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Learning to manage your money is vital to your wallet and savings account. It’s a skill we must all learn, or it’ll cost us…literally. Managing your money will help you save up for those big purchases much easier and will alleviate stress when it’s time to pay up. Here are 5 creative ways to manage your money:
Track Your Spending
This tip takes a lot of accountability, but it is vital. Once you’ve set your budget, stick to it! You should monitor your spending daily to account for where every penny is going. By analyzing where all your money is going, it’ll be much easier for you to see where you can cut back.
Stop Buying Lunch
You don’t need to go out to lunch every day! The cost of eating at restaurants or ordering delivery to your office can affect your budget. Pack a lunch and save money. If you’re bad at packing lunches, simply make extras when you cook dinner and take that to work with you.
Automate Your Bills & Savings
This tip will save you from ever missing a payment, which means you won’t get behind and have to pull from your savings account. On the flip side, to ensure there is always money in your savings account, you can have a small percentage or dollar amount taken out of your paycheck each week and put into a savings account.
Majority of the time when you’re shopping, you’re paying for the brand name itself and not the actual product. Buying Target or Walmart brand toiletries, food, medicine, etc., will save you a ton, and they are not that far from the quality of brand names you are used to purchasing.
Find an Accountability Partner
Having a friend or family member help you with your financial goals makes it easier. Together you can learn from each other and always have someone to encourage you to stay on track with your financial goals.