How to Budget Your Money

by Redeeming Riches on February 19, 2015

how-to-budget-your-money

Successful Money Hacks – How to Budget Your Money

Investment advice is becoming increasingly popular. You want to know how to budget your money. This is especially true given the fact that money is becoming exceptionally difficult to obtain. The combination of the economic downturn and the part-time job economic crisis is resulting in more and more individuals struggling to make money and even more people struggling to save money. As a result of all of these challenges and financial issues, many are turning to the internet and other resources in order to discover sound investment advice and money hacks that will assist in curbing spending habits and increasing various types of savings, such as a basic savings account, emergency fund accounts, college accounts, and retirement accounts. If you are reading this, chances are, you, too, are on the search for money hacks, or, simple methods to avoid spending so that you may increase savings. The good news is, below, we have an outline of some of the best money hacks that will allow you to save money. Not only will you learn a few hacks that will boost your savings, but, you will also be introduced to a few pieces of investment advice that is sure to change your financial health forever:

  1. Each and every single time that you consider spending money on something, you should really consider what you are about to spend and how much money that could add up to if you were to invest it, over time. For example, if you were to elect to purchase a new television for the price of $200.00, once that money is spent, it is completely gone. However, if you were to invest that $200.00 into a savings account where interest was accrued on a regular basis, that money could grow, over time. In looking at your purchases in this manner, you will start to develop the habit of avoiding spending where money will be lost and will gear yourself into placing that money into an investment portfolio where it has the potential to grow.
  2. When making purchases that are absolutely necessary, you should always elect to use cash instead of credit cards. Not only will this technique make the purchase more “real” to you, you will avoid having to pay additional money on those purchases as a result of the interest that is charged on your credit cards.
  3. When it comes to money hacks, one of the most popular is making small savings transfers each and every single week. By having a small amount, such as $20.00, taken out of your income each week and having it transferred to your savings account, you will save a minimum of $1,040.00 each year. If that savings account pays interest, you will save even more.
  4. You should get into the habit of placing items that you want to purchase on a 30 day list. The way that this works is, you are only able to purchase items that are absolutely necessary. If you see anything else that you want, you should place it on a list for 30 days instead of engaging in impulse buying. Once the 30 days has passed, it is acceptable to make the purchase – if the desire to do so is still there; however, in most instances, you will find that it is not. If this is the case, take the money you would have originally spent and invest it.
  5. The next piece of investment advice and another one of the most popular money hacks is to ensure that you pay your debts, savings, and put money towards your investments before doing anything else. Not only will you save money, you will find that your investment portfolio grows.

If you are searching for how to budget your money, it is quite likely that you have found your income dwindling in one form, fashion, or another. By following the simple hacks outlined in this brief financial guide, you will find that your investment portfolio grows, that your savings grows, and that you have a higher level of financial security.

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