Occasionally, when the cost of living has risen really high and hurts too many families, some “magic tricks” related to the control of monthly spending and saving money can really turn out to be a way forward in managing your budget.
Control Expenses and Save Money
Now, if you wish to start saving, you have to take a closer look at the way you spend and find out where to reduce. Eating out, clothes, or whatever other expense one cannot label as essential—you are sure to find something that you do without. This way, you can save a few extra euros each month.
12 tips to help you start controlling your spending and saving money
Cut unnecessary expenses
Probably the most obvious, but still a very important one to be kept in mind: carefully analyze your monthly spending and see where you can save money on something that doesn’t seem very necessary.
For example, remove streaming services you never use, maybe a gym membership where you go very rarely, etc.
Plan your trips to the supermarket
Trips to the supermarket, although it seems that the expenses do not go over, are one of the main causes of excess expenses. In order not to spend over the budget, there is one “trick”: before heading off to the supermarket, list all the items that need to be purchased, and seek out special offers and discounts.
Check the prices and stores; always use the cheapest. Most of all, never shop hungry.
Use all coupons, offers and discounts
Having given the previous tip, always look for coupons and discounts before finally purchasing something. Plan all of your purchases in order to apply all the offers available at every shop.
By doing so, you’ll end up paying a reduced price for the goods that you need and will start saving on every visit you make to the supermarket.
Invest in meals at home
Lunch or dinner away from home is a sort of “small luxury” that everybody ought to enjoy once in a while. There are many advantages to begin with: we save much time cooking and cleaning, and we are able to relax in a different ambiance.
But as a frequent habit, it can be pretty burdensome on your wallet in your monthly budget. Try to limit these visits to restaurants or takeaways to special occasions as much as possible and enjoy eating home-cooked meals with your family.
You can save some cash that way and really monitor what you’re consuming.
Renegotiate contracts
A valuable tip for times of greater “financial stress”: contact service providers, such as your telephone and internet operator, and see if they are willing to negotiate the monthly fee or review contracts.
Take the opportunity to renegotiate your home loan and insurance to obtain an advantageous solution.
Shop smart
Do not get “carried away” by advertising campaigns that promise, from the very beginning, something that sounds impossible.
One way to avoid being ripped off while purchasing is to compare the prices and read some opinions from other consumers before deciding to buy. If you know that you will need to make a purchase in the future, for example, someone’s birthday is coming, try to buy in advance.
This way, you can avail of the existing discounts and avoid last-minute hassles of shopping, thus saving some hard-earned money.
Repair instead of buying new
When something breaks nowadays, most people’s first urge is to find the most practical solution: to throw it away and buy another. Try to avoid this kind of behavior and see if there is a possibility to mend what is broken.
Do lots of research and talk to professionals to see if the cost-benefit of the repair is worth it.
You may even be able to fix it yourself, following instructions that are often found in videos on the internet. This way, you will save money and keep your equipment as good as new.
Use technology to your advantage
With the world becoming increasingly digital, you should take advantage of the tools available online . Now, there exist so many apps and websites that may make this task of expense management an easier affair.
For instance, you use an application in which you note down all your expenses and hence see where you are spending the money and understand how you can start saving.
Alerts are given in case you are reaching towards or have crossed the planned budget in some of these apps.
Pay your bills on time
Make an effort to make all payments on time. This will help you avoid accruing interest and fines, which represent a completely unnecessary waste of money.
In case you are among those who always misremember the different deadlines for every bill, make the advance payment when you obtain the information, activate direct debit, or set reminders to avoid late payments.
Carsharing: sharing your car to work
This tip only brings advantages: if you share your car with another colleague(s) on the way to work, in addition to making considerable savings on fuel, you are also being environmentally friendly, helping to reduce pollution in cities.
Try to find out which colleagues live near you and invite them to share your car. You can choose to alternate drivers on a weekly or monthly basis and you will find that, through carsharing, you can save a significant amount of money.
Create monthly savings habits
It is natural that, in times of greater financial difficulty , it is practically impossible to consider saving part of your income. However, if you are not in a vulnerable situation, try to set monthly savings goals.
In other words, every month set aside an amount that you consider appropriate and only use this money in extreme cases. This way, you can save for contingencies or other long-term objectives like purchasing a house, having a baby, or simply taking that long-overdue vacation you always wanted to make.
Adapt goals to your plans
Above all, start by carefully and consciously analyzing your monthly expenses. You will certainly identify opportunities to save money and begin a path of total control over your finances. Get inspired by these tips and find the one(s) that make the most sense for you and your family.