It takes less time than you imagine to change a habit and that means you can get a lot done in the space of a month, so itâ€™s time to take you and your financial ways off to boot camp so that you can drill some new and better financial habits into your system that could transform your future.
Here are some tips and strategies that are designed to show you the way to better money management, including a look at where to start with your financial overhaul, some tips on changing a few habits to save big money, plus ideas for keeping more of your hard-earned cash for yourself.
Letâ€™s get started
Now that you have checked into the get richer boot camp your first task is to lay your cards on the table and reveal exactly where you are at right now with your money.
If you are going to make a meaningful difference to your financial situation you need to have a comprehensive list of all your expenses and income. It is really important that you donâ€™t spare any details and list everything you spend your money on, however trivial it might seem.
It is often the case that discretionary spending is where the biggest savings can be found as it is an area that many of us neglect to keep a handle on, simply because we spend a lot of time focused on bigger financial priorities like the rent or mortgage payments and utility bills.
If you bank online and can download a full year’s worth of statements to a spreadsheet this would be ideal, as you can then create a more accurate budget that covers irregular expenses like taxes as well as your regular monthly payments.
A few simple habits to change straight away
There are plenty of us who regularly buy our favorite brand of coffee to go on the way to work and think nothing of it, and if you are one of those people you will probably get a shock to discover how much that habit is costing you.
If you buy a regular takeaway coffee each day, you are going to be spending about $80 a month on something that you can replicate at home and take with you in a flask. The question you want to ask yourself is would you rather spend about $10 on a flask and buy some supplies of your favorite coffee, and put that $900 a year you have just saved, to better use?
This is just one shining example of how you can make small changes to your spending habits that donâ€™t hurt your lifestyle or enjoyment but make a big difference to your bank balance.
Another example would be to look at some of your annual motoring costs and see if you can make savings there too.
There are some basic maintenance and repair tasks you could do yourself with the right auto service repair manuals to hand, rather than spend money sending your car to the local repair center.
Write down a target list of all the things you spend money on that you know you could pay less for or cut out completely. This will be one of your exercises over the next 30 days, to streamline your spending and find those extra dollars that could be invested for your future.
Taste the difference
A big chunk of your monthly cash will go on groceries and this is another area where there are likely to be some serious savings to be had if you can change your psyche when you shop.
So many consumers head straight to the branded products when they are walking down each aisle and end up paying well over the odds in comparison to their unbranded equivalent.
It is fair to say that some of our favorites are sometimes hard to replicate but there are plenty of cheaper alternatives that taste the same if not better, and they are miles cheaper when you donâ€™t have to pay for the big brands advertising budget.
Take the taste test and pick up the unbranded equivalent next time you go shopping. Some you wonâ€™t want to switch to for sure, but there are also going to be plenty of unbranded versions that you will like and this means that your grocery bill is going to be cut dramatically when you add up the savings over the course of a year.
The point about putting your finances and spending under the spotlight like this is to find out where you make savings and figure out how you can put more of your money towards a better cause, your financial future
Henry Sykes likes to help people manage their money better. An avid writer, he enjoys sharing his know-how on various money and lifestyle websites.
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