Budgeting is easy. There are plenty of ways to save and I’ve already got 20,000+ saving tips here in the Savings Room. But just in case you wanted more, here are my top 10 tips for improving your personal budget.
Clip coupons or get them online
This is a really important rule of personal budgeting. Why? A few minutes spent clipping coupons or finding them online can save you multiple dollars at the checkout, whether offline or online.
Buy in bulk
If your favourite products are on sale, buying in bulk will cost you more today but will end up saving you much more in future. Some good examples are items that do not have an expiration date, such as soap, shampoo, toiletries and other household items. Canned foods, which carry a long expiration date, are also ideal for buying in bulk.
Save your spare change
Saving your spare change can be a great help in your quest for personal budgeting. I is surprising how quickly change can add up and, even if it’s $50 or $100 per month, your coins can add up to some serious cash. Many people discard their coins or simply toss them around without thought, but saving them in a bowl or dish will help a lot when it comes to personal budgeting.
Put a portion of each pay into a savings count each week or month. Whether itís a few dollars or several hundred, always make sure that you are putting aside some amount of money into a savings account. If possible, deposit 10-20% from each pay.
Avoid impulse shopping
This type of buying is what ultimately leads to buyer’s remorse. In order to avoid it, think about what you want to shop for and make sure that you avoid any last minute additions unless they are absolutely necessary or you can actually afford them.
Shop when the sales are on
Everyone enjoys jazzing up their wardrobe now and then so; when it comes time to add a few new pieces of clothing, stop by the sale rack for big savings. There is nothing wrong with some few extra dollars in your pocket, which can be later be used for life’s little essentials.
Avoid using high-interest credit cards unless you can repay them within six months. Otherwise, you are more likely to get swallowed up with interest and end up paying for the original purchase several times over.
If you do use a credit card for purchases, try to use one with an introductory or a 0% interest rate. This could end up saving you big bucks every month and also in the future, which is one of the most important rules for managing the budget.
Request free samples
A number of websites offer customers the opportunity to request free product samples. Everything from skin lotions and shampoo to dog treats and household products are up for grabs. In addition, many manufacturers offer free samples of new product released directly through their websites.
If you find yourself swimming in credit card debt, call the creditor and request to be placed on a hardship program. This type of program allows for lower interest and smaller payments for a specified amount of time. Depending on the creditor, this can be in effect for several months or until the balance is paid in full. This method will not only help your immediate personal budget, but will also give you additional financial freedom in the future when the debt is paid in full.