Three thrifty money saving tricks you wish you’d known earlier
Are you worried about money right now? Do you feel as though your paycheque isn’t going quite as far as it used to or that your savings account is shrinking rather than growing?
If you answered yes to either of the questions above, you aren’t alone! In fact, a recent Forbes report found that Women’s Financial Health has hit a five-year low, with 43% of women worrying about money at least once a day.
With that in mind, here are some money-saving tricks you’d wish you’d known earlier!
1) Join the savings club
Sometimes, the best way to regain control over your finances is to tackle your most significant expenses gradually, as opposed to in lump sums. After all, this takes a lot of pressure off your plate if you can pay for something over a period of several months as opposed to within a few days or weeks.
For example, you could join the Christmas savings scheme in order to reduce the financial pressure you face during the festive season. This is a scheme where participants set aside small amounts of money each month, which they receive back in the form of christmas gift cards. While this does not necessarily cut back on the amount of money you spend overall, it does help you to incorporate these costs into your budget more effectively!
2) Follow the 50:20:30 Rule
By now, you’re probably well aware of the fact that budgeting can help you to regain control over your finances. Despite this, there are so many different budgeting strategies out there that it can often be hard to know which method is the most effective.
However, the most simplistic strategies are often the most effective – as budgeting is all about streamlining your spending habits. As such, you can learn how to manage your money better by trying out the 50:20:30 rule.
This is a methodology wherein you allocate 50% of your income towards your needs (housing, food, transport etc.), 30% of your income goes toward your wants (meals out, entertainment), and 20% goes straight into savings.
This is a simple budgeting method that can help you get on the right track when managing your money – putting you on the path to financial health in no time at all.
3) Earn money online
Many people are unaware of the fact that some of the hobbies or pastimes they participate in could actually be big money-makers – especially if you’re guilty of spending a lot of time online. For example, you could earn money online by using sign-up bonuses, watching ads, utilising passive income apps, or even listening to music.
As a result, this can be a great way to boost your savings – with minimal effort on your end – in fact, you simply have to carry on doing what you’re already doing. However, you could also see this as a business opportunity by starting your own online business or blog – both of which can increase your monthly income and help you achieve financial stability sooner rather than later.