You work so hard for your money, and you know how easy and quickly it can all disappear. With monthly expenses like rent and insurance, it can sometimes feel like there isn’t much left over. But we want to help you budget your money and reach all your financial goals.
First, keep all your receipts for one week. This works for transactions done in person. For things you purchase online or pay for with automatic bill pay, make a note of those. This will help you get a grasp on just how much money you are spending each week.
Figure out where you can save. Perhaps there are errands you can consolidate. Instead of stopping for coffee each morning, maybe you can make your own at work or at home. Instead of getting soda with your lunch, bring a water bottle. Saving three or four dollars here and there will make a difference. Try carpooling or taking the bus to work to save on gas and car expenses.
Try using cash only. Once you have an idea how much you spend each week, withdraw that amount from your bank account in cash. Spending with tangible money will give you a better idea of just how fast your money is going, and you won’t want to let go of it as easily.
Set goals for yourself. Maybe you want to save for a vacation or have a specific dollar amount saved by a certain date. Having these benchmarks will help keep you on track with your savings goals.
Know your weakness! If you know you’ll buy a pair of jeans when you hit the mall with your friends, try skipping the shopping trip and inviting them over for a movie night instead. Put yourself in situations where it is easy to save. Your wallet will thank you!
Good luck reaching all your financial goals this year! Thanks for reading the Nantucket Gate blog.