Money Saving Tips for Everyone
One of the major factors that you need to know, is where does all of your money go? It is extremely important to know where and how you spend your money. This will help you to develop habits, especially when you write everything down. Writing everything down will also help you to create a budget and see where the most spending takes place and where to cut back. Creating a budget is the second step.
Thirdly, is live like a college student. Don’t spend money that you do not have, where you do not have it. Yes, it will be difficult but, eventually is will place you in a financial situation that is better. This ties with number 4. You must be responsible with credit cards. Charge what you have the ability to pay off month to month. Budgeting will help you keep your cards in order. If you are one that can be easily tempted to use your cards, simply leave them at home and only take cash with.
Try to save, even when it seems impossible. If you have a hard time leaving money alone, have the bank set up a separate account that is not attached to your debit/ATM card. This makes it harder to access the money without going in. Maybe that will help to decide whether or not you need it. Wait a few days and see if you still need what you were looking at. Be a cheapskate.
Make sure that you pay your bills on time, every time. This will help keep money in order and help you keep track of what you have left for other activities. It also is a huge factor in your credit score. Late payment means bad credit.
If you are reading this as a college student, there are plenty of part time jobs around the campus. This allows for extra cash coming in. This also allows for more potential savings.
When trying to save there are many tricks to it.
-- $5's and Save ~ Every $5 bill that you receive, throw it in a jar or banking account. If you rarely carry cash with you, this may be a little difficult. Although doing this challenge, may help you to use cash over your cards.
-- The 26 (52) week challenge ~ The example grid is given below. This is where a bank account not attached to an ATM card will come in handy.
-- Another option is taking 10% of each paycheck and set it aside.