That’s it, you’re going to do it; there’s no excuses this year. You are going to save money, stick by a budget and have so much more money this year that you can buy that house, boat or other expensive item. You probably said that in 2011, and in 2010 and even in 2009. It’s like the “I’m going to lose weight” resolution: easy to make and easy to break. However, there are some helpful tips to make 2012 the first year that you actually stick to your money saving resolution.
Make a Realistic Budget
When making a money saving plan, you need to first make a budget. This will help you know how much money you can spend, and how much you want to save. Write down all the little things you have to buy, and compare it with the money you bring in each week.
Before finalizing your budget, make sure it’s realistic. Be honest: if you have to spend $500 a week, there is no way you are going to just spend that $500. You may want to eat out, buy something fun or go out for a night. Give yourself a little leeway, or there is no way you will stick to your plan.
Use Credit Cards
It goes against most money saving plans, but using credit cards can be beneficial. When you purchase through credit cards, or even debit cards, you get a distinct paper trail of your purchases so you can easily compare your expenditures to your budget. Just make sure you pay the amount so you don’t incur any interest.
Set a Goal
Saving money forever until you die isn’t a very good reason to save money, and you will get bored of it eventually. If you want to effectively save money, set some goal. It can be as simple as having $1,000 by the end of the month, but usually this isn’t good enough. What do you need the $1,000 for? Keep thinking about what you need the money for and it will help you stick to your plan.
Setup a Penalty
All of the above tips are useful, but what you really need is willpower. Without this, there is no way you will stick to your plan, regardless of all the planning you do. To ensure you don’t slip, setup a penalty whenever you don’t listen to your budget.
For example, if you want to save $1,000 a month and you only have $300, give it to charity. If you can’t save the full amount, then you don’t deserve to have any of the savings. Be sure to stick with your penalty, or soon it will become ineffective.
About the Author: This article was written by Phill representing FreeStuff.co.uk – with all the latest freestuff, competitions, samples and more.
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