Have you ever thought you may have a certain attitude toward money that keeps you from getting ahead financially? We have all been influenced throughout our lives by family members, friends, and the media about the way we think about making, saving, and more importantly, spending money. The aim of this article is to make you question your spending history, identify your spending habits, and provide some simple ways to save money.
Answer these questions to help you gain a better understanding of your attitude toward money:
• What motivates you to spend money?
• What kinds of things do you buy?
• Are there certain instances in the week, day, month or year when you spend more money?
• How do you pay for your purchases, with cash, debit card, or credit?
The reason for asking yourself these questions is to get your mind wondering if you are spending too much money or if you spend money unnecessarily. Asking these hard questions will reveal your personal values about money and disclose to you ideas on how to budget and save money.
Now that you have determined your values regarding money, you have probably discovered ways that you spend needlessly. You may have identified subtle changes in your behavior that could be corrected, saving you worry over how you’re going to pay your bills this month.
One way to stay focused on your spending habits is to use a monthly budget planner to track your income and expenses over a monthly period. In the beginning, it is advisable to use a printable budget planner so you can take it with you everywhere you go. This will help keep your mind focused on how (un)wisely you spend money. Eventually you might be interested in personal budgeting software to keep track of your income and expenses. A monthly budget planner will help you learn how to budget and save money.
Once you begin to get a handle on your monthly cash flows, you can start looking for ways to cut back. The following is a list of money saving ideas:
1. Review the premiums you pay on home and car insurance. There is a ton of competition for insurance and you might be surprised at how much the costs vary between providers. I recently shopped around for better rates on home and automobile insurance and was able to save over $500 per month for insurance on my home and two cars without reducing coverage or increasing deductibles.
2. If there are multiple options for utility providers, compare rates between those that are available. You may also be able to choose between a variable or fixed rate on electricity or gas. Variable rates change from month to month, but a fixed rate will remain the same from month to month. Paying the same amount every month will surely help with budgeting family expenses. But do your research because a fixed rate plan may require a long-term contract.
3. Consider joining warehouse clubs for buying household items and food in bulk. This is an especially good option for families. While there is nominal membership fee every year, the savings can more than pay for the cost.
I have shown you ways to begin changing your attitude toward money by answering some key questions about your habits. Begin applying what you learn about yourself, today, and gain control of your finances. Remember that using a monthly budget planner will help you maintain focus on where the money comes from and where it goes. If you are looking for additional information on how to budget and save money , visit this website at howtobudgetandsavemoney.net