Everyone wants to have a beefy bank account. But the sad reality is that many can’t find themselves saving their hard-earned money even if their lives depend on it. Since it is much easier to spend than save, many will choose to give in to luxury even if they can’t afford it. As they always say, hard cash can buy you limited happiness.
You may be thrilled after buying a new pair of shoes or the latest model of your favorite car brand. But once all the hype is gone and you check on your balance, you may end up with deep regret. This is one occurrence that happens too often after spending more than what we can actually afford. Thankfully, by making simple lifestyle changes, you can start spending less and growing your savings in no time.
Track your cash before you buy
One good way to control your spending is to keep track of your finances before making any significant purchase. Before you buy anything that interests you, check how much money you have left in your wallet and your checking account. Keeping track of your finances has never been this easy, thanks to online banking. If you still have enough money left to spare for your wants, only then should you decide to pursue the purchase.
Use cash and your debit card
Many fall victim to endless credit card debt simply because they choose to swipe than pay with their own money. Remember that the funds in your credit card are not yours, to begin with. Your credit card expenses are harder to track. By sticking to cash and debit card payments, you can instantly check how much of your money is left. This will make you more conscious about your finances and force you to spend only what you have.
Automate your bill payment and savings
Automatically transferring a percentage of your income to your savings account is a good way to ensure that you get to save money after each payday. This will give you no chance to skip saving each month. On the other hand, automating your recurring bill payments also has its benefits. You can avoid late payments and save yourself from costly interest fees.
Consider other options than buying
There are things we would love to spend money on even if we don’t really need them. Why pay for a gym membership for the whole month if you can exercise for free back home? Why buy a new car if you can rent one when you need to drive or take advantage of public transportation? Another thing to consider is renting a home rather than buying one if you have no intention of staying. Choose to rent or borrow the things you don’t plan on taking advantage of so that you can save more and avoid future financial headaches.
With a few spending changes, you can avoid buyer’s remorse and finally get to save your hard-earned money. Of course, this does not mean that you can no longer buy some of the things you want. But by limiting your spending, you can stick to paying only for the things that matter the most. You can still buy anything you want by waiting and saving for it.