With the typical UK family owing on average £7,944 in credit, it’s safe to say that not all of us are born with the money-managing gene. Meanwhile, prices are constantly rising on basic living costs, making it even harder to support a family comfortably and reduce spending (let alone save money). It is possible though! In 2013, put money worries aside by managing and tracking your spending.
Credit cards are a money trap many of us fall into. It’s easy to make impulse purchases with the plastic, but not so simple when you have a debit card. If you can make the switch, cut up your credit card today.
Debit cards force you to be more responsible with your money, as you only have a limited balance. When it’s a choice between buying a new car and paying the rent, you’ll make better choices.
Always use your coupons. They may be a bit of a faff, but these money-savers can significantly reduce your bills. So many coupons go unredeemed, purely because they get lost at the bottom of plastic bags. Create a safe space for coupons and store them for future use.
Creating a budget will help you monitor your monetary management. Take note of your boundaries and stay well within them. In an Excel sheet, calculate your monthly outgoings and compare them to your income.
If your outgoings are greater than your income, you’re going to need to make some major savings. Consider getting a second job to supplement your income.
From this, you can allocate yourself a weekly allowance. When your monthly pay comes through, separate this from your bank balance and consider saving as much of your disposable income as possible. If you need to, use the envelope system where you separate your leftover money into weekly packets at home, and force yourself to live off that cash.
You may go out for a meal once a week with a partner or friends, but this can be exceptionally expensive; especially if you get carried away with the drinks after. Instead, propose a “come dine with me” weekly bash – everyone takes it in turns to host a cosy dinner. Make it extra special with candlelight and games, but do the whole shebang cheaply.
There are so many ways you can reduce your expenditure, such as cutting down on salon services and supplies or car-sharing. Brainstorm innovative ways to save money.
These days, you just need to look online for money-making opportunities. If you have some writing talent, blogging can make you some serious dosh. With enough traffic, you can install adverts through AdSense and start making cash.
Likewise for YouTube, if you have a viral presence, you can monetise your channel. Some people have even been able to quit their day job because they’ve made thousands of pounds on YouTube. For example, Natalie Tran, a comedy Australian vlogger, earned more than $100,000 in 2010 on her YouTube account. So if you’ve got a special talent or something interesting to share with the world, YouTube may just supplement your income for being awesome.
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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