Saturday, October 8, 2016, AM | Leave Comment
Even the most financially frugal can slip up and go over budget from time to time.
Here are four simple tips for shaping up your spending habits and getting ahead:
Swap Plastic for Cash
TIME.com reported a recent experiment that proved people were willing to spend more in one purchase when using their credit or debit card, as opposed to cash.
Financial adviser Leon LeBrecque suggests the old school system of drawing out a week’s worth of cash for routine purchases, telling TIME “You have to stop spending when you run out of money.”
Track Little Expenses
It’s an age-old saying but nonetheless true: the little things DO add up. Coffee, convenience store items, and other seemingly insignificant here-and-there purchases can quickly tally up by the end of the month, leaving you scratching your head.
Today there are a number of easy mobile apps that track your smaller purchases (usually $10 or less), showing you the weekly totals to help you stay within your budget.
Protect Your Home
The best curative is a preventative, and keeping on top of home maintenance will prevent future damage that can cost you hundreds–if not thousands–of dollars.
According to a NAHB analysis, home owners spent about $150 billion on home improvements and repairs in 2013, a rate that has steadily climbed in the ensuing three years.
Weatherproof and inspect the exterior of your house, perform routine plumbing and electrical checks, and call in a pest control service to rid the space of any rodents and insects that can wreak havoc on your home, resulting in expensive renovations.
Professionals, like those at Rove Pest Control, offer pest control in Rochester, MN, and in other places as well. Protecting your home is well worth it.
Set Realistic Goals
“A lot of people set themselves up for failure because they have a mindset of either indulgence or deprivation,” Shelly Smith-Acuna, dean of the Graduate School of Professional Psychology at the University of Denver, tells U.S. News.
“If you try to deprive yourself of too much, where you spend almost nothing, then you end up giving up, and you indulge, and then you overspend. So if you have an unrealistic plan, you’re probably going to lose control.”
The solution? Draw up a sensible monthly budget for yourself that works within your salary and lifestyle.
In an era of multiple spending accounts and consumer services, various membership fees, and ever-fluctuating prices, it can feel more than a little daunting keeping track of what goes into your wallet and, more importantly, how much goes out each month.
By incorporating these four simple tips into your spending style you’ll be amazed at the difference a few adjustments can make.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.