Have you ever found yourself with a paycheck in your hand one day and less than a week later you’re staring at empty palms? All the money has gone and you’re looking around like where did it all go?
With all the expenses that we incur and with the cost of everything going up just about every year, it seems that we have to work a lot harder to stretch our money just a little bit further. How can you start to save more money? You absolutely must Track Your Spending. A little fast food purchase here, a short trip to the mall, a last minute field trip payment or a date night at a movie theater all adds up. You’d be surprised how fast $5 can turn into hundreds of dollars.
There are a lot of free tools (desktop versions & apps) that you can use to help you always stay on top of your wallet:
There are a ton of more free tools that you can use. Try one to see how it works for you. The most important thing is that you actually use one. Tracking your spending truly opens your eyes to the different areas where you can actually start saving money. Are you spending too much too often on an unneeded hairstyle or on eating out? See which purchases were an absolute necessity and which ones were just leisure.
Start to make a mental note of the leisure items and make a conscious effort to cut back spending in these areas. A good trick you can also try is what I like to call the “divert strategy”. How this strategy works is whenever you feel the urge to spend money on something you don’t absolutely need, take the exact amount of money that it would have cost and instead of spending it on that activity/item, divert the money to your savings account instead. You would be AMAZED at how much money you would save by taking money you would spend on fast food or unnecessary purchases and stashed it away in your savings.
So download that free app or sign up for any of the dozens of free tracking software sites today! Remember Money Saving Tip #3 – Always Track Your Spending!
Stay tuned for Money Saving Tip #4!