Regardless of your financial standing, you need to be very careful on how you spend your money. We often hear people talking about financial freedom, and this moves us to also want financial stability. But, as with most things, sometimes that very first step is the hardest part.
Try the following tips that might be helpful as you sort out your financial life.
1. Turn Off The Television
One big way to save money is to drastically cut down on the amount of television you watch. There are a lot of financial benefits to this: less exposure to spending-inducing ads, a lower electric bill, a lower DSTV bill if you downgrade your subscription, more time to focus on other things in life such as a side business and so on.
2. Make Your Own Gifts
If you want to save money while also giving generously, creating your own homemade gifts is one way to accomplish both goals. You can make food mixes, candles, fresh-baked bread or cookies, soap, and all kinds of other things at home quite easily and inexpensively.
3. Master the 30-day rule
Avoiding instant gratification is one of the most important rules of personal finance, and waiting 30 days to decide on a purchase is an excellent way to implement that rule. Quite often, after a month has passed, you’ll find that the urge to buy has passed as well, and you’ll have saved yourself some money simply by waiting.
4. Write A List Before You Go Shopping
One of the easiest ways to save money is to only shop when you have a list. Because when you’re without one, you typically end up making impulse buys and unplanned purchases – all things that cost money. Creating a list before you go to the grocery store is especially important. Not only can it help you buy items that fit with your meal plan, but it can also help you avoid buying food you might waste.
5. Invite Friends Over Instead Of Going Out
Going out to eat or “out on the town” has a way of completely destroying both your food budget and your entertainment budget in one fell swoop. And no matter what, it is always cheaper to stay in with friends and come up with your own entertainment.
Instead of hitting the town, host a fun pitch-in dinner with your friends. Play cards, sit around a fire pit, or watch movies with your guests. You’ll all save money – and have a blast.