Need money tips? Well, lets first see if any of this applies to you. Too many people want to get rich but don’t know how. More often than not, most people make the mistake of thinking that skipping the ramen noodle lifestyle to the filet mignon steak for dinner everyday mindset will somehow automatically manifest wealth into their lives. Now while it sounds very appealing to spend the money you’ve worked for on some nice things here and there, this is usually abused. People complain about their monetary positions but choose to ignore that they are having a “treat yo self” day, every day. If you are not the trust fund child of a wealthy lawyer, you simply cannot afford to live in this kind of bliss. An increase in your wealth requires your adamant attention to detail regarding your bank account and the “fix all” method to increase the amount of money you have in your wallet comes down to one word. “Saving”.
Now for most who are unaware, this word is the holy grail for when you want to be sitting in your own private jet on your way to Progue at the snap of your fingers. Let’s take a look at its definition because most are only familiar with its ugly stepsister, “Spending”. Here are some tips explicitly from the bank you will need to implement not tomorrow, not next week, but at this very second.
Saving: Preventing waste of a particular resource (money).
Sounds easy enough right? Well in order for it to be a walk in the park these are the tips you’re going to need to fix your budget and mindset.
1. Make Spending Record.
The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, newspaper, and snack you buy. Ideally, you can account for every penny. Once you have your data, organize the numbers by categories, such as gas, groceries, and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this. If you bank online, you may be able to filter your statements to easily break down your spending. Do not choose to ignore to check your bank account when you swipe that cup of coffee, or when you buy something you do not need. If you’re intimidated to check your numbers, cut your debit or credit card and throw it in the trash, because you do not deserve to be spending, so don’t put yourself in that position, to begin with.
Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget. Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending. In addition to your monthly expenses, be sure to factor in expenses that occur regularly but not every month, such as car maintenance.
3. Plan To Save
Now that you’ve made a budget, create a savings category within it. Try to put away 10–15 percent of your income as savings. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify non-essentials that you can spend less on, such as entertainment and dining out.
After your expenses and income, your goals are likely to have the biggest impact on how you save money. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. Prioritizing goals can give you a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one.
5. See Your Wealth Increase
Check your progress every month. Not only will this help you stick to your personal savings plan but it also helps you identify and fix problems quickly. These simple ways to save money may even inspire you to save more and hit your goals faster.
Don’t choose to skip the struggle and hope that one-day money will fly into your account, it’s not going to happen, stop wishing.