Here are 5 rock-solid methods that are within your control and actually work.
1. Stop money leaks
Eliminate the money leaking out of your bank account by tracking every penny you earn, and every penny you spend. Most people who do this are shocked by how much money they burn on things that don’t fit in with their goals for their money. Additionally, tracking how much you earn allows you to compare your spending to earnings, and ensure that you’re living within your means. Seeing the numbers in black and white will prevent you from lying to yourself about how much you’re spending on frivolous items, and allow you to see a crystal clear picture of where you can improve. Additionally, tracking how much you earn allows you to compare your spending to earnings, and ensure that you’re living within your means. Seeing the numbers in black and white will prevent you from lying to yourself about how much you’re spending on frivolous items, and allow you to see a crystal clear picture of where you can improve.
2. Spread the word
Boost your willpower to stick with your money-saving plans by sharing them with everyone you know. For example, if you’re going to save money by skipping your daily Starbucks coffee, tell people. You can share the news in person, or via social media. Use whatever method of sharing is most convenient for you. Social scientists have proven that we want to be seen as consistent and truthful – so the very fact that you’ve told people what you’re going to do will increase the odds that you’ll follow through and do what you said you would. And who knows, you might just inspire your friends and family to do as you’re doing, and improve their own financial positions too! Social scientists have proven that we want to be seen as consistent and truthful – so the very fact that you’ve told people what you’re going to do will increase the odds that you’ll follow through and do what you said you would. And who knows, you might just inspire your friends and family to do as you’re doing, and improve their own financial positions too!
3. Use the right tools
If you’re great with computers, you can set up a spreadsheet to track your spending and expenses. Or, use a budgeting app that’s ready-made for you. If you like a simple solution to budgeting, get back to basics with a foolproof notebook, pen, and calculator to track everything and add it all up. Any of these methods will work to help you save big money. If you love technology, embrace it and use it. If not, there’s nothing wrong with sticking to the old-fashioned (but effective) basics. If you like a simple solution to budgeting, get back to basics with a foolproof notebook, pen, and calculator to track everything and add it all up. Any of these methods will work to help you save big money. If you love technology, embrace it and use it. If not, there’s nothing wrong with sticking to the old-fashioned (but effective) basics.
4. Avoid impulse buying
Impulse buying is a huge cause of unnecessary spending, and you can stop this habit dead in its tracks with a tried and true tool, the shopping list. It’s not novel or sexy, but it works. Make a list of exactly what you need to buy when heading to the grocery store or mall. This will help you to stay focused on buying only the items you actually need, and avoid being caught up in the excitement of purchasing things you can do without.
5. Make a plan
You need to plan where you want your money to go. Having a crystal clear picture of where you want your money to go will help you to stay on course, as opposed to getting sidetracked by the latest thing vying for your money. You’ll spend less cash on things that aren’t important to you, have more money available for the things you need, save tons of money over the long haul, and reach your financial goals faster.
Make a plan, save big money, and change your finances forever
If you incorporate these simple tips into your day to day life, you’re sure to see a difference in the health and wealth of your bank account. There’s no better time than now to take action. So what are you waiting for? Stop your money leaks, spread the word about what you’re trying to accomplish, use the right tools, avoid impulse buying, and make a plan for your money. You’ll be glad you did. Featured photo credit: www.traviscu.org via traviscu.org
