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The Five Best Money Management Ideas
At the end of the month, is your bank balance always lower than you had hoped? Where is all your money? Was it spent or saved?
If you have a savings goal for investing, or a major expenditure such as a cruise, a car, or a house, it’s time to start using money management strategies. Keep in mind that you do not have to change your whole life in order to manage your money, you simply must give a bit more thought to your cash flow.
- Dining Out on a Budget
When you start to create a household budget, you may find it astonishing to learn that a good percentage of the money you spend is on restaurant bills. Everything adds up!
- Eat at restaurants less often and start buying groceries that enable you to cook delicious meals in your own kitchen. That will really affect your grocery bill in a good way.
- Keep Track of Monthly Expenses
Write down anything and everything you buy. You do not need to read your list over and over again each day of the week, but you do need to spend some time creating a list that makes common sense. You will likely find that there are many things that you buy that you don’t really need and won’t miss.
- This is an excellent way to keep track of your cash expenses which include all trips to Starbucks, lunches, or trips to the dry cleaners. Make a record of every dime you spend and analyze it at the end of the month.
- Pay Bills on Time
This may be something you already thought about, but remember that if you miss paying bills on the scheduled due dates, you will incur additional late fees. Avoid late fees by returning your borrowed books to the library on time; also, return your DVD rentals to the store before the deadline.
- Avoid late fees by setting up automatic bill payments directly from your bank.
- Cut Back on Non-Vital Expenses
Many people waste money on things they don’t really need or use frequently. For instance, how many of the hundreds of TV channels you subscribe to do you actually watch? It is impossible to watch dozens of channels at the same time, so you may as well eliminate some of them to save money. If you can get used to watching less channels, you may end up with more money at the beginning of each month.
- Talk to your television, home phone and cell phone companies to see if there is a better and cheaper alternative to the service you are currently paying for. Do not waste money on call waiting or text messaging features if you have no need for these services.
- Reduce Driving
Since the price of fuel is so expensive these days, consider the option of walking or using public transportation, particularly when you are only going on a short trip. Ride a bicycle, take a local bus, buy a train ticket or walk whenever you are traveling a short distance. Take a good look at the money you spend on gas.
- Think about walking, taking a bus or train to your job or carpooling with a responsible coworker. When two or more people share a ride, it cuts down on the gas expense for everyone as well as the wear and tear on your cars. Try to schedule your errands so that you can do as many as possible at one time.
Get Your Family Involved
It is a simpler process to save money if every member of your family gets involved as a group effort. Proper money management skills are important for children to learn early.
Don’t let the concept of saving intimidate you. When you use these strategies on a regular basis, you will be able to keep adding more to your savings account!