This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Making A Mountain Out Of A Molehill With Your Savings
Whenever it comes to the end of the month, you feel nothing but shrapnel in your pocket, and you’re inching ever closer to being in the red, you simply ache for payday to arrive. Those last few days just before your monthly wage appears happily in your account can be frustrating. Each month you promise yourself that you’ll budget better next month, make your wages go further and not be scrimping for those last few days again.
However, something always crops up whether it’s your car needing new tires, one of your darling offspring needing money for a school trip or your laptop crashing for the final time only for the blue screen of death to appear. There is a way to account for these eventualities and remain in the black come payday. Take a look at how you can feel more comfortable with your finances all year round.
The first rule of sound money management is budgeting. It doesn’t matter whether you are the wealthiest family on the street or you’re struggling to make ends meet, you need to budget to make sure that your outgoings do not exceed your incomings. Use a check stub maker to work out your exact pay, see what goes to the taxman and health insurance, and what you are left with each month.
It’s vital that you account for everything from the newspaper you buy every weekend to the mocha choca latte you purchase on your way to work every Friday as a treat. By writing down every morsel of expenditure, you’ll be able to trim a few cents off here and there. Before you know it, this becomes dollars. And before you know it, you may have constructed a way to save a hundred dollars a month simply through more astute budgeting.
When it comes to groceries, try and think more frugally. You don’t have to scrimp on the quality of your ingredients, you simply have to make meals go further. When cooking dinner, try and ensure there are leftovers for lunch the following day. When out at the supermarket, make sure you add up the groceries in your trolley as you go along with a calculator in your hand. This way you’ll be more aware of how much you are spending rather than receiving a shock at the checkout. Plan out your meals before you go and only buy what you need. Don’t go shopping on an empty stomach, otherwise you could find yourself buying expensive sugary snacks.
Where To Save
Any money that you save should have a designated account, so you aren’t tempted to spend it frivolously. It doesn’t have to remain there, and you can use the cash to pay off credit card debt or any personal loans you might have. As you see your savings pot build and your debt go down, you’ll be more motivated to continue until you can take your savings and explore more lucrative investment opportunities.