8 Tips to Keep You on Budget

Saving money by sticking to a budget can take a lot of training and discipline. Here are some suggestions to help steer you in the right direction.

1. Stay Out of Debt – One of the most efficient ways to save money is to avoid going into debt.  If you do have credit cards, you can save a lot of money on interest by paying them off at the end of every month. If you are carrying a balance, prioritize paying off your credit cards as soon as possible to avoid accruing interest.
2. Save Money at the Grocery Store – Buying groceries are a necessary expense to have, but making a list and sticking to it will save you cash. Little tricks, like eating before you shop and buying long lasting items in bulk can add up to major savings.
3. Spend Less on Eating Out – It can be easy to cut back on eating out during work hours and pack a lunch to bring with you. But, if you need to go out to eat, try limiting yourself to a single drink or ordering water instead of soda or eating before and ordering an appetizer or side salad just to be sociable.
4. Spend Less on Clothing – Clothing is seasonal, if you can be flexible you can save by shopping at the end of the season when everything goes on sale. Shopping online can also save you a lot of money and allow you to easily compare items from different stores.
5. Reduce Holiday Spending – The holidays are an easy time to quickly overspend on budgets. Create a gift budget for each person you have to buy for and try to start shopping as early as possible.
6. Save on Travel – If you travel often, frequent flier miles can add up quickly, which can be a great way to reduce flying expenses. Travelling during off peak seasons can also save you a lot on a vacation. Don’t forget to do your homework with one of the many sites that allow you to compare different airlines and hotels for the best deals.
7. Take Care of Yourself –You keep yourself healthy by exercising, eating and sleeping right and managing stress. By staying healthy, you save yourself trips to the doctors, which then saves you money on those doctor’s visits and medication.
8. Save Money on Vehicles – Avoid purchasing a brand new vehicle. Most cars drop in value by thousands of dollars, as soon as they are driven off the lot. Cars are a depreciating asset, so focus on safety and functionality. Try to save enough money to pay cash for your new car and avoid paying interest on a loan. Finally, be sure to perform routine maintenance; this may save you from expensive repair bills in the future.