When looking at tips for saving and money management, there are a large amount of tips that simply go unfollowed, but why? Some of these overlooked tips and ideas when it comes to saving advice and money management are key to being successful financially. Here are five great tips that practically no one follows:
Save the difference in price.
Bargain hunting is a great way to save money. If you clip coupons or even go searching through ads for the best deal, that is great. However, what do you do with the money you save getting that bargain? You probably spend it. You should put what you save into savings. For example, if you went hunting for a bargain on milk and got 50 cents off at a different location, put that 50 cents in savings.
Your financial life is like a business.
Run your financial life like a business. If you do this, you can be successful. You should treat your budget like a business because the bottom line matters, just like it matter in business. You also have to prioritize, assess and restrain when it comes to your personal finances, just like businesses do. Everything that keeps a business afloat will keep your own personal finances in order. You also have to keep the big picture in mind like saving for retirement or paying off debt.
Pay yourself first.
Of course, you have to make sure your bills are paid every month. However, when you get paid, you should also pay yourself. This should be part of your budget. To do this, you should automatically transfer a portion of your paycheck into savings. A good amount to automatically set aside is 10 percent.
Saving is a lifestyle.
If you make saving a lifestyle instead of something you do from time-to-time, you will find your finances in a better place. Some people compare saving and dieting. If you diet, lose all of the weight you want, and then go back to the lifestyle you had before, you will gain all of your weight back. The same goes for saving. If you change your lifestyle to save, and then you just go back to spending whatever you want, you’ll likely eventually lose what you’ve saved.
Spare change savings.
Another great tip many people don’t take advantage of is to save, and even invest, your spare change. Some banks have a “round up” option where they round your debit card purchases up to the nearest dollar and they place that spare change into a savings account for you. If you spend more cash, you can also get a mason jar or even a piggy bank and start putting your loose change into the jar. You will be surprised to see how quickly the change stacks up.
Sometimes, we hear pieces of advice and we know that they are great, but we just simply do not want to follow them. However, these few money advice tips are some that you should consider following. They will change the way you view, handle and save your money.