budgeting — Page 2

Three Tips for Becoming More Aware of Your Spending Habits

December 2, 2011 by admin

It’s not how much money you earn that will make you rich; rather it is your spending habits. How aware are you of what you spend on a daily money saving tips basis? Do you ever think you have a certain amount of money in your account and then realize that you have a lot less?

Noticing how much you spend can be the first step to learning how to manage your money better.

Here are three useful tips for becoming more aware of what you are spending:

Use Cash

There is something about credit cards and debits cards that make it much easier to spend more than you intend to, because you cannot actually see the money leaving your hands. Also, when you use a credit card the money doesn’t come out of your account until much later which makes it hard to gauge how much you have spent.

If you are going out shopping, try taking out as much cash as you will need at the beginning of your shopping trip. Handing over paper bills every time you make a purchase will make you much more aware of how much you are spending. When you open your wallet at the end of the day, you will able to physically see how much change is left over.

Track Your Purchases

Over a month, try saving every receipt from anything that you buy and place it in a plastic bag or an envelope. At the end of the month, total up all of the amounts and sort them into categories such as eating out, clothes, entertainment, household expenses, groceries, etc. You can use a spread sheet on the computer to organize them. Chances are that you will be shocked by the results.

You might have thought you were spending one amount on groceries, eating out, or drinking and then realize that you are spending a lot more!

Check Your Bank Balance Often

With almost every bank offering online banking services these days, you can check the status of your bank account with the click of a button. It is important to keep tabs on how much money you have in your account every day or two. This will help you avoid going into overdraft or having checks bounce, and it will also let you see with your own eyes how much you spend on a daily basis.

If your bank account starts to rapidly shrink before your eyes, it’s time to rethink your spending habits!

Becoming more aware of what you are spending will put you on the right track towards managing your money better.

Ka-Ching! Simple Tips for Trimming Down Your Grocery Bill

November 16, 2011 by admin

Do you gulp with fear every time you approach the checkout at the supermarket? saving money on grocery shopping

Do you end up spending a huge amount on grocery shopping every week, yet only coming home with a few bags of items?

It is possible to cut down your grocery bill drastically; you just need to know how to outsmart the supermarket and get more for your dollar.

Here are some clever tips for getting the most food for the lowest price next time you go grocery shopping:

The most important rule is: never go grocery shopping when you are hungry! Make sure you go after you have eaten, or your growling stomach will talk you into throwing many indulgent treats and snacks into the shopping cart that you just don’t need!
Don’t be loyal to brand names, because you pay extra for their familiarity. For example, although Heinz ketchup is the most well known, it is also usually the most expensive. The generic brand will probably taste just the same on your hot dogs and hamburgers and if it costs $1.50 less, why not give it a try?
Think about where you are shopping. Is it a high end chain supermarket with fancy displays, nice lighting, and beautiful interior design? These types of gourmet grocery stores often overcharge for the same items that can be found at a budget grocery chain for much cheaper!
Use coupons on the items that you regularly buy. You can find coupons on fliers in the store, and also at several websites online.
Don’t pay extra for convenience. Packaged foods such as microwave meals, prepared snacks, and other easy and quick dishes are usually much more expensive. Buy the ingredients and cook it yourself to save money.
Stock up on “loss leaders.” These are items that the supermarket is advertising at a ridiculously low price. They are very cheap because they attract customers in, who will likely spend more money on other more expensive items once they are in the store. If you can stick to only stocking up on the sale items and avoid being tempted by anything else you can really save a lot of money.

These are just a few easy ways that you can trim down your grocery bill and save money at the supermarket!