No one’s perfect, and we all spend money irresponsibly sometimes, but when you spend more time looking up ‘How Much Is Miranda Cosgrove Worth’ than you do taking care of your own finances, you might have a problem.
Being a spendthrift and wanting to save money can be difficult. You need to constantly check your temptations with questions like, “Do I really need this?” or “Should I buy this?”
However, if you are determined to save money and stop being a serial spender, you need to know how to save money. Not to worry, here are four ways to get you started on the road to saving more money.
Check Your Bank Account Regularly:
Checking your bank account might be something that scares you, especially if you’re a serial spender like a lot of us are, but it simply must be done. Getting into the habit of checking your bank account regularly can drastically improve your financial situation without you even having to put in much effort.
Becoming aware of your finances gives you a lot more subconscious control over them. Set a goal to check your bank account at least once a day, which shouldn’t be too difficult with the advent of mobile banking making the process incredibly smooth.
In fact, there are even bank accounts such as Monzo that will send you texts telling you how much you have left and how much you’ve spent that day. Perfect for the serial spender.
Create An Untouchable Savings Account:
A scary but highly important step for many of us looking to become better savers is to create an ‘untouchable’ savings account. This account cannot be accessed without putting some work and thought into it, and you certainly cannot just swipe your card and spend to your heart’s content.
Not having the money in your bank account instead of having it ‘out of sight, out of mind’ and stashed away in an untouchable savings account will help you to track your spending, save more, and be more responsible with your money.
Cut Down On Unnecessary Spending:
A somewhat obvious step towards saving money is to cut down on unnecessary spending. We spend so much in our everyday lives that we don’t even realize or think about it, but every coffee, sandwich, an extra pair of shoes, water bottle, and lip balm add up and make a serious dent in your bank account.
Using apps that track your spending can help with this, but the important thing is to become conscious of your spending. A popular hack is to allocate yourself a certain amount of cash per day that you can spend, and leave your bank card at home for the day when you go out.
This way, you become a lot more aware of how much money you have and how much you actually spend because it’s all in the palm of your hand.
Embrace Minimalism:
Minimalism is the concept that less can actually be more, and that the clutter and junk we tend to waste our money on because we think we ‘need’ it, actually isn’t necessary.
Embracing this lifestyle can help to teach you to become more conscious and ethical with your spending, and help you to save a lot. Many people have found that minimalism has revolutionized their spending, so perhaps it’s time for you to give it a try too!
There’s no quick route to becoming a better spender. It’s a learning process that, like everything in life, takes practice. Hopefully, though, this article gave you some inspiration and helped you along the way.
Tips And Tricks For Saving Money Like A Pro:
Saving money when you’re a spendthrift can be really difficult. However, you can try these tips and tricks that teaches you how to save money and reduce your spending.
Here are some tips and tricks to save your money like a pro:
- Set up a direct deposit to transfer a part of your earnings every month to that savings account.
- No need to be brand-snobbish. You can just buy generic clothing and accessories for yourself without paying for overpriced brand items.
- Stop visiting your favorite store—online or offline. If you like online shopping, delete your favorite shopping app. And if you like offline shopping, stop visiting the store when there is no necessary requirement.
- Cancel subscriptions to unnecessary things. If you are no longer using the memberships for anything, you can cancel them and save your money.
- Start taking meal boxes and homemade lunches to work. This will help you save money from spending on expensive lunches.
- Try carpooling or taking public transport to the office. This can considerably reduce your spending and help you save your money like a pro.
- Make a proper budget for every month and try to stick to it. Include both necessary and some desired items in the budget.
- Pay off your high-interest debts before they affect your finances. This way, you can prevent yourself from incurring a huge expense in the future.
- You should always build an emergency fund to keep your money stored away for emergency situations.
- Track your monthly income and expenses to understand your spending habits.
Automate your savings and investment plans. This will help you to keep the money aside at the beginning of the month.
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