Did you know that you can even save up to 50 percent of your salary income? Most of the time people do not spend their money because they are in need but instead, they do it to cater for things and services that are not necessary. It is a habit that people grow, especially if their income is higher and they have fewer expenses to take care of in homes.
So, here are five proven ways that can help to keep your money in check:
1. Account for your money expenditure
Can you be able to explain how and what you spent your money on from the first to the last coin? In most cases, people do not follow up on their expenditure as they spend their earnings because they have it in the pocket. If you do not account for your money expenditure, it will be difficult to know how much remaining in your bank account. Therefore, this is what you do; before withdrawing from your bank account, list the things that you want to buy on the day.
Then check the bank balance to see how much money is remaining there. This way, you will be able to know how much to withdraw and be cautious in spending the money as well. If you are in retail or you own any shop, contact a Cash Register Warehouse near you to provide you with a POS system. This is the system that offers, receipts from your daily sales. This way, you will be able to know how much you make per transaction, and in a day for accurate saving.
2. Consider an automatic saving transfer
This is something you can arrange with your employer or the bank that you work with. Setting an automatic bank transfer to help you to avoid overspending the money and send enough money for your savings. If you want to be saving about 30 percent of your income, talk to your boss and tell him/her to be depositing that money in your bank and hand the rest of money to you. Or, you could open two bank accounts with one intended for saving.
3. Tame your overspending
If you are an impulse buyer, it is quite hard to keep track of your money or even save at all since you will always be tempted to buy something wherever you go to. With the credit cards and the money, ATMs all over, this makes it easy for one to overspend and even spend their money on things that do not matter at all. So, to avoid this, learn to be carrying the only amount of money you need for the day. Withdraw only the amount you need from your bank account and when going shopping, make sure to leave your credit cards at home. Also, learn how to shop with a list as it guides you on what to buy and what not to.
4. Know what you want
Having a goal in life and knowing what you want to achieve is good enough to enable you to stay disciplined in your expenditure. Always tell yourself that you deserve better and a good future. Is your dream to quit your job before you get 30 and start your business? This is possible as long you are displayed on your money expenditure. You can easily save up enough money and start your business as you had anticipated. But you can only achieve this if you remain true to yourself regarding saving and instill discipline into your expenditure as well.
5. Use advanced solving techniques
Even if you already have a bank account that the employers send your monthly savings to, you may be tempted at one point to withdraw some money if you get an emergency or you need to borrow the money to a friend. Well, you are not guaranteed if the friend will refund the money or you will be able to recover the money that you have withdrawn for expenditure. So, to avoid such habits, open a different account that you have limited access to. This will make it difficult for you to access the money at any time. Set it as a fixed account such that you will only access the money once you are ready to withdraw for your purpose of saving.
If you are saving for a trip to Hawaii or acquiring property for your family, you can achieve this by following the above tips. These tips will enable you to keep your money in check and avoid overspending. Seek guidance from a financial advisor on how best to spend your money.
Published by Lavismichel Inkel