Image via Wikipedia
Do you often find yourself wondering how you started off with a bank account full of money at the beginning of the month and yet ended up short of cash a week before the month ends? This is a situation that a lot of people find themselves in month after month. The cause of this inability to track one’s money is due to unorganized spending. People carry debit and credit cards and so tend to lose track of how much they are spending. How much they have spent comes as a shock when the bills arrive for payment!
However, you can take simple cost saving steps to control your spending and save up some cash for a rainy day:
- You may not realize it but you are probably spending way too much on entertainment. Having lunches with your colleagues a few times a week with your colleagues, partying with friends on a weekend or taking your family out to an elaborate dinner, although enjoyable experiences, can leave a heavy dent in your pocket! So create a monthly entertainment budget and then split the amount up into how much you can spend per week on entertainment. Then manage your outings in keeping with how much money you have to spend.
- You favorite department store has just stared a 50% off sale and colleagues and friends have highly recommended that you try it out. Although you have just bought new clothes less than a month ago, you go to the sale in hopes of picking up a bargain and end up spending even more. The bottom line is – avoid sales whenever you can!