Posts by James

James is the owner of the website Cashonyourmobile.net.au, which helps people find short term loans for their various needs. https://cashonyourmobile.net.au/ https://www.facebook.com/CashOnYourMobile/

5 Clever Ways to Save More Cash

How much money have you saved or cash reserves? If you are not enthusiastic about your response then we’re guessing you haven’t saved enough if at all. When it comes to financial matters, saving is probably the hardest if not the most challenging thing to do. What makes it even more difficult is the fact that you are going against your innate desire to spend. More often than not, you cave in to this desire and end up with feelings of guilt and remorse and not to mention a draining bank account.

It’s no secret that saving money is crucial to living a happy and comfortable life. Knowing that you are able to achieve your financial goals year after year means you have a promising and secure future. There are a lot of reasons why you should save – for your retirement, for your travel goals, in cases of emergency etc. but then again, even though you know you’re supposed to save you always end up doing the opposite. The truth is, saving albeit difficult, can be done and once you get into the habit of saving, it will no longer be a struggle.

To help you achieve your financial goals, we’re sharing some of the best tips that will jumpstart your money-saving lifestyle. Here are 5 clever ways to save more cash.

Moneysaving Tip#1: Record All Your Expenses Down to The Last Cent

If you are serious about saving you need to start recording everything you are spending your money on. Keep a record of your expenses even if it seems trivial like coffee or giving a tip to the barista. All these must be recorded daily. Try it for a month so you can see what you are specifically spending on. Once you have your complete list you can now start categorizing them and allocating a total amount for each category like mortgage, medications, groceries, coffee etc.

If you want to get more accurate computations, we suggest that you pay these using your credit card since you will be provided with bank statements after every billing. Every expense will reflect in your bank statement. Another option is to download a spending tracker app on your phone to make it easier for you to input your expenses.

Moneysaving Tip#2: Make A Fixed Budget for Your Savings

Now that you know what you are spending your money on you need to start organizing your budget. Whether you’re using your computer or a notebook, it doesn’t matter what matters is you streamline your budget based on the categories above and keep a record of it for reference. Under each category indicate the total budget so you will know if you are under spending or overspending. Make sure that the items you list down are part of your monthly expenses like rentals. More importantly, add a savings category where you allot at least 10% of your monthly income.

Moneysaving Tip#3: Limit Your Spending

Refer to your list and observe your spending habits. If you think you are overspending in certain areas strive to cut back. For example, if you tend to overspend on restaurants and coffee shops maybe it’s about time to increase your grocery budget and opt to cook at home or make your own coffee. You’ll be surprised at how much money you’ll save if you learn to cut back. Identify expenses that are not that important and spend less on them. If you are used to dining out almost every night try to change and dine only during the weekends or if you are a regular at Starbucks aim to only buy expensive coffee twice a week the most.

Moneysaving Tip #4: Find Reasons to Save

One of the secrets to effective saving is having goals. Setting goals will motivate you to set aside money and will compel you to save. It could be saving for an engagement ring, a holiday vacation to a country you have always wanted to visit or saving for your future retirement. After setting your goals figure out how much money you’re going to save for each one. There are two types of goals – short-term and long-term. Examples of short-term goals include vacation holidays; a birthday reward and an emergency fund while examples of long-term goals include a down payment for a new house, your children’s educational plan and your retirement.

Moneysaving Tip#5: List Down Your Priorities

Knowing what your priorities are will make it easier for you to save money. Have a list of both your short-term and long-term goals and refer to it whenever you are tempted to spend money on non-essentials.

Believe it or not but learning how to save money can benefit you greatly both in the here and now and in the future. You are going to thank yourself someday for appreciating the beauty of delayed gratification.