Let’s face it. Over the past two years the cost of living has escalated exponentially. Everything seems to have increased except salaries. Basic everyday items have increased by 100% or more. If you are trying to make ends meet and stretch every dollar you got here are some tips on how to keep money. Set yourself a new horizon to have your money work longer for you.
Sometimes when money comes in hand, there are some who just can’t seem to keep it. Easy come easy go as they say. Money management is so critical, more than ever before. With constant talk of inflation, recession and job cuts, it is critical that you take a deeper look into your spending habits. Make adjustments to ensure that you don’t spend unnecessarily. Here are some advice on how to keep money and have it work longer for you. Here’s to a new financial horizon.
Buy what you need and not what you want
This phrase has been spoken perhaps by your grandparents and your parents and may have been passed down through the generations. Back in the day during the Great Depression they learnt how to survive and make ends meet. They had to adapt and really make ends meet. Buying what you need and not what you want will go a long way in you being able to keep money. Let’s define wants and needs. A need is part of your expenses that are absolutely necessary and you cannot avoid buying. Some needs include rent, medicine, electricity and groceries to name a few. Needs are things that we cannot do without.
Unlike needs, a want is completely different. Wants do not equate to a need. Furthermore, a want is something to that you would like to have or that you desire but it is not an absolute necessity. For instance, let’s suppose that you have a phone which is last year’s model. The phone is working fine with no hiccups. The battery health is excellent, you experience great WIFI, cellular and data connectivity. There is no reason to get a new phone. You happen to see an advertisement for this year’s model, it offers a trade in for your old phone and an attractive talk and data plan for a period of three years. The ad appeals and you desperately want the new phone. Before you make the decision to upgrade, take a moment to ponder. Ask yourself the following questions:
1. Do I really need to upgrade to the new phone at this time?
2. Can I afford to pay the monthly or yearly payment plan for the new phone?
3. Is this upgrade part of my budget?
4. Is there anything else that?
Wants are sometimes emotionally driven. An item catches your eyes or is on sale and it appeals to us. The world of business has mastered the art of appealing to our emotions which lures us into buying items we don’t necessarily need. Being able to have some restraint when it comes to wants will help tremendously in being able to keep money and have it work longer for you. I encourage your to take a sober minded look at your spending habit, identify your wants and needs and finally make the decision to cut some of the wants.
Cook at home instead of buying out
In the hustle and bustle of our daily lives, some days it maybe easier to pick up something on the go. While this might be convenient, it is not always a money saving activity. Have you ever considered that it can be more cost effective to prepare breakfast or lunch at home instead of buying out? Even a simple salad for lunch can be whipped up and packed at home. Moreover, the price that you pay at a restaurant for a salad will yield twice as much servings or more when prepared at home.
Do you find yourself eating out often? Consider this, when dining in at restaurants each bill includes service charge and you may choose to tip the sever. This is at minimum a 20% additional cost to you. A bill that is $50.00 will incur at least an additional $10.00 when service charge and tip is includes.
Buy items that you need when they are on sale
The next time you open your pantry or storage closet take a stock check. Take note of the items you have and the ones you are running low on. Estimate when you may need certain items. The next time you’re out shopping or browsing online be on the lookout for the items you will need. Should you find a coupon or a deal or on sale you can purchase those items knowing that you’re saving on supplies you need.
You don’t have to wait until you run out of certain items before you buy them. Most times purchasing items when it runs out can result in you buying at full price especially when the items are needed urgently. Stock up on non-perishable items such as can foods, toiletries and dry goods when they are on sale. Following this simple tip can help you save in the long run and keep more money in your pocket.
purchase refurbished tech
Have you ever considered purchasing certified refurbished devices such as iPhone, Androids, Macs, Earbuds and other electronic devices? This is a great way to get amazing tech at very affordable prices. Purchasing refurbished devices does not add a significant dent to your budget when compared to the cost of a new device. In the long term . While there are many companies that sell refurbished devices, my personal preference is Plug. Through Plug purchasing tech is quite easy as you can get the personal technology you need at 40 – 70% off other retailers’ pricing. All their products comes with their Certified Pre-Owned Assurance. This ensures peace of mind knowing your purchase is backed by their unmatched one-year warranty and 30-day money back guarantee. Please note I am not an affiliate of Plug. I am just sharing this based on my experience as a customer and as a tip to keep money.
