Monday, May 19, 2014, PM | Leave Comment
Does it seem like you are going through your monthly budget faster than you are bringing in the money? Finances are often a family’s Achilles heel. After a budget for food, bills, and entertainment has been established, there could be an emergency that comes up and takes money away from one area, though there are some ways you can save money on your budget so you have a little room for those unexpected repairs and emergencies that arise.
Make a Budget
The first thing that you need to do is create a budget based on how much you make and can spend in a month, not how much you want to spend. Use a piece of paper or computer program to write down your monthly amount at the top. Make a list of all of the expenses you have each month with the most important expenses listed first such as housing, utilities, insurance and car payments. You can’t really save on the fixed amounts of bills, but you can save money in areas like groceries, gas and entertainment.
Transfer from Checking
At the end of the month, you might have money leftover in your checking account from an area where you didn’t spend much money. This amount can be transferred to your savings account. Money in your savings will draw interest, earning money instead of sitting in the checking account. It might not be a lot, but the interest will be something you didn’t have to work for and that you can later use on bills and emergencies.
Only the Necessities
When you are shopping or making a decision on something to purchase like a gym membership, think about where you will use that item or not. Do you need to go to the gym when you already exercise on a daily basis? Will you ever wear the outfit that you see hanging in the display window? If there is something that you need such as towels for the home, or socks for the kids, then these are the items that should be purchased first instead of the impulse buys. Make lists and always put the priority items at the top.
Save the Coins
You might not think about it until there is a full jar, but coins add up quickly. Put all of the spare change you receive after making a purchase in a jar, and don’t spend it until the jar is full. When you have a full jar, take it to a grocery store that has a coin counting machine, or your bank so that someone there can count it before you add the money to your savings account. You might also consider getting a small Koster’s cash loan for those items you need, but don’t have the extra money for. Just make sure you can pay back the small amount with your next paycheck. These payday loans from Las Vegas could also be money used for a needed car repair or a new appliance.
Make coupons your friend. You can save a large amount of money if you know how to use them. Don’t use a coupon just because you have it for an item. When something goes on sale, pair the coupon with the item to get maximum savings. There are coupons for almost everything that you can think of including food, clothing, toys and home goods. You can even get coupons to save on gas by enrolling in rewards programs that grocery and retail stores offer.
After you make a budget, stick to it so that you know what you need to pay each month. It is alright to say no to yourself or your children when going to the store so that you don’t walk away with more items than you planned to buy. Save all of the loose change you have while transferring money from your checking to your savings account.Facebook.com/doable.finance