Want to learn some smart spending and saving tricks to save money every month?
Money, money, and money! Today, almost everything in this world revolves around money.
Be it some of your problems, their solutions, your future planning, or politics. Everything depends upon money.
Even at this moment, you are probably thinking about making more money, and that’s why you are here reading this article.
Financial stability is the key to a happy life, and you can only get rich if you start spending and saving money smartly.
In fact, only then will you be able to save some money, invest it in a business, and make a profit from there to get rich.
In this article, Mayor Boss will show you some of the best and smart spending and saving tricks. Implementing these tricks in your life will surely help you get better financially.
So let’s jump in.
Smart spending & saving trick #1 – Trace your expenses
If you want to cut down your spending, then, first of all, you will need to trace all of your expenses.
You can either use a notebook or software like the spreadsheet to record all of your monthly or weekly expenses.
Once you have a trail of all the money flowing out, the next thing to do is to check the point where you are spending too much money, and there’s a space for improvement.
For example, you spent a lot on eating outside, or you spent too much on alcohol or cigarettes, or that useless subscription you can live without.
Cut down all of such unnecessary expenses, and you will see a significant improvement in your financial condition.
Smart spending & saving trick #2 – Balance your income & expenditures
Grab a cup of tea and sit down on the couch with a pen and notebook. Draw a comparison of your income and expenditures and try to balance them.
Write down the amount of money flowing into your pocket every month and compare it with the money flowing out of your pocket every month.
If you find that the whole equation is badly unbalanced, then it is a symbol that you must cut down your unnecessary expenses and balance the money flow.
The ideal situation is that your money inflow should be greater than the money inflow, and only then will you be able to save some money for investment.
Smart spending & saving trick #3 – Always do shopping in bulk
Another effective saving & spending trick is that you should always go shopping in bulk.
Let’s say you are going grocery shopping, look out for stores that are offering items on a sale or special discount, and purchase items in bulk from there.
This way you will fulfill your needs and save some money at the same time.
Smart spending & saving trick #4 – Stick with your grocery list only
You must have noticed that when you plan to go out for grocery shopping, you only have a few items on your grocery list. But when you come back home, you have more items than you actually needed. The same thing happens with a lot of us as well.
The thing is that there a lot of distractive items out there in the markets that are strategically placed to pull out more money from the pockets of the customers.
Due to this reason, we often end up spending on things that we don’t actually need, and we could do better even without them.
Therefore, the solution is that you focus on your grocery list only and don’t spend money on extras. This trick can save you up to 23% on grocery bills.
You can read about cheap and healthy foods to eat when money is tight.
Smart spending & saving trick #5 – Don’t shop with credit cards
Does it sound a little bit strange? Well, it has been observed that the people who shop with credit cards often spend 12%-18% more than those who shop with cash.
It is just a psychological thing that when we are using credit cards for shopping, we don’t care much about the money and eventually end up spending too much without noticing.
But when we are shopping with cash in our wallet, we are a little bit more conscious and aware of how much we are spending, and thus we keep the things under our control and spend less than while shopping with a credit card. This is also a great trick to save money.
Smart spending & saving trick #6 – Never buy a brand new car
We all want to own a car, right? The golden tip we are giving to you at this moment is that you should never spend money on purchasing a brand new car.
The reason is that a brand new car will start losing its value as soon as it hits the road, and its value will keep decreasing from that time and onwards.
Therefore, there is no use in purchasing a brand new car as it will never make you any profit and instead become a burden on you.
We recommend you purchase a used car because those are the ones that will save you a lot of money. Generally, used cars are good in condition and affordable at the same time, and that’s why we recommended them to you.
These were the smart spending and saving tricks that you can implement in your daily life to improve your financial condition.