Avoid burning a hole in your wallet – Tricks to rein in your expenses

saving

The fact is that the more we stress over money, the more stressful it gets. But taking control on saving and spending can help you alleviate some of your worries. Irrespective of whether you wish to be a millionaire or you just wish to stop spending your paycheck before you receive it, there are always some interesting ways of keeping aside little amounts of cash. From taking care of your clothes to smart shopping, there are numerous tips to save money faster than your normal pace. Here are few areas to manage and few tips to follow.

Budgeting and banking

1. Choose a bank which gives back: Watch out for a bank which makes the most sense. Look for perks like high interest rate on savings account, no fees on ATM and no overdraft fees. Small banks often provide better interest rates and perks. In case you see that your bank doesn’t offer perks, ask them to offer.

2. Use an app to set goals: Set an ultimate goal and repay your credit card debt. Later on come up with a realistic and actionable plan for accomplishing your goal. Try finance-tracking apps like Learnvest, BUDGT or Mint which give you visual barometers of specific goals.

3. Don’t use ATMs too often: When it comes to ATM trips, be smart. Try to withdraw a fixed amount every week and stick to it as this way you won’t force yourself to hit on a non-affiliated bank. In order to stay organized, divide cash into envelopes with written ‘rent’, ‘food’ and ‘fun’. When an envelope becomes empty, stop spending in that category and try to control your expenses.

Home and Electronics

1. Turn off the tap while washing dishes: Spray little water on all dishes kept inside the sink and then turn it off while you scrub. When it’s time to rinse, turn off the water. Hand washing dishes just once in a day and not allowing the water to run while scrubbing can save around 200-500 gallons of hot water in a month. This is not something good for the environment but also good for your wallet.

2. Personalize your air freshener: Fragrant wall flowers, fancy aromatic sprays and a few over-priced candles can have a serious impact on your wallet. How about creating your own air freshener so as to save money on buying the more expensive ones?

3. Install energy-efficient appliances: Less energy will be equivalent to less money that you need to spend. If your fridge is something which is still working fine, don’t chuck it off. Instead, make sure all the other appliances in your home are energy-efficient and that they carry an Energy Star model.

Therefore, if you’re wondering about the ways in which you can rein in your expenses, take into account the above mentioned tips and advices. Install all the budget-friendly apps which can help you stay on the right track with your personal finances.

Image source: https://cdn.pixabay.com/photo/2017/05/07/13/27/wallet-2292428_960_720.jpg