Saving money is hard. Really hard. Depending on your unique situation, saving money can feel impossible. With some strategies in place, saving money each month doesn’t have to be so anxiety-inducing. Financial expert Eric Nelson shares his thoughts on four easy savings tips for people living on a strict budget.
- Use cash, not plastic
Many people are able to receive their paychecks through direct deposits directly into their bank accounts. This is convenient for our fast-paced consumer lifestyle, but what if you saw how much money was actually leaving your hands each time you made a purchase?
I bet you’d spend less than you do now. Consider taking out chunks of cash from your direct deposits to use solely as your spending money instead of reaching for the debit or credit card.
- Schedule “no spend” days
Plan a day or two each week where you do not allow yourself to spend money. It’s surprisingly hard to do! Skipping the morning coffee or quick lunchtime meal might be a wake up call to your spending habits.
Of course, unexpected things happen and you may need to spend money you didn’t anticipate spending. That’s okay, just remember to budget yourself for the rest of the week accordingly.
- Buy groceries every week
A lot of people feel strapped for time and make the convenient choice of eating out multiple times per week. Although this choice is convenient, is it the best choice for your budget?
Consider buying groceries regularly and cooking your meals. Sure you might have a high food bill, but you’ll still be saving money when compared to eating out for most meals of the week.
For more money-saving tips, follow Eric Nelson’s blog.