Today is Black Friday and it is important that you make sure every penny that you spend, counts. You don’t want to pay more than you have to and you want to ensure that the money you have saved up for the shopping trip gets used wisely. Therefore, you need to have planned your shopping trip and you know your budget even before you leave home. This will ensure that you spend only the money that you have planned, on the items that you really need and not just purchasing items just because they are on sale.
How To Ensure Every Penny Counts
If you want to ensure every penny you earn that comes into your home counts then you must create a budget, you must assign a job to every penny to ensure that it knows what task it has to perform to help you make the most of its value.
You must look at the total amount of money that you have coming in to the home, you can’t create a budget if you are unaware of the amount of money you have.
You have to list all the bills that you need to pay and the expenses that you have each week. Once you know the amount of money that you have available only then will you know if you have enough money to cover, you might need to adjust those figures that are more adjustable like grocery shopping, entertainment or any luxury items you buy, so they all add up to the money you have available to you each month.
If you want to have money for big-ticket items that are in sales like Black Friday then you need to put money away so that you have the budget and you are not adding a debt to your income expenditure.
Assigning Jobs To Your Money
It is important when you work out the money you have for the different categories, you assign that money to pay that bill. If you then stick to your budget including some savings for the different items that you will need, you know that you are ensuring your money is working for you.
While it might not seem a great advantage to save money with interest rates so low, it is important that you do have some money put aside for those emergencies that you need to pay for; it saves using any form of credit and increasing any debt that you owe.
Paying For Goods And Services
There are times when you need to pay for goods and services and while many people recommend you use cash it is not always a great idea. You do get a higher level of protection for using a credit card for some purchases; it can protect the money you have paid if the item doesn’t appear or if there is a problem with a company.
If the credit card offers a cash back option and you pay your bill in full every month you can make your money work harder for you. However, you need to be very strict with yourself and only use the card if you intend to pay off the bill every month.
Savings Are They Worth It?
While savings account rates are extremely low and have been for some time, I do think it is still important to save money regularly. Not only is it habit building when interest rates rise, it is also a cushion for an emergency, something unexpected. If you are planning to buy a big-ticket item then, by saving, you are able to purchase the item you require without having to pay any interest to companies that offer you credit to make the purchase, like credit cards.
Therefore, if you are looking to make every penny that you earn count, then you must make sure that it is working as hard as it can for you from the moment it enters your bank account or budget.