Often, it can feel as though money rules your life. Every decision you make is based on the amount of cash you have left in your bank account or pocket. However, with the right strategy, and a few changes to your routine, you can get to a point where you control your money.
Budgeting can feel like an exhausting process for many people, particularly if it’s something that they haven’t done before. However, you can accomplish a great deal just by learning how to make your money stretch further.
Today, we’re going to explore some general money saving tips that everyone can benefit from – no matter where you are in your financial journey.
There was once a time when people believed that they more items they had, the better off they would be. In fact, there are still collectors out there who hoard certain items, like stamps or video games, hoping that they’ll have more value in the future. While there’s nothing wrong with having your own collection, it’s important to make sure that you’re not hoarding things you don’t need.
If you have endless boxes in your loft or cupboards, now’s the time to go through them and find out what you actually need. While a lot of the junk you find will probably go straight in your bin, you might find some excellent items to sell too. At the same time, overcoming your obsession to collect might mean that you spend less on new items for your pile.
It doesn’t matter where you live, or what you buy, you’ll find endless retailers in your area that can give you loyalty and reward cards to sign up for. These programs will often require nothing more than an email address and your name. More often than not, they come with access to cashback on your purchases, exclusive discounts, and so much more.
If you don’t want to be overwhelmed with emails from reward accounts, then you can always create a separate email address just for collecting freebies and discounts.
When you’re new to budgeting, it’s easy to forget that there’s more to mastering your money than just saying “no” every time you want to buy something. Sometimes, you will need to take out that personal loan so you can buy a new car or fix your roof. You also might need to spend cash from time to time to ensure that you can accomplish more in your life.
However, whenever you’re making a big purchase, it’s important to give yourself plenty of time to think things over. The thirty-day rule means that you wait a whole month to decide on a big expense. This often applies to anything that costs a few thousand dollars. You can give yourself less time when you’re on the fence about smaller purchases.
We spend hundreds of thousands of dollars on our homes. Yet, for some reason, when we have time to ourselves, we’re always tempted to leave the indoors behind in favour of expensive trips to the movies and car journeys. If you’re sick of spending excess money on entertainment, try staying in every now and again.
You and your friends could arrange one weekend a month where you have a dinner party or potluck, where everyone brings their own food, and you all find ways to stay entertained without going out. Avoiding going out on the town as regularly will protect both your entertainment and food budget from excess spending.
Finally, how often have you thrown a coffee machine away because it doesn’t work as well as it used to, or gotten rid of an old jacket because of a tear? We live in a throwaway society today, where people are more likely to put the items that they buy in the trash, than actually spend time repairing the things that they love.
However, learning how to fix broken electronics or repair clothing could be an excellent way to get more life out of your favourite items. Most basic sewing jobs are very easy to do at home with the help of a YouTube video. And there are tons of articles to guide you through some basic repair work around the house too. Next time you think something you like is broken, consider looking for ways to repair it before you give up hope.