Money, according to a classical definition, is what money does. And truth, as they say, is like a rubber band.
Stretch it and it can do wonders. So if we can really make money in order to do whatever we want, there is nothing like that.
1. Avoid impulse shopping
This type of buying is what ultimately leads to buyer’s remorse. In order to avoid it, think about what you want to shop for and make sure that you avoid any last minute additions unless they are absolutely necessary or you can afford them without being in a crunch.
2. Put a portion of each pay check into a savings
Put a portion of each pay check into a savings account each week or month. Whether it’s a few dollars or several hundred, always make sure that you are putting aside some amount of money into a savings account. If possible, deposit 10-20% from each pay check.
3. Saving your change
Savings your change can be a great help in your quest for personal budgeting. You would be surprised how quickly change can add up and, even if it’s $50 or $100 per month, your coins can add up to some serious cash. Many people discard their coins or simply toss them around without thought, but saving them in a bowl or dish will help a great deal when it comes to personal budgeting.
4. Buy in bulk
If your favourite products are on sale, buying in bulk may cost you more at present but could end up saving you a lot in the future. Some good examples are items that do not have an expiration date, such as soap, shampoo, toiletries and other household items. Canned foods, which carry a long expiration date, are also ideal for buying in bulk.
5. Clip coupons
This is the single most important rule of personal budgeting. Why? Simply because a few minutes spent clipping coupons could end up saving you multiple dollars in the checkout line.
6. Shop the sale racks
Everyone enjoys sprucing up their wardrobe now and then so, when it comes time to add a few new pieces of apparel, stop by the sale rack for big savings. There’s nothing wrong with keeping a few extra dollars in your pocket, which can be later be used for life’s little essentials.
7. Avoid using high-interest credit cards
Avoid using high-interest credit cards unless you can repay them within six months. Otherwise, you are more likely to get swallowed up with interest and end up paying for the original purchase several times over.
8. If you do use a credit card for purchases, try to use one with an introductory APR or a regularly low interest rate. This could end up saving you big bucks every month and also in the future, which is one of the most important rules to personal budgeting.
9. Request free samples
A number of websites, like StartSampling.com and WalMart.com, offer customers the opportunity to request free product samples of certain items. Everything from skin lotions and shampoo to dog treats and household products are up for grabs to all who ask. In addition, many manufacturers offer free samples of new product releases directly through their own website.
10. If you find yourself in increasing credit card debt, call the creditor and request to be placed on a hardship program. This type of program allows for lower interest and smaller payments for a specified amount of time. Depending on the creditor, it can be in effect for several months or until the balance is paid in full. This method will not only help your immediate personal budgeting, but will also give you additional financial freedom in the future when the debt is paid in full.
Some amazing quotes….
“Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has the more one wants” —Benjamin Franklin
“Bottom line is, I didn’t return to Apple to make a fortune. I’ve been very lucky in my life and already have one. When I was 25, my net worth was $100 million or so. I decided then that I wasn’t going to let it ruin my life. There’s no way you could ever spend it all, and I don’t view wealth as something that validates my intelligence” — Steve Jobs
“Money won’t create success, the freedom to make it will” — Nelson Mandela
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