Monday, June 2, 2014, PM | Leave Comment
Making money is hard enough, and keeping it is even harder. The balance between saving and spending is one we all need to learn. No matter what your income, you can always benefit from good budgeting tips. Here are some of the best when it comes to financing your future.
Always Pay Yourself First
There is something to be said for the individual who sets aside money every month in a savings account, or other long term account. However, there is a trick to this habit. If you set aside money every month like it is a bill, then you are much more likely to save it. If you do not pay yourself first, you run the risk of nickel and diming yourself out of your savings before you consider the side. Pay yourself before you pay any taxes or bills, no matter what.
Have Cash Reserves
As we go through life, we all come to expect the unexpected. You should not have to go into debt if something happens to you or to a loved one. Have cash reserves on hand for unexpected emergencies. You should also have separate accounts with money available for professional help like an accountant, a Vancouver ICBC lawyer, and a doctor.
Get Memberships at Warehouse Stores
Making bulk purchases of food staples is essential for keeping a food budget down. If you have a large family, then you definitely feel the effects of food inflation. This trend is not going in reverse anytime soon, so a warehouse membership more than pays for itself in the money you will save at the grocery store.
Turn Off all Lights You are not Using
Small things such as turning lights off when you leave a room, shutting off the water while you are brushing your teeth, and closing the windows when you have on the air conditioning can add up to a great amount of savings. This money can be set aside to put into a savings account. Not only are you saving money, you are also saving the environment by wasting less.
Always Make a Grocery List Before Going out for Purchase
Stores hire merchants and marketers specifically to place items around a storefront in a strategic manner. You are facing a team of people with secondary degrees every time you go out shopping. Fight the urge to make impulse purchases by creating a list before you go out and sticking to it no matter what.
Whether you are just starting out or established with a good income, you can always save more money. Be sure to follow the tips above and watch your budget carefully.
“Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas New Mexico. She loves to hike, bike and run. For this article she used Taylor and Blair as a resource. For information contact her via Twitter @BrookeChaplan.”