These days, spending money is so easy that most of us finish the month wondering what happened. The advent of the internet means that you can be sitting on your sofa with nothing but your mobile phone, and you still have the power to do some serious damage to your bank account or credit card bill.
One of the biggest mistakes that most of us make, is assuming that little spends here and there don’t add up to much. However, it’s easy to overspend on those little things much faster than you might think. This is particularly true when you’re not just buying things for you, but for your partner and your kids too. The good news is that you can avoid some of the heartache of financial problems, by practicing a couple of key habits. Here are some savvy ways to save money each month.
1. Track your Bank Statements
Countless people don’t track their spending from one month to the next. While this might surprise you, the truth is that a lot of individuals simply hope for the best as they move through life, keeping their fingers crossed that they don’t get an alert telling them that they’ve gone into their overdraft. By simply watching what you spend each month, you can make sure that you’re aware of the areas where you’re going a little over the top. In fact, you might be horrified to find out how much money you waste on payments you don’t know you’re making for things like a gym membership you had forgotten all about.
2. Always Make Sure Your Wi-Fi is On
This is a bit of a first-world problem, but it’s something that you should definitely be aware of when you’re trying to save money. We all cringe when we see the extra charges on our phone bill from that night we spent browsing the internet without using the Wi-Fi. While it’s a pain in the neck to keep checking your connections each day, you can save some serious money on data costs if you take this one simple step before you start using the internet.
3. Compare Loans Before Taking One Out
If you’re thinking of getting a loan, then don’t worry – you’re not alone. Most people throughout the world will end up getting a loan at some point during their lives. That’s simply because we don’t have enough money to make big purchases that are crucial to our life. If you want a home for your family, you need to make an important repair, or you simply want a new car, so you can get to and from work each day, you can’t afford to save up for years at a time. While there’s nothing wrong with turning to a loan for help, make sure that you check out the best deals first, so you know you’re not over-spending on interest.
4. Avoid Credit Card Debt
As mentioned above, debt is a common thing in today’s world. However, credit card debt is something that you’re better off avoiding if you can manage it. Unless you have a really good credit card deal, you might find that the interest rates on your cards are much higher than you would expect. Before you start overspending, think about whether you would be better off looking at a personal loan instead. Alternatively, if you already have credit card debts piling off, you might want to think about using a balance transfer to move them into a different account or consolidating your debts instead.
5. Make the Most of Coupons
A lot of people look at coupons as old-fashioned things in the modern world. However, they’re still a great way to save cash if you’re worried about over-spending. Whether you’re using the vouchers you find in a local newspaper or magazine, or you sign up for an app on your phone, there are plenty of ways to cut costs by using coupons. You can even join cashback websites that allow you to earn a little bit of money back every time you spend on a website after clicking one of their affiliate links.
6. Be Patient
Finally, if you see something (online or offline), that you desperately want to buy, one of the best things you can do is force yourself to be patient. Wait for a period of at least one day before you make a purchase, and this will help to cut down on the number of accidental impulse buys you make and regret within a few hours.