Rethink your subscription services
Ask yourself, do I really need Netflix, Apple TV, magazine subscription, cable and internet or a huge data plan? Another tip on how to keep money and have it work longer for you is by reassessing your subscriptions. It’s time to evaluate your subscriptions. Subscription services can cost you significantly. Most subscription charges to your credit card happen invisibly. In fact financial expert Dave Ramsey recommends that you pay cash for most things. Since credit card transactions are digital, it means that you never get the feeling of cash leaving your hand. As long as you are using your credit card you will not experience the deprived feeling when you pay cash. This feeling of loss when you pay with cash can help in you wanting to cut back on expenses. This ultimately will save you money.
Additionally, many people subscribe to items or services to capitalize on deals or savings that are being offered. However this can be detrimental. Most times the challenges of daily can cause you to forget to cancel your subscription before it auto-renews. The monthly, quarterly or yearly fees are automatically charged to your credit card. For those who may not keep track of their monthly credit card statements can fall prey to such charges.
Plan Ahead for Future Events
Let’s say you are invited to a wedding, birthday celebration, work event or some occasion that is a couple of months away. Start thinking of what you may want to take along as a gift or token. Perhaps your best friend birthday is coming up soon. You may know exactly what he/she would like. Consider adding items to your Amazon wish list. Once the price drops to a range that’s comfortable for you make the purchase. This can save you both time and money especially when it comes to last minute shopping.
It’s never to late to get ahead of your Christmas shopping for next year. Consider purchasing presents, decorations or household items during the after Christmas sale this year.
Often times people spend excessively when they make last minute purchases. This is due to the fast that they need a present right away. Being proactive and planning ahead for upcoming events can save you both time and money in the long run.
Make a budget and stick to it
One of the best financial advice given by experts concerning financial management is creating a budget and sticking to it. A budget is a great tool to ensure that you manage your money well. It gives a view of where your money is going. If your monthly earnings is $2000.00 and your planned expenses amasses $1800.00, then is critical that you do not exceed your budget. If you do you will end up with no savings or money left over for an emergency. A budget is a plan for the finances in your possession and how it is going to be executed. It is extremely important to stick to the plan at all cost. Plan and you will not fail but if you fail to plan you just might end up failing.
DON’T FALL FOR THE Credit Card FACADE
Credit card companies lure customers into opening a credit card account with their brand or store. The deals can be irresistible. The cash back rewards, earn miles on any airline, double points on gas or groceries all comes with one thing. It is dependent on your purchases. If there are no purchases then you do not receive the rewards they offer. The truth is if we do no make any purchases then we lower the chances of maxing out our credit card
Break Unhealthy Habits THEY MAYBE COSTING YOU
One of the alarming facts is there are certain companies that have never reported a decline in earnings. Even through the pandemic. These include the tobacco, alcohol, u Bad Habits are detrimental to both your finances and health. Either way it is going to cost you
Ask God for Wisdom to make wise financial choices
Making wise financial decisions is a God given ability. Whether they are significant investments such as a house, a car, mortgage, student loan or as simple as what to have for dinner lean of the guidance of the Lord. Let me tell you a story that may seem funny but I am sure it will get my point across.
You will save yourself so much stress and worry if you do. The living from paycheck to paycheck or the constant weight on your shoulder as to where the money is going to come from. The bible encourage us to ask God for wisdom. I encourage you to do the same and allow Him to lead you into a new horizon for your life. He never fails and He will never lead you where you should not be.
These have been some tips on how to keep money. Please share with your friends and loved ones I am sure it will help. Feel free to share your thoughts in the comments below.