Saving money has never been an easy task. We always make those firm decisions and lofty claims about how we will start saving money starting this week, this month, this year and the list goes on. And then one fine day, when we lay our eyes on one of our favorite shoes or a handbag for that matter, our resolve breaks and we end up buying that particular thing. This is not going to work this way. We all have been guilty of suddenly spending all our savings on a particular thing that we saw being advertised on TV. Especially if you have a subscription to Cincinnati Bell Cable TV, you would have witnessed all sorts of advertisements of your favorite stuff and resisting them is one tough task. We can totally relate to the situation.
Let’s give you some easy and simple, yet effective tips on how to save money.
Know Your Expenses
The first thing that you need to know is how much you spend in a month. The list will include your major expenses such as grocery, utility bills, etc. and minor expenses such as buying a snack, newspaper, magazine, or even coffee. You need to know it all before trying to make an effort to save. If we suggest an ideal scenario, account for every penny that you spend. You need to have the data right to know what you can really save. The organization is very important. After all, it is Math. Know each big and small expense that you have and write it down.
Make a Clear Budget
Once you have a clear picture of all your monthly expenses, you can easily make a workable budget. Like said earlier, organizing is the key to safe savings. Your budget should be clearly outlined and this is exactly how you can reap big savings. Plan your spending and writing down really helps when it comes to limit overspending. Creating a budget needs a strategy and of course, consistency. Also, note your expenses that do not occur on regular basis such as car maintenance.
Plan to Save
When you make the budget, create a category called ‘savings’ within it. Decide a particular amount or percentage of your income such as 10 to15% of your total income into your savings. If the expenses are really high and you re unable to save much, it definitely is time to actually cut back. And for that, you need to identify non-essentials in your spending and control them. Start spending less on entertainment such as dining out, cinema, and similar stuff. Also, take a look at the items that you frequently buy. For instance, if you are in a habit to buy makeup, bags, or shoes, or any other item for that matter every month, you need to stop yourself from doing that. Unless you don’t make those small sacrifices, you can’t really save much.
Last but not the least, take motivation from friends on saving money effectively. When you will set goals to save money, you will feel motivated. So, pick your Cincinnati Bell Internet phone up and call a friend to discuss your saving plans.