While saving and investing are extremely important, many people are feeling pretty beat up by maintaining both social life and finances. This can be difficult, it’s tough to make a commitment to spending less or saving more when you feel like you’re making a sacrifice. When it comes to entertainment, it can seem like everything is expensive; but you don’t have to sacrifice fun to save your bank account! All it takes is some planning and self-control. Get a hold on money management. The best savings accounts are those with actual savings in them. Stop working so hard; take a step back, work smarter. You can work towards your goal and still enjoy the life you’re living by using these money tips:
1. Avoid Small Impulse and Habit Purchases:
Buying an item from a display while you’re waiting in the checkout line and buying sodas and candy bars every day at work, can really add up to increase your monthly bill. The easiest way to break this habit is to realize that the pleasure received from impulse and habit purchases is fleeting and temporary. Think of every dollar you save on impulse and habit purchases as money for items you really want and need.
2. Make Things Last Longer:
Do you really need to upgrade your computer? Can you go another week before you get a haircut? Can you get another year out of your car? This is one of the easiest ways to save, just buy as high quality as fits within your budget and then take care of your things so that you can get as much use out of them as possible. The longer things last the more value you got for the money you spent.
3. Pay Your Bills on Time (Money tips):
Avoid all of the extra and unnecessary late fees as many credit card companies and banks make hundreds of millions each year on late payment fees. You should also avoid going over your credit limit. Don’t exceed your credit limits and take the time to read the fine print the next time you sign up for a card or loan.
4. Avoid dining out much often:
We all love to dine out, it’s our social time and a chance to reward ourselves for a week of hard work. If you go out to eat a lot, try mixing in some less expensive restaurants that you wouldn’t normally choose. Regardless of your normal fare, there’s usually a cheaper alternative that you can mix in now and then to save a few bucks and enjoy a different environment.
5. Avoid Temptation:
If you’re the type that frequents malls and other major retail outlets and are able to escape without spending a penny, then, by all means, have fun and enjoy yourself. On contrary if you are one of those who just can’t resist themselves from spending money then you should leave your credit cards at home and for once go out just to enjoy the surroundings.
Continue to modify your spending actions. Be in control. Start comparing savings accounts from this day forward. Make a promise to yourself, that you are going to establish the best savings account; and it starts now. Follow these money tips.
7. Budget and Plan:
Apply healthy personal finance habits to your spending and saving decisions. This will alleviate an enormous amount of pressure and stress in your life. After you get a little practice you’ll get much better at managing money and making sound finance and investing decisions.
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Article by Born Realist