As we approach the highly commercialized O.o holiday season, I feel compelled to share some money saving tips. These are not just for the holiday season, but can be implemented in everyday life to help you keep the purse strings closed.
Of late I’ve found myself moving from wanting to buy everything either impulsively or because it’s cheap or both to only buying things that I actually need and can use in my day to day life (most of the time O.o lol). My 6 month job drought in the beginning of the year forced me to stay away from all shops and websites, so I, out of learned behavior or habit, don’t like to spend money on unnecessary things. Yes, I still slip up every now and then, but it’s important to be strict and avoid all unnecessary spending. If you need to treat yourself for your own emotional well-being or sanity, then go ahead! What’s life if you can’t do things to make yourself happy?!
Just a little note before we begin:
- It won’t work unless you are committed, like anything else in life. You have to be strict with yourself, and be determined to cut out unnecessary spending!
- This will help even if you have tons of disposable or discretionary income. You can always open a savings account with the money you were once spending or put it towards paying off credit cards or loans.
Step One: Figure out your spending habits
Take note of your spending habits for the day, week or month. Find out what you are spending money on? You can write on your phone on the notes app or journal, get a specialized budget app or make a spreadsheet. Once you know how you spend money day to day, you can use that info to create a working savings plan that works for you.
Step Two: Figure out bills and expenses
The next step is to figure out your daily, weekly or monthly expenses. Make a note of all of your bills, loan, insurance or credit payments, food, gas etc. so you know how much money will definitely be leaving your bank account each month. Also note how much money you expect to earn or get each month.
Step Three: Budget time
Make a budget. Deduct your bills and necessary monthly expenses from your incoming funds to calculate your discretionary income. Savings should always be a part of your expenses. Think of it as something you have to pay like a bill so your mind won’t think of it as free money sitting in an account that you can touch whenever you want. Once that money hits your savings account, condition yourself to think that it’s locked away in an outer-space vault which only opens when you hit your savings goal to buy that expensive item, or when something unfortunate happens.
Budgeting is an amazing tool to help you recognize and cut unnecessary expenses. Be ruthless with cutting things out for the first week or month. By taking things away, you’ll see how much you really need them or if you just like wasting money on some trivial things. For the following month, add in the things you really need and can afford. This also a good time to brainstorm ways to increase income.
Step Four: Eyes on the prize
Stay away from websites which usually draw you in. It’s important to remove temptation as much as possible in the beginning until you’ve built up good money spending habits!
Save for the things you want! Make a vision board of the things you would like to save towards or keep photos of the item or experience as your screensaver or on your mirror so you will be constantly reminded to save.
Learn to live with the things you already have. Better to buy quality that will last forever, than trend pieces which will disintegrate after the first use.
Try diys to salvage the things you have or can afford now instead of throwing away things that can re-used or irresponsibly spending.
Step Five: Savor the little things
Find free or inexpensive things which will make you fulfilled and happy. It can be a painful time when you are used to spending for fun, but it’s all for a great cause!
Who knew being a responsible adult who handles money well would be this difficult and time-consuming! Well everyone else who is older than I am lol. I want a refund from this whole adult thing; the whole thing was misrepresented in all the adverts and commercials!
Anyhoo, I hope you try out theses tips! Leave your money-saving tips below so we can help each other out! I know so many people end up being broke when January in the new year rolls around, so put away some dough so you can be comfortable in the new year!