Saving Money How to Change Your Spending Habits

[Yusra3]

1. Set A Budget And Stick To It

One of the most important things you can do when trying to change your spending habits is to set a budget and stick to it. A budget will help you track your spending and see where you can cut back. It's also important to keep in mind that a budget is not static; it should be flexible and allow for some wiggle room.

There are a few different ways to approach setting a budget. One method is the 50/30/20 rule, which suggests that 50% of your income goes towards essentials like rent, food, and transportation; 30% goes towards discretionary items like entertainment and dining out; and 20% goes towards savings or debt repayment.

2. Track Your Spending

In order to change your spending habits, you need to be aware of how you're currently spending your money. This means tracking your spending over time so that you can see where your money is going. There are a few different ways to do this:

You could keep a physical ledger where you write down every purchase you make throughout the month. At the end of the month, review your ledger and look for patterns in your spending (e.g., do you tend to spend more on weekends? Do you have certain trigger items that lead to impulse buys?).

 

[eldavis]

These are good points no doubt, but you could actually do all these and still not get a positive result in the aspect of spending money if you do not have the determination to do it. It takes a strong amount of determination and most importantly discipline to create a strict budget for yourself and actually stick to it. And it takes time to actually get used to this strict method of management. Most persons assume once they make up their minds, overnight they start managing. This is why when they fail, they find it extremely hard to try again.

 

[saoussen5765]

There is kind of applications to do the trick where you label everything you purchase on a notebook then the application will recommand you what you should spend more or spend less or not spend at all with what we call artificial intelligence.

 

[Shaf]

One of the ways I usednto change my spending habits was saving immediately before I pounce on my paycheck. I have already determined how much would be enough for me to get by, including Amy unforeseen expenses. This way, my 20% goes immediately into savings.

It's also important to do budgeting the right way. If all that is on your budget is luxury items, that's not ideal. All you need are the basic necessities. If you think clearly,

 

[Yugocean]

I always set my budget, and keep tracking on spending, I have my own plan of making and tracking. I keep track of even 5% of my income, and also decide where the saving would be used. .

There is kind of applications to do the trick where you label everything you purchase on a notebook then the application will recommand you what you should spend more or spend less or not spend at all with what we call artificial intelligence.

I don't go for such applications, they are market sponsored, and might make you to spend on something unnecessary.

 

[Heartstrings]

You are right but some people who really have the spirit of lavishly spending in them will not abide by this simple technics. Setting a budget is definitely a good one, Even with the little I earn I still set up a budget and be sure where my money is going into,how I spend or should spend, I don't spend a lot of money,I mostly save whatever I have. It is good to not spend unnecessarily and try to save but make sure what you save is what you will save,do not save money when you have nothing to eat at home.
Lay down a budget,go through it over and over to make sure there is no way you are going back to adjust anything or try to add from your savings to what needed. Some people can actually make a budget and at the end of the day you find out the paycheck is not enough for him.

 

[moonchild]

Saving topics are always hilarious to me, like money are called currency for a reason, they're called currency because like current they flow, that's how people get rich by letting it flow in different directions. I've never seen or heard of a business man that got rich through saving their paychecks, stipends or salaries can't even make you rich, talk less what you save out of them.

What we should aim at is making much money and not saving the little we are making, unless it's strategic towards something we are trying to get off the ground.

But saving just for the sake of it is utterly useless, because at the end of the day, you'll just be an old prudent uncle or aunty that never drives lambo, that rush to the stores when you hear a discount is going on.

Grow some balls and take risks, business risks that are going to put you ahead, so that you won't worry about money at all.

 

[Knowlopedia]

It can be tough to change your spending habits, but it's not impossible. Here are a few tips to help you get started:

1. Start by evaluating your spending patterns. Track where you are spending your money and see where you can cut back.

2. Set a budget and stick to it. This can be tough, but it's important to be mindful of your spending.

3. Make a plan. If you want to save money, you need to have a plan in place. Figure out how much money you want to save and what you need to do to make that happen.

4. Make a list of your "must-haves." Figure out what expenses are absolutely necessary and stick to those.

5. Be mindful of your triggers. If you tend to overspend when you go shopping, try to avoid going to the mall or shopping online.

6. Find ways to save money. There are plenty of ways to save money on everyday expenses. Try to find ways to reduce your costs without sacrificing too much.

 

[Shaf]

A lot of us have already developed bad spending habits in the earlier years of our lives and changing is not easy. I know how hard it is from experience. We buy what we want, when we want to and how we want without care for the state of our finances. This is even worse for those who get a job immediately after school as they don't learn how to manage their resources.

One trick I've learnt to help manage my spending is to limit the amount of money available to me at each time. If you know you have to limit your expenses to the last $100 you have on you, you will do it. This will help you curb impulsive buying

Another trick is to change your mindset about money and what you need to buy. If you always think that something is important for you to get, you will spend any amount of money to get it. If you can convince yourself that somethings are not so important, you'll be surprised to find that you can actually do without them.