5 Smart Ways to Save Money
4. Make monthly budgets
It is always great to put things on paper and plan them out. You may not be able to stick to the plan completely, but at least you will be close to it. There is no sense in aimlessly spending all your hard-earned money, without having the slightest idea of how much overboard you are going. Maintain a budget notebook or a journal. Make all your financial plans in it. Plan your savings and expenditure. And remember, the time to start is now. One should make this effort as soon as possible. You can make headers to simplify the process. There should definitely be a food/grocery budget. You cannot spend more than that on it. Travel budget, leisure budget, shopping and utility bills – all these things can be dedicated some amount. If you go overboard on something, you need to cut down somewhere else. If all of it will be on paper, you will be more disciplined.
5. Monitor your expenditure daily
It is always important to know you are spending how much on what. Making a monthly budget is one thing, but you should also make a note of how much you spend on a daily basis. If it is there in front of you, your spontaneous, unrealistic shopping sprees will pinch you and will teach you a lesson. You will be able to keep a hold over things. Also, during review, you can see your unnecessary expenditure and cut on it accordingly.
A better discipline and monitoring of expenditure can help and encourage you to stick to your budgets and saving plans. There are various software available online for the same. You can make all your plans online, so that you do not waste paper (save the environment!) and also don’t lose your plans (for those instances when you leave things in the trouser pockets and send clothes for laundry!). Keep on mailing it to yourself, and revisit it often, so that it is always in front of you for you to review, and also to keep you motivated for the future.
