1. Make a budget
Don’t spend all your money even though it might be tempting. Make a budget and stick to that it. The budget should include your income, and the bills you need to pay and also the money you allocate for food, entertainment, education, transportation and such.
In addition, make sure to save a percentage of your paycheck.
2. Log your weekly (or monthly) spending
Have an idea about how you are spending your money. it is important too be honest to yourself. having record of how you spend your money will help you to cut down on unnecessary expenditure.
Basically keep a track of your finances.
3. Make lists when you shop
When you go for shopping- make lists so that you do not buy on whim. Stick to the shopping lists. Buy in bulk when possible to save money.
Also finish everything you buy before shopping for the same item again. Do not make impulse purchases.
4. Use coupons
Do not feel shy about using coupons and discount offers. Wait for discounts and sales. See if there are student discounts. With careful planning , you can bring the total amount of bill down.
5. Always shop with reusable bags
It is environment friendly and pocket-friendly at the same time. Keep a reusable bag in your car or your handbag so that you do not have to spend extra on plastic bags.
6. Use apps to pull tiny amount of money from your bank account (into a savings account).
You can either use apps or do it by yourself to make sure that you will always have savings for a rainy day. Have an emergency fund in case you face any unexpected expenses.
7. Invest in quality items
Buy generic brands whenever possible as most of the times they are exactly the same as a branded one, except at a reduced price.
But at the same time, for any object that you will be using for a longer period of time, it is wiser to invest in a quality product. It will last longer and will be better for your finances in the long run.
8. Limit eating out
Rather than overspending every time you eat out, choose days you go out(and make budget for the same). Do not go over the limit you have kept for eating out.
9. Cut down on the transportation
Use public transportation whenever possible- this reduces your carbon footprint whle saving money at the same time. By using your car less, you’ll save on gas, maintenance, and, stress if you encounter a lot of traffic! You can also walk or bike to places. Walking is healthy and a quick way to get some exercise.
10. Do not save your bank information on websites (where you tend to overspend)
Online shopping can be a huge problem in overspending- while it might seem like it costs very little but expenses can quickly add up. It is also very easy to sign up and have many memberships and subscriptions which are not really worth it. Not saving bank information can curb impulsive purchases.
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