALWAYS review your receipts to make sure you have been charged correctly. Quite often, scanners miss the sale and you miss your savings. When you find errors, go to the customer service counter and point it out. Most companies will offer you $10.00 off your next purchase for your inconvenience.

Fourth Tip – Be a smart grocery shopper! Don’t buy in bulk products that will expire before you use them. Head to do the bulk section and buy what you can there – you will save on packaging and fancy containers. If you find something on sale that you and your family eat a lot of (or that won’t expire quickly) buy lots of it and take advantage of the sale. Stay away from the isles and stick to the edges – they promote the isles as good sales, but they are not always and you end up making “impulse” buys that can be costly. Always make enough for left overs to save on lunch food and have a healthy lunch from your dinner left overs.

These are just a few money tips that I have up my sleeve, being a single mom too! Finding ways to save money is a hobby that can pay off in the end. After all, having extra money around to treat yourself and your child is worth taking a few moments to finding ways to save the money you work hard for!