It’s easy to allow your spending habits to get out of control. This year, get back on track with our budget-saving tips on how to better manage your spending in 2018.
How to Better Manage Your Spending in 2018
If your goal is to have more money in your savings account in 2018, it’s essential that you learn to manage your spending. You may not realize it, but being frivolous and not properly managing your finances cause your money to dwindle away, without much to show for it.
Read on to learn how you can better manage your spending in the New Year!
1. Stick to your budget. It’s not enough to create a budget. You must follow it every day. Review it often, so you know exactly how much money you have to spend in each expense category. Make it a challenge to spend less than you budget for your spending. Pro-Tip: Want to challenge yourself? Join in on the 52 Week Challenge and save at least $1300 in 2018!
2. Write down EVERY expense. This may seem like a no-brainer, but it’s easy to forget to log every receipt or purchase – especially if you tend to make several small purchases throughout the week. If possible, use a spreadsheet track your spending on a daily basis, so nothing gets left off. Pro-Tip: Need to Save Money? Avoid These 10 Money Mistakes
3. Cut back where you can. Take a look at your budgeting and expenses after you have been tracking them for a couple of weeks. What expenses can be lowered or eliminated? Consult your cell phone and cable providers to switch to a lower plan. Stop purchasing lunch out and make your own from home. Little changes such as these will positively impact your spending in 2018. Pro-Tip: 52 Money Save Ways: Week 8: Cut The Cable
4. Use cash rather than credit. This little tip, if utilized, can help you cut down on your spending. When you have cash in your wallet, you know exactly how much you have left to spend. With a credit card, it’s so easy to swipe that piece of plastic while thinking, “I’ll just pay for it later.” This is how your spending can get out of hand really fast!
5. Hold weekly financial meetings. It’s essential that you and your partner are both on the same page when it comes to spending. Weekly meetings where you discuss what was earned and spent can assist the two of you in seeing bad spending habits so that you can correct them.
6. Re-evaluate the budget monthly. You shouldn’t create a budget and plan to stick to the same one for a year. Your budgeting needs will change as you lower your expenses and pay off debts. It may also change if you are expecting a child, wish to move, or are saving for a vacation. Stay on top of where your money is going, and make adjustments as needed to avoid financial stress. Pro-Tip: 4 Ways We Changed Our Budget to Become Gazelle Intense
7. Avoid impulse buys. Purchases made on a whim are the easiest ways to make your spending go crazy – and not in a good way! Take the time to think about something before you buy it. Do you really need it? Will it serve a purpose in your home? Pro-Tip: Before making a large purchase (and to avoid impulse), think about your decision for 24-48 hours. I have walked away from so many purchases to think about if I needed that item, and this method has saved me a lot of money!
8. Research large purchases. Anything over $100 should be thoroughly researched online and in stores to make sure you are getting the best deal. Appliances and furniture, for example, can vary significantly in price, features, and quality. Make sure your money is going to a valuable item that will last you for years.
Managing your spending shouldn’t be a daunting task. It just requires planning what you want or need to buy, as well as mindfulness to make meaningful purchases.