Managing your money doesn’t necessarily mean that you have to live frugally. All it means is that you should think and act and not splurge when it comes to using your money. Money management is not difficult once it becomes a part of your everyday life. Read on to know some simple tips that will help you to save money and thus manage your money well.
1. Pay your bills on time
It is extremely important that you pay all your credit card bills on time in order to avoid late fees. Paying late fees is a waste of money.
2. Cook at home frequently
Eating out at fancy restaurants or even ordering food home from restaurants can cost you a lot. Along with these frequent visits to fast food joints for a burger, hotdog or pizza can make your wallet considerably lighter. It is advisable that you cook at home as much as possible and pack lunch to workplace.
3. Make a list before shopping
It is advisable that you make a list before you go out for shopping. In this way you can stick to the things that you need and not end up buying extra. In fact once you go to the mall and see so many things around you, you tend to feel impulsive. At such times you may even forget to buy what you actually require. Hence you better make a list of your requirements and carry it with you for shopping to avoid these.
4. Do