Have you ever met someone who had no debt and had all of their finances in order? Yeah, we haven’t either. But there are some ways we keep sabotaging ourselves by not sticking to our plan. So whether you are saving for your dream trip or a rainy day, there are some things you can do to help increase your bank account with budgeting.
The first thing to do is to think of your savings account as off-limits. Don’t dip into it to buy those new shoes you “must” have or to pay your bills. It is important to stick to your budget. If you love to shop, set aside some shopping or fun money so you can save as well as shop.
Break Up with Your Credit Card
Credit cards are so easily obtained and swiped most people don’t think about putting everything on their card. Then when the end of the month rolls around, they don’t have the money to back up the charges so they pay the minimum amount. When you only pay a portion of what you owe, you can start to occur charges on your account like interest and account maintenance. The more you put on your card, the longer it will take to pay off the balance. Stop swiping to help save money. Pay off your card as soon as you can and cancel it.
Small Purchases Matter
Many people don’t account for smaller purchases on their budgets but small purchases can add up to big purchases. Spending $5 on coffee every morning before work adds up to be $25 per week and $1,300 a year. That is a LOT of money spent on a dose of caffeine. Instead, make coffee at home and take a thermos to the office. Or buy a small coffee pot for your desk to enjoy it whenever you want. Make lunches at home as well to save money. The average lunch costs $10 but if you make it at home, it costs a fraction of that price.
Grocery shopping with a list is a sure saver. Sit down and make out a list before heading to the store. This way you aren’t buying things you already have and aren’t overspending on impulse buys. As you put items in your cart, make down the prices so you know how much you will be spending. Don’t give into the candy at the checkout and remember the 10 for $10 items add up. Go to the store after dinner so you can stave off the impulses and only buy food you plan on eating. Food can be especially hard to budget for when you are emotional. So try to never make food decisions when upset. If you absolutely must have take-out, limit it to once a month or work it into your budget.
While budgeting is hard work, in the end your savings account will love you and you will love your big purchase!
Harborside Village Luxury Apartments
Luxury apartment living is easy in Harborside Village Apartments are beautiful waterfront luxury apartments located on the picturesque Gunpowder Cove! To contact Harborside Village, please give us a call at 410-679-1130 or send us an email at firstname.lastname@example.org. You can also request a brochure to learn more about life at Harborside Village on our website!