The way that we spend our money on a day-to-day basis is, for some, what is breaking our bank and not leaving us much left for savings. If we get our daily spending under control, we can begin to have confidence to look for easier ways to cut back on our expenses.
If you play the lottery everyday, stop or at least cut back.
Lotteries are nothing more than a tax on the naïve. In some cases, they are a complete waste of money. It seems that the people that spend the most amount on lotteries are the ones that can least afford them. If you play a lot in one day and feel that your luck is about to change, well it is doubtful.
However, if you must still play then you need to cut back. Limit yourself to once a day or once a week. Do not use your credit cards on everything. If you have to use your credit cards then use them for good purchases or things that you need. An example of these purchases would be gas in your car or groceries for you and your family. Do not use your card for things that you want.
Interest rates on many cards can really add up and unless you can pay the full amount of the bill when it comes in you are just wasting more money. If you something the best way to get it is to save your money.
You may need to put yourself on an allowance.
Allowances are not just for kids anymore. The best way to get your spending under control is to monitor and limit the amount of cash you spend on incidental day-to-day items, many of which are unnecessary.
Figure out how to spend your day-to-day cash, look at purchases that can be avoided or reduced and then put yourself on an allowance. Start each Monday with a set amount of money that should last you for a week.
If you run out of money before the week is over, punish yourself by having to spend the weekend without. Of course, you will go and get out more money, but maybe your temptations will be less to spend because you know that you have exceeded your preset limit.
You will want to keep track of how you spend your pocket money.
If you start on Monday with Fifty dollars and by Thursday you are out of money, you may wander “what did I spend all my money on?” There is only one way to settle that. Keep a written track of what you spend your money on.
That way you can see if you are spending your money unnecessarily, you can improve your habits.
Do not carry Excess Cash.
All too often people keep a secret stash in their wallet for ‘emergencies’ or so we think. If you have it on you, there is a likely possibility that you may spend it on something that you want. Keep your money in the bank where it can earn some interest or at least where it is safe.
Use direct deposit for your salary check.
Depositing salary checks directly into your bank or credit union accomplishes a couple of things. First, you will avoid having to drive to the bank or credit union to deposit the check, which will save you time and money. Second, your checking account is credit faster than if you make the deposit yourself; the funds are available faster.
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