One of the best ways to manage your money better is to start tracking your expenses. If you do this over a period, you might be surprised at where your money is going. This is very important since it allows you to see where you spend your money, how you can save better, and ultimately achieve your financial goals.
There are many things we spend money on that we don’t give much attention to. We will discuss four of them in this article.
Your bank charges you for every transaction and notification. Include card maintenance fees and other hidden charges, you are looking at a huge sum at the end of the month. To solve this, look at your accounts and card fees and see if there are any better options than what you currently have. As much as possible, use only your bank’s ATM as you incur charges using other banks’ ATMs. Maintain a single active account and a debit card; this will eliminate charges that may arise from owning multiple accounts.
When you subscribe for cable TV that you do not watch or streaming sites you do not spend time on, that is money being wasted. Cut your subscriptions on those channels. There are plenty of TV and movie streaming sites and other non-cable options out there that you can take advantage of. These options are way cheaper than the cable TV you pay for and never get time to enjoy the full package
Not Buying in Bulk
The advantages of buying in bulk are numerous. You travel less to the market or grocery store, you save money on transportation and fuel, and you are assured of having something for visitors. The most obvious advantage, however, is that over time, you are spending less money on shopping. Suppliers are happy to lower the price of bulk items, especially when the sale is sure.
How often do you buy food? How often do you eat out? As you spend time visiting restaurants and eating out, you spend more money than necessary. Limit eating out and cook your meals. You will save more money at the end of the day. However, remember to be careful with what you buy. Try to stock up on foods that are not easily perishable and will last longer stored. We wouldn’t want to waste food, would we?
Remember, this is about cutting unnecessary expenses to save money in the long run. Achieving your financial goals is hard work and will require every level of dedication and discipline from you.