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Do you feel overwhelmed when you look at your bank account at the end of every month? Well, most of us would. However, you don’t have to be a math genius to manage your finances like a pro; you just need to know the basics.
So let’s take a look at these tips and tricks that you need to adopt.
Important Side Note:
If you’re in debt, then I would definitely read Dave Ramsey’s book The Total Money Makeover which you can check out here. He’s helped MILLIONS of people climb their way out of debt and have financial peace and security. So DEFINITELY check him out!
Also! He has another great book called the Legacy Journey which is a great read. Check it out here!
Control impulsive shopping.
You may wander into stores and find very cute things that you want instantly. And while you might think that they’re just small purchases, these can all add up very quickly. So establish a 2-week rule. If by the end of two weeks you want it, then go for it.
Pay with your time.
Want to get your lawn mowed and your car washed? Ask around your neighborhood for chores and get favors in return. For example, you can take turns babysitting your friend’s kids, or watch your neighbor’s pets while they’re out in exchange for them to help you with your chores.
Put a cap on your daily spending.
Take note on every purchase you make, no matter how small. Keep track of how much you spend on a daily basis and make sure you stick to a daily budget.
Look for discounts, coupons, and cheaper alternatives on the internet or in newspapers and magazines.
Use the 30-day rule.
Got your sights set on something expensive and want it right away? Just like the 2-week rule, this rule applies to relatively expensive products. Write down what you want, and after 30 days, if you still want it and it makes sense financially, then go for it!
Pay off loans and credit cards on time.
This is very important since no one wants debt with increased interest rates. Make paying off debts on time a priority.
Carpool and use public transport whenever you can.
Find people who live near you in your workplace and schedule carpools. Or find bus routes. It’ll save you a lot of money.
Set a savings goal or create an emergency fund.
You may find it hard to save but it’s easy once you give yourself a certain goal to achieve it. The first step is to have an emergency fund; money you can fall back on in times of crisis. Once this has been set up, you can assign a new savings goal for yourself, for example; getting a car or going on vacation.
Think before buying something that’s on sale.
Before making a splurge, ask yourself a quick question; would you have bought this item if it weren’t on sale? If not, then walk away.
Whether you’re tired of being broke or you really want to start having bigger savings goals, these habits will definitely help you out!