It is important to safeguard your money and to make sure it is working as hard as possible for you, ensuring you get the best value for your money. This is why you should look carefully at any article that has budgeting tips, just in case there are any tips that you haven’t tried; you never know you might find a gem in among others that you already use.
- A great money-saving tip is to pay yearly bills in one go rather than spreading the payments over the course of the year, often interest gets charged on the monthly payments meaning it is costing you more than if you paid it in one lump sum. To pay something annually it is better to save for the bill in advance. I do this each month by religiously splitting each bill into twelve monthly payments, that I take as standard from our monthly income. I put this money away until it is time for the bill payment. This means you are putting away less each month than if you were paying monthly because you are not factoring interest payments, therefore saving you money.
- If you are a spender on your plastic, whether it is your debit card or a credit card a great way to go is to go cash only, leave those cards at home and it makes impulse buying totally out of the question. It also allows you to focus on the actual physical money that you have for an aspect of your budget; by impulsively spending that money means there is nothing left. This concept is now more difficult with plastic cards where you can spend and then worry about which budgeting area you need to borrow money from, to pay for the over-spend. If you are doing this with credit cards, it will mean that if you can’t afford to pay off the bill each month, you will incur interest charges on top of the purchases you have already made.
- If you are struggling to get your budget to meet, when your income is less than your expenditure, resulting in you spending more than you earn, it might be time to see what items you can do without until you have your budget under control. You might need to consider selling some items, which you own, but get the best deal that you can for them. You are after all, trying to make some money to help fill a short fall.
- If you are looking to find ways to save, a great idea is to round-up to the nearest £ or $ makes great financial sense, from each purchase you make, which you can put it straight into a savings account. Watch those pennies turn into something more, a way to help you pay down debt or to increase your savings even by a small amount each month is important.
- If you struggle with understanding how to create a budget or what you should put away in savings for future bills, it is important to get help. There are charities that will talk you through budgeting; even some banks will help you understand the principles of budgeting. It is better to admit you are unsure, rather than getting yourself into a financial situation that ends up costing you money in interest and resulting in stress and possibly sleepless nights.
Therefore, if you are looking for budgeting tips to save you money it is important to look at different options and suggestions, you might find a new tip that could save you money, which you had completely missed or overlooked.