Saving money does not necessarily mean giving up the things you enjoy and love.
By making a few simple changes, you can cut costs, save money and still enjoy your favorite things that you like to do.
With a little planning, giving up your lifestyle will be the least of your worries.
Here are seven tips to help you save money without giving up your lifestyle.
If you have never had experience with a budget, let me briefly describe exactly what it is:
A budget is an estimate of money coming in and money going out.
It is basically a financial plan for a defined period, normally a year.
Track your expenses for a month to see where your money is going. Then, create a budget that includes all of your necessary expenses, such as rent, utilities, and groceries, as well as any savings goals you have.
Make sure to also include a category for discretionary spending. These are nonessential expenses. For example, if you see that you have all of your important expenses covered, and have money left over, then you can reward yourself by treating yourself to luxuries, such as, eating out, going to the movies, playing golf, etc.
Set a limit for yourself and stick to it.
You don't necessarily have to write this down on paper. You can use spreadsheet programs or apps to help you stay on track and adjust your budget as needed.
This section is very important !
Saving money has two forms.
The first is, paying less for items or services you need. This is all great and good, but the end result is, you no longer have the money. You've spent it, even though you spent less.
The second form is, putting money aside for a nest egg, in a savings account. This is the real way to save money.
Look at it this way. Just because something is a good deal, why spend the money if you don't have to.
If you don't spend the money, you still have the money. That is a good feeling.
You don't want to be scraping all your life. Saving money on petty discounts is OK, but you also want to increase your net worth. This is the way success minded people think.
Here's how you do this:
Open two bank accounts.
The first is a regular checking account, which you may already have. This is the one used to pay your monthly bills.
Second, open a savings account. Then, make a vow to yourself that the money in this account is not going to be touched, unless there's an emergency.
Not that you are all set with your bank, make another vow to yourself. You are going to put the money left over after your bills are paid in your savings account, and as much as you can.
Something to keep in mind
Think of the money you put in your savings account as just another bill that has to be paid.
This is just another way of spending money, but there is a major exception. While this takes away from your checking account, and your money used to pay bills and buy things, the fact remains, you still have the money. It's just somewhere else, but it is yours, it is accessible, and your net worth is increased.
If you have never done this before, it will seem a little strange at first, But you will get used to it very quickly.
And you will be very happy to know that something else will happen very quickly. Once you start doing this, your savings account will increase very fast.
Before long, saving money AND not having to give up your lifestyle will be the least of your worries !
This is the exact way successful people got their start. But here's something else you may find interesting.
People who are successful and have a lot of money never lose their sense of the value of money. For example, you may think that, to a millionaire, $200 is not a lot of money. This is hogwash! To these guys, $200 is always a lot of money.
And there is something else that may interest you. People who are millionaires are still looking for ways to save money. They know what it took to get there, and they never lose their perspective of money.
I love to use plastic to make purchases, but only if the money I'm spending is my money.
Debit cards are great, but please, get rid of those credit cards if you have any. They can get you in big time, major league trouble.
Also, if you don't pay your entire balance off when you receive your bill, you will have to pay interest. This is literally throwing money away.
As a general rule, if you don't have the money to buy something, don't buy it. Also, if you don't want to use your money to buy something, again, don't buy it.
If you have any credit cards, I hope you have a sharp pair of scissors.
A penny saved is a penny earned.
This may not seem like much at this point, but believe me, it starts to add up very quickly.
Use coupons, sign up for loyalty programs, and take advantage of sales and promotions.
Before making a purchase, do some research to see if there are any discounts available.
You can also use apps and websites to find deals on everything from groceries to travel. Just be sure to only buy what you need and not get caught up in the excitement of a good deal. If you spend money on something you don't need, then you're defeating your purpose.
Finally, run a Google search on websites and apps to help you save money, and you're in business.
Take a look at your monthly bills and see if there are any services or subscriptions you can cancel or downgrade.
For example, do you really need that premium cable package or can you switch to a less expensive streaming service?
Can you cut back on dining out or buying coffee every day? By identifying and eliminating unnecessary expenses, you can free up more money to put towards the things that truly matter to you.
Very Important! Instead of freeing up more money to put towards the things that truly matter to you, consider using this money to add to your savings account.
No one ever said that you have to use the money you save on purchases to buy other things. If you don't need anything, don't spend it. SAVE IT! This will add to your net worth.
Play your cards right, and you won't have to give up anything, even that expensive cable package.
Here are some good examples.
If you enjoy going to the movies, consider going to a matinee or finding a discount theater.
If you love shopping for clothes, try shopping at thrift stores or online discount retailers.
You can also look for deals and coupons for your favorite restaurants or activities. By being creative and resourceful, you can still enjoy the things you love without breaking the bank.
Many credit cards offer cashback or rewards for purchases, which can add up over time. You can also sign up for cashback websites or apps that give you money back for shopping at certain stores or making certain purchases. Just be sure to pay off your credit card balance in full each month to avoid interest charges. With a little bit of effort, you can earn cashback and rewards while still enjoying the things you love.
This is just another way to save money. Of course, you already know what I think about credit cards. However, if you don't think the same way, then this may benefit you.
If you do this right, you will never have to give up your lifestyle.
Also, if you transfer money each month to your savings account, before long, giving up your lifestyle will not be an issue.
I hope this article has helped you.
Remember! At SurfSideSafe, we are here to make your life much better.