When you’re struggling to make ends meet, it can seem like there’s no way out. You may even feel that winning the lottery is the only solution to eliminating debt. While incurring a large sum of money would help, it won’t turn you into a budget-minded person. To break any bad habits of the past, you’ll need a money-saving plan that is both proactive and can be maintained long-term. If you’re ready to take immediate action, continue reading. We have all the best money-boosting tips below.
Determine your monthly income
The first step of any money-saving plan should be determining how much income you make in a month. This figure includes any earnings from salaries, wages, or investments. Once you tally up your total income, track the amount over time. Look for trends that affect how much money you have available each month.
Track your spending
The next step is to track your purchases. Keep a record using a notebook or app on how you spend your money. Document the reason for each transaction on your account (a new pair of shoes because they were on sale, a fabulous meal in an expensive restaurant because it was a birthday or anniversary), and take notice of any patterns that appear over time.
Categorize your expenses
In this world of wants and needs, the needs take priority. After you’ve tracked your spending, categorize your expenses into sections, such as living, personal, or discretionary. Once sorted, it will be easy to see where to cut first.
Identify your goals
What are the most important things in your life? What do you want to achieve? Setting goals within your money-saving plan will make it easier to determine the type of spending habits you should allow. Be cognizant and ask, are my actions bringing me closer to my goals, or are they ruining my plan to build wealth?
Increase your income
With this step, you will need to be resourceful. Do you have any skills that are underutilized at your job? Are they solid enough that you are willing to take on more responsibility for more pay? Staying within our basic job description is safe but can lead to missed opportunities. Don’t be afraid to ask your employer for more pay, as long as you have something to justify it.
Also, what about considering using your skills in addition to your 9 to 5? You can layer different jobs and services as long as you are comfortable with the workload. Many side-hustles start on the weekend. If you have the free time, why not give it a try?
Take advantage of every discount
When you’re trying to save money, you want to look for ways to cut costs. Take the time to shop around and compare prices for different services. Also, remember that discounts are your best friend. For instance, Achieva Checking Plus is an interest-bearing account that gives you discounts on items like gym subscriptions and other shopping activities*. With enrollment and a low $6.95 monthly, you can take advantage of huge savings when you utilize the perks.
Review your money-saving plan often
Every few months, ask yourself if your money-saving plan is making the progress you want. Are you satisfied with the changes you made to your lifestyle, spending, or other budgeting matters?
Remember, the most important thing is to start saving money today. Even if you only keep a few dollars each month, it’s better than no progress at all! Use the tips mentioned above, stick with your plan, and make only minor adjustments when necessary. You will not only learn to be more budget-conscious, but you will also become truly savvy with your money.
Need additional money-saving tips? Continue following the Achieva Life Blog for additional finance and lifestyle articles.
