It is incredibly easy to feel overwhelmed with all that is going on in the world right now. It’s also very tempting to engage in online shopping with all the deals that are going on! However, before you fill up your bag online at your favorite store, perhaps ask yourself: do I need this? Given the current circumstances, it’s important to implement some money-saving habits into your everyday life. Get started with these 5 money-saving tips!
Set Up a Budget
Possibly one of the most important money-saving tips is making a budget. Setting up a budget can seem difficult to do, and even more difficult to stick with throughout the month. However, it is important to at least recognize how much you’re spending each month on certain things. Track a normal month of your spending to discover how much you’re spending on restaurants, groceries, personal care, and any other category you can think of. Is there anywhere you can cut back? In order to save money, it’s important to discover your overall spending so you can better prepare for the months to follow.
Cancel Automatic Subscriptions
Netflix, Hulu, Spotify, gym memberships, Fabletics, and more — there are so many subscriptions that are popular these days. Often times, we even forget that we pay for them after a while because they automatically charge your account. It’s easy to sign up while it’s cheap or free for many of these subscriptions, and forget you have it! Check your bank account and go through all of your subscriptions to discover what you’re being charged for and what you really utilize. You’d be surprised how much this adds up!
When your paycheck first hits your bank account, do you transfer some of it into your savings? If it’s hard for you to get into that habit, set up your bank account so that it takes a percentage of your paycheck each month and places it into your savings account. By doing so, you don’t have to think twice about moving anything over to savings!
Equivalate Money to Hours Worked
How often have you seen a pair of shoes for $40 and thought, I just have to have those? What about if you saw a pair of shoes for $40 and thought, “that’s equal to x amount of hours worked”? You might think twice about your purchase! To help cut back on unnecessary purchases, think about how many hours you’d have to work to earn back that money. It put’s things into perspective and may help you cut back on splurging!
Get an App
Believe it or not, there really is an app for everything! In fact, there are plenty of high-quality apps that will help you to budget and manage your money. Mint links directly to your bank account and helps you categorize your transactions and set budgets for each. At the end of the month, you can see how much you spent in each category! On the other hand, Clarity Money helps you keep track of your subscriptions, and discover ones you aren’t using so you can cancel them. Lastly, Prism is an app that makes paying bills simple. It automatically tracks bills and sends due reminders, while also linking all of your financial accounts. If you’re having difficulty keeping track of your finances on your own, an app is the perfect solution.
Saving money and budgeting can be a difficult task to get in the habit of. However, with these 5 money-saving tips, you will be on your way to budgeting like a pro. It’s important to have your finances in check, so why not start today?
Live at Center Pointe, one of the top luxury apartment communities in Charles County, MD. At Center Pointe, we love helping our residents enjoy all that Waldorf has to offer. Enjoy easy access to shopping, entertainment, and great schools. Reach out to us today to schedule a tour and see why we are a Top Rated apartment community on ApartmentRatings!