A math ace would be able to draw up a detailed outline of income, resources, expenditure on a daily or monthly basis and a savings plan based on the above findings. The result would be a very impressive-looking spreadsheet filled with figures. But this well-balanced budget is futile if you can’t put it into practice.
A daily savings plan means you should save actively everyday. Each dollar spent must be accounted for. Now there’s no harm in making a spreadsheet if you’re good at it; but ensure that you actually follow it instead of storing it as a special file on your hard disk. Bring out the pretty pink notepads if you must as long as the data in them reflects your daily savings.
Much money is spent on a regular basis on commuting. A monthly chart of expenses will highlight how much you actually spend on gasoline, car repairs, payments etc.
The option is definitely not becoming a hermit and staying home. Rather, find alternative modes of transport. Take a bus instead of the car to work. If the distance isn’t too long, walk or cycle to the office. This way, you can give up the steep gym membership you may hardly ever use.
Skipping meals is the worst way to save and to diet. You may fall ill and end up spending on medicines instead. Eating out though needs to be avoided. Pack a lunch for work and snacks too. Prepare for this meal the previous night so you don’t rush to work in the morning.
A weakness that several people possess is the will to resist shopping opportunities. Our wants are many and our needs few. Besides, the attractive packaging doesn’t do much to enable a clear thought process. Hence, it is always good to shop during the season of sales and discounts. You can splurge all you want at a lower price than usual.
Save with an aim. Maybe it’s a trip to Europe or a swanky laptop – keep your eye on the prize and save your money.