5 Golden Rules to Managing Your Expenses and Having Enough Money to Save

1. Make Saving Money a Top Priority

Many times I hear people say they just can’t afford to save, the trick is to put savings on top of your priority list. Saving money doesn’t necessarily mean putting a portion of your income away. You can save by choosing to buy discounted brands at the grocery store, avoiding unnecessary items like junk food, carpooling, or even setting up an automatic saving plan with as little as $20/month. The main goal is to develop a consistent saving habit and to continue working on it throughout your life.

Read More: Creative (and Effective) Ways to Save on Groceries

2 Positive Attitude

This rule has nothing to do with money but at the same time has everything to do with managing it. It’s easy to get overwhelmed with paying bills and ensuring your account isn’t overdrawn with payments. However, feeling upset and stressed out will only make things worse for your health and attitude. Always remember you are bigger than the information in front of you. Knowing whatever financial problem you’re facing is solvable will make you feel in control and confident, which will lead you to positive thinking, and likely will help solve the problem faster.

Read More: How Self-Awareness Will Teach You To Make More Money

3. Take Time To Plan

We plan our weddings, we plan for the arrival of a newborn, we plan our vacation trips and much more. We do all this planning to ensure the event is carried out with minimal error, to ensure we avoid disappointment, and of course make sure we are happy. Personal finances should be planned with just as much attention and detail as the events above. Plan your budget, avoid “winging it” with your monthly expenses, ensure you’re in the know about how much your household spends on a weekly or monthly basis. Budgeting and planning will help you make smart financing decisions, will put your family in a better financial position and can create venture opportunities you haven’t thought of before, such as real-estate investments, small business planning etc.

4. Strive for More and Your Income Will Follow

I’ve always believed I can do better, and there is always room for improvement. With this mindset I’ve attempted to push my abilities and strive for more in life. This effort opened up new career opportunities for me which allowed me to earn more and hence save more money. Striving for better has also taught me a lot about life and my strengths and weaknesses. However, it’s not about chasing more money, it’s about creating opportunities for yourself to grow and use your knowledge and abilities and potentially earn a higher income with this growth.

Read More: Crucial Tips On How To Get The Best Advice. Period. 

5. Ask Questions – Ask For Advice

Growing up with 2 older sisters and a younger brother I learned from their mistakes and remembered not to repeat them. We learn from each other’s experiences. I often took advantage of my resources, such as my parents, the internet, a financial advisor etc. to gain the best perspective on a situation. Asking for advice is a beautiful thing, seeking answers can prevent us from making poor decisions, suffering financial losses etc. The trick to seeking advice is asking someone who is very knowledgeable about the topic and better yet, someone who has been in the same situation.

What is your biggest challenge when it comes to saving money? Share below! 

Category: BloggingSavingsTips and Advice

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Article by: Anna Suzdenkova

Employed in the financial sector for over 7 years. Held various roles including financial advisor, auto claims adjuster and manager of customer service. Attained an accounting degree with Honours. Mutual fund licensed. Passionate about helping people. Forever an optimist, positivity is the key to a happy life. Enjoys helping people decipher the banking world and use it to their advantage!