Budgeting is the key to financial success. Right Budgeting and a habit to stick with it consistently over a long period of time leads to financial freedom. With time, expenses are increasing and budgeting have been more challenging. And, it’s time to rethink and make a budgeting plan to your financial goals.
Today, in this article we dive into the top 10 budgeting hacks to save more money every month to achieve your financial goals.
Use the 50/30/20 Rule
The 50/30/20 is a very simple and one of the most popular budgeting technique in the world. It divides your income to three different categories where you spend 50% of your income to essentials, 30% to wants and 20% to savings or debt repayment. This way you prioritize the necessities and also grow your savings at the same time.
Automate Your Savings
Automating your savings is the smart game to play which automatically ensures that you save money for important goals in your life and spend the rest of your income in your essentials and wants.
Set up automatic transfers to your savings account each day you get paid. Never let this step to be broken by any means.
Track Every Expense
Monitoring where your money is going is a way to make sure you always spend money to the required works and at the same time cutback the costs that are unnecessary.
You can use apps like Mint or YNAB (You Need A Budget) or Excel sheets to keep record of your expenses.
Embrace the Cash Envelope System
This is an unique way of budgeting where you withdraw cash for spendings like outing and entertainment and put it in an labelled envelope.
Each time when you need to use money in such discretionary things, you take the money from the envelop. When the envelope is empty, you’ve hit the planned limit.
This unique budgeting technique helps to prevent overspending and develop a mindful habit of spending.
Reduce Unnecessary Subscriptions
Subscriptions of streaming services and gym memberships are the ones many overlook. But, they can quickly add up.
Cutoff subscriptions of the services you rarely use. And, try to rotate the subscriptions one at a time rather than subscribing them simultaneously.
Cook at Home and Meal Prep
Start cooking at home and prepare meal in advance. This is the way to keep you wallet happy by saving money and stopping wastage of food.
This technique helps you save significant amount of money every month.
Negotiate Bills and Shop Around
From internet service providers to insurance companies, many of them are open to negotiations. Call them and ask for discounts; compare the prices with their competitors and make sure you get the best deal.
Set Short-Term Savings Goals
Setting up short-term savings goals often motivates you to complete it and make sure you stay on the track.
Break every big goals into smaller monthly goals and make it achievable. This will motivate you and improve your focus on your financial goals.
Take Advantage of Cashback and Reward Programs
Getting money back is saving money! That’s why take advantage of cashback and reward programs by using apps like Rakuten or using coupon codes.
Tips: Get Cashback and Rewards when you shop using Swagbucks
Practice a No-Spend Challenge
Make a “no spend” rule and dedicate one or more days in a week to this rule where you do not spend money for unnecessary purchases. Over time, this not only develops a habit of essential purchases but also provides with a significant savings.
Conclusion
Saving money is not hard, you just have to play smartly. With these smart techniques, you can save money consistently and make sure they grow every month. Check them every month to make sure that you save more money every month.
Small changes from today pays big over time. Start now and see your savings grow.