Are you just scraping by until your next paycheck? You may be living off ramen noodles and scraps from your pantry until then. Living paycheck to paycheck can be stressful, but it doesn’t have to be that way.
The first step in controlling your finances is to create a budget and spending plan. You can better control your money and put the necessary amount away for bills and food at the beginning of the month, so you know you’ll have the basics covered.
Creating and maintaining a good budget can be confusing. However, there are a few money hacks to ensure you stay on track.
Do you want to know what they are? Keep reading to discover 5 great money hacks to help you keep to budget.
1. Use a Spending Tracking App
A budget is worthless if you don’t track your spending. If you find it hard to stick to your budget, one of the most important financial hacks is to track where your money is going, down to the penny. There are plenty of amazing spending tracking apps that will allow you to conveniently record and categorize your spending.
Not only will you be able to see how much you spent, but you’ll know what you spent the majority of your money on. This will allow you to get a better idea of where you need to cut back on.
2. Use Cash
Do you have trouble spending too much money at the grocery store or when you go out with your friends? With a credit card, it’s all too easy to keep charging and not worry about how much you spent.
Instead, make a habit of cashing your checks. The envelope method is a great real-life money hack to keep you on track. You’ll be more aware of how much you’re spending, and it’ll help you avoid overspending.
3. Cancel Unused Memberships and Subscriptions
Do you pay for a gym membership but never go? Maybe you pay for Amazon Prime or Hulu only to use it a twice a month. One of the best personal finance hacks is to cancel what you don’t use.
Look through your credit card statements and see what memberships or subscriptions you pay for every month. If you don’t regularly use them, cancel them now. You’d be surprised how much money you could save.
4. Eat at Home
Most people spend a good amount of money eating out. It’s all too easy to go out once or twice a week and let your bill add up with meals, drinks, and appetizers. If you’re serious about sticking to your budget and following money hacks, you should eat at home more often.
You could save hundreds of dollars a month and be eating healthier. If you find that your food spoils before you can eat it, consider planning your meals out for the week. You can create the exact grocery list you need, and limit anything extra that may not get eaten in time.
5. Be Realistic With What You Can Afford
Perhaps the most important real-life money hack is to be real with yourself. We’d all love to live in a huge beach house with a brand-new car, designer clothes, and luxury vacations. But that’s just not realistic for most people.
Don’t spend your entire budget on rent and leave yourself with barely anything left for other bills because you want to have a fancy apartment. If your friends all want to go out to a 5-star restaurant, don’t be afraid to suggest a cheaper alternative or meet up with them after dinner. Your wallet will thank you.
The Best Money Hacks
If you are struggling to control your finances, you may have considered setting up a budget. While this is a great first step, you’ll want to make sure you’re sticking to it every month as well. This can seem hard at first, but just follow our 5 money hacks to make following your budget easier than ever.
Did you like these tips? Check out our blog for more money-saving posts like this.