Strictly Saving and Spending Wisely

woman managing personal finances

It’s okay to spend your money, it’s the fruit of your labour. But how you go about managing your finances makes all the difference. If you need help with saving money, the following suggestions may help.

Develop a Mindset

Being good with money isn’t really something we’re born with. For some of us, it’s taught by our parents or somehow instinctually inherited in a mysterious way. But for many of us it’s a lesson we pick up along the way.

If you want to take your personal finances ‘by the horns’ and really get it under control, it starts with a few simple things. First is to not approach the topic in a passive way. Like anything, if you really want to learn it, you should be committed to it.

Establish a Budget

Often, many families that make a reasonably good income will say they don’t know where it all goes. You can find out by making all your purchases by list for a period of two-three months. Then simply study your checklist record for that period. Many are surprised to discover how much money is allocated to unnecessary items by using a budget to monitor their spending.

Set a Goal

Many people live from pay check to pay check. In this situation, they can feel they aren’t really enjoying life and merely exist, just getting by.

Why not set goals to you and your family? Pay off some debt by a set date. Save money for your next car. Start saving your money regularly for things like your children’s education, retirement and other expenses. Setting goals and meeting them brings a certain level of satisfaction when achieving your goals, and the new found wealth is like an added bonus.

Say Goodbye to Credit Cards

Credit cards are one of the major elements of anxiety and scarcity. They are easy to use and so hard to pay off. If you notice that you’re not repaying off the cards in total each month or that you are using them to purchase items that you would not otherwise have bought, then you should seriously consider to stop using your credit cards before it seriously affects your personal finances. While there are often many perks when using credit cards, if it isn’t properly managed there’s more harm than benefits.

Pay with Cash

Those that use cash to make purchases tend to spend less. When you save up for an item, you are more likely to make sure you get the best deal available. On the other hand, you’re more likely to buy things that will soon be used up or eaten when you can delay paying for them than when you have to lay out the cash.

Avoid Late Payments

Proper money management helps you to improve your credit score, and avoiding late payments for bills is a factor in determining this. Everyone has recurring expenses, but should you fall behind it sometimes makes sense to look at options like a personal loan or online payday loans. Even bad credit can be option. Fees like overdraft or NSF can even cost more than a payday loan at times. But it can also be to protect your credit rating, because if it isn’t monitored and managed, it can slide down and become increasingly difficult to restore for when you need it.

Economic Friendly

Sometimes we are not aware of how much we could lessen our monthly payments just by watching some of the small things. Take services, or example, merely setting your thermostat a little higher in summer and a lower during the cold months and turning off the lights in rooms not being used can save a significant amount over the course of a year. You can also save by making fewer and shorter long-distance calls, by shopping on trade days, and by eating out less often. There are so many ways to save money and by doing a little research you can create your own little cheat sheet of options as a personal reference to become better at managing your money.

Backyard Sale

Studies show that a total weekly revenue from yard sales is $4,222,375. Most of us have closets, basements and garages cluttered with items that we are unlikely to ever use again. From children’s clothes and toys to old books, magazines, record albums and even tools. Why not collect all these items and have a garage sale? Turn these unused items into cash and place the proceeds into your savings account?

Generic / Second Hand Items

You don’t need to buy expensive-branded items. For medicine, ask your local pharmacist if they have a generic brand for your prescription. These are still as effective as branded items.

There are also thrift shops full of clothes and other items. Although it can take time before finding dress you might love, patience is needed when buying this way, and treasures to be found. While you may encounter clothes that have a small hole, incomplete set of a button, or shirts with stains, but with a little mending and washing, it can look as good as new.

Plan Your Shopping

Outline your grocery bucket list. Plan your weekly meal before buying. List down all ingredients that you need and look at your storage or fridge for any additional items needed. Never buy pre-made items. Purchase items that are sold in packs or pairs.

You should also consider getting a loyalty card, which often can offer some great discount and promos. Also, you can earn points as you shop that can be used later.

Plan Your Vacation

Create an itinerary for your trip. Look for affordable hotels that are within the proximity of your addresses, and hunt for flight deals too . Try to book well in advance for additional savings and avoid travelling during the high season when fares and rates are up.


There’s a variety wasted materials at home can be made into new products. Instead of buying a new one, have it assembled using the items you already possess. DIYs are a trend nowadays. Several video tutorials are just a click away in your computer.

Start decluttering your stuff. Don’t throw away instantly the broken and damaged materials at your home. Reuse and Recycle. Don’t feel guilty if you are spending money on the things you need. Don’t feel bad purchasing if it’s for a good purpose. Just don’t skip to store money, make it a routine no matter how small the value is. Your wallet will thank you.