So what motivates you to save? What are the factors that contribute to your “NO” when it comes to shopping temptations and unexpected purchases?
Reading money-saving tips and ideas can sometimes bore you because of its circling words like cut back or reduce expenses. But admit it; it’s the only way to raise the amount on your bank account, right?
It really pays off in the end if you learn how to manage your money wisely. You just cannot knock in anyone’s door and borrow money because majority of them will say NO. They also have their own things to budget especially nowadays prices of goods are way too high.
So what are the effects when we don’t teach ourselves to set aside a little savings from time to time?
I would like to give you some realistic results like you will find yourselves covered in debts but I would rather tell you an experience I have encountered with a friend. This friend of mine loves gadgets, from laptops and IPhones to IPads and latest Blackberry phones not to mention the reloads she’s doing every month for both phone. And she’s only updating her social networking sites like Facebook and Twitter and playing games on her IPad. So one day, she came up to all her friends and asked if she could borrow money. So I was thinking she had a lot of savings since she’s like spending here and there. She sold her IPad half the price of it even though she was still halfway on the monthly payment of that gadget – but still not enough to raise the amount she needed.
So I guess I do learn a lesson on that too – to stop purchasing unnecessary things like gadgets because it depreciates in value over time since I just don’t really need it. Instead, save it to earn interest so you have a back-up in times of emergencies. If you don’t have any business or work that needs any handy devices, don’t invest in gadgets and reloads.
Here are 5 ways that could motivate you to stop spending on unnecessary things and gadgets:
1. Create a Hobby
Yes, creating a hobby can stop you from spending more. This will also enhance your skills in creating something more valuable in your free time like recycling unused material around the house and giving it a second life. This will not be only a hobby for sure but a valuable one because you are engaging yourself to help protect environment plus the fact that you save more money because you don’t need to buy a replacement one.
2. Track your Spreadsheet
It’s so easy to justify and compute your total expenses for a month if you will use spreadsheets to tally the credit and debit. Instead of taking mental notes, why don’t you write down the total budget plan for your household in a journal or spreadsheet? In that way, you can see if what you are spending overlapped the family’s earnings so you won’t have to overspend and eventually cut down some expenses that you really don’t need. Try to live just within your means.
4. Set Weekly Quota
Give yourself a weekly quota on your grocery trips and expenses as well as on your savings. It helps you clean the costs and budgets for a particular week. For sure, you will always have enough to spare if you just know how to set a quota on the in and out of money.
3. Set a Goal
Are there any plans for trips or getaways or a brand new appliance inside the house? Set aside every now and then for that goal. Save an amount everyday and remember to make a plan on how long will it take for you to come to that amount. It’s a treat for yourself and your family when you reached the goal. Just remember, don’t give up and break that piggy bank for some impulse or accidental buying inside a mall.
5. Read Personal Finance Blogs
What other things do you wish to know about savings? Find out by reading blogs about how they manage their expenses, how they make budget plans in their own way. Browse any action plans done by others to help you maximize what you have started. Maybe there are things that you will find helpful in your household that they are doing. It also helps widen your horizon about money-saving ideas.
By engaging ourselves to these key motivators, our savings for the future will always be successful. We only have to learn to discipline ourselves and think outside of the box whenever needed. Being a frugal person doesn’t mean that you are cheap or you’re sacrificing and depriving yourself from the luxuries of life. It just means that you are smart enough to spend your money within your means and securing yourself and your family for any emergencies in the future.