We are nearing the end of the year, and if you’re like us, you want to make sure that your savings are on track for an increase. Money management is certainly a skill, but you don’t necessarily have to have a degree in finance to be successful.
Here are five easy ways to clean up your finances:
1. Have a savings account that is hard to touch.
Everyone should have a savings account, even if you’re putting only $5 a week into it. No, 500 pennies won’t seem like much, but it’s more than you have if your balance currently rests at $0.
2. Budgets are your friend.
When it comes to your money, playing memory games shouldn’t be an option. A budget allows you to tangibly see where your money is going so that you can have a more active role in securing savings.
3. Cook at home.
Eating out comes with more than fast food; it comes with fast spending as well. Before you know it, that super-sized meal is about $12 a day. Don’t get us started on dining out: Tax, tip, valet. Cooking at home affords you not only the luxury of saving dough but also choosing healthier alternatives because you’re the chef.
4. Get a cash buddy.
People tend to be more invested in something when they have more at stake. Sure, you can tell your friends you’re attempting to save money, but if they want to go eat, they’ll find a way to persuade you to join them on your dime. Having a cash buddy is valuable because it makes you both accountable. Find someone to share your money goals with, and you’ll have an unlimited supply of encouragement along the way.
5. Cut back on “luxuries.”
Cut back on those cupcakes or bottles of wine, and you’ll see just how much you will be able to save. You’re not a pet, so you do not need a “treat” after a hard day’s work.