Budget-friendly Shopping Hacks- Avoid Burning a Hole in Your Pocket
Shopping without breaking the bank is quite a challenge. Staying on the monthly budget and giving yourself the chance to shop is what everybody wants. Don’t you think it’s possible? But what if it was? Surprised?
Well! For this, you need to make a realistic goal and plan your budget in a way that fulfils your requirements without making a hole in your pocket. Have you ever noticed how much you spend monthly on groceries, clothing, and basic requirements? If you are overspending in one area more than another, it clearly means you need to start making choices wisely.
So, if you want a plan and are curious to know about the smart ideas that can help you stick to your budget, keep reading.
Plan according to your income: This is the very first step that you need to follow. Identify the number of earners and the total amount earned per month. This will let you know how much you have to spend on the different expenditures. You can even follow the 50/30/20 rule. This rule divides the after-tax income into three groups which include 50% on the essentials, 30% on the wants, and 20% on the savings. If you consider this, you are sorted and are more likely to save and cover your needs simultaneously.
Pay cash and ditch your credit cards: According to the experts, the people who shop using credit cards are more likely to spend more money than those who do not. Therefore, we suggest you save your credit card for real emergencies. Try using cash whenever it is possible. This will give you an exact idea of where your money is being spent.
Make a list and stick to it: Before going to a grocery or the clothing store, make a list and stick to it. Try shopping at the stores that are offering discounts, such as local vendors and local markets. Avoid buying junk foods as they will add to your expenses, giving no nutritional value in return.
And when it comes to clothes, did you know that there are retail stores in the United States that are open for shopping and donating clothes? For example, the MERS Goodwill provides outlet stores that are great for making the budget stretch. If you have growing children at your home, these stores are the best option. From teen wardrobes to men’s and women’s attire, they have a wide range of variety.
Eradicate Bank Fees: You do not realize but your bank fees can add up with time. According to a study, over a decade the average cost for paying a checking account is almost around $1,000 – or $100 per year. The figures clearly indicate that it can make a huge hole in your pocket. Thus, there is no need to pay for a checking account. You can switch to a free checking account. For this, you can look for the free checking account options that are available. Switching to your direct deposit will bring out a huge difference in your bill pay options, saving you approximately $1,000 over a decade.
Maintaining utility bills: Have you ever calculated how much power and water add up to the costs in your budget each month? Whatever the amount is, you can easily save money on these bills by taking some steps. For example, fixing LED bulbs, as they use very less electricity. Plus, to reduce your water bills you can install low-flow toilets and showerheads. A weather-based sprinkler controller can also play a huge role in saving water and lowering your expenses on water.
Shopping for insurance: Whether it is your car or your home insurance, the instalments keep on changing with time. But, paying the rate based on your circumstances can save money shopping for insurance. You can easily compare the rates online and get new quotes according to your insurance needs.
Always keep the receipts: Last but not least, you need to review the receipts weekly or monthly to know if you stayed within your budget or not. There are chances that you may have exceeded your budget. Doing this will help you in learning about spending habits. And, you can easily make the changes accordingly.
The Takeaway
These are some ideas that you can try implementing. They will not only cover all your needs but also help you to stay within your budget limits. If you are still not sure what exactly you need to do, we have a tip.
Tip: Take a pen and a paper and write down the necessary expenses and over-evaluate them by 11%, giving yourself a safety margin.
