Parents get it. Money goes away quickly, but earning it keeps getting tougher. The average wage no longer supports a family. The cost of living rises, while obtaining a promotion seems impossible.
What to do, then?
Spend your money smarter. If you’re not earning enough, you may want to rethink what you’re spending your money on and what you can save.
Make a Weekly/Monthly Budget
First, you’ll want to access where your money is going. Then, ask the tough questions and be critical; no sugarcoating.
- How much do I earn bi-weekly/monthly?
- How much am I spending?
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- What area can I reduce my spending?
- Can I save more on the holidays, birthdays, weekends, etc?
- Could I cancel unnecessary subscriptions?
- Where am I spending most of my money?After jotting down the answers to the questions above, it’s time to get creative.
In any case, the most important question to ask is, “What are my priorities?”
Are you saving for a short or long-term goal? What are those goals? Once again, be critical and specific.
Don’t Have Too Much Cash On You
While some are more than happy to compare credit, discuss their finances openly, and have the funds to invest, most spend their money the moment they get their paycheck.
Dreadful, but true.
To make matters worse, a few can’t help but spend every dime they have with them on shoes, home improvements, take-out, or trendy items.
Avoid having cash on you. If you only carry a card, make sure it’s debit, not credit. Ensuring you only have the money you can spend with you will help you curve your desire to spend what you don’t have.
For example, you might be more susceptible to spending if you carry an extra twenty to forty bucks or a credit card. In the flash of a moment, you have instant access to money you know you shouldn’t be spending. On the other hand, when you carry too much cash, you may feel it’s burning a hole in your pocket and are likely to spend it on fast food, flashy clothes, or whatever catches your eye.
Be aware of what you carry at all times. Leave the extra cash behind and remind yourself of your goals.
Make Grocery Lists
Write down what you need from the grocery store. Simply to do, easy to forget. When you write a grocery list, you’re likely to avoid heading store departments that don’t contain what you need.
On the plus side, grocery lists help you keep yourself in check and prevent another trip to your local store. More trips may mean more spending on food, items, and gas.
Cook, Skip Take-Out Food
It doesn’t take a genius to know that take-out is expensive, especially when using delivery services.
Save yourself the trouble. It doesn’t take the skills of a chef to enjoy a homecooked meal. Online beginner-friendly recipes are a wonderful way to start learning how to cook.
You’ll save money on food and learn a new skill. All it takes is some practice and commitment to adapt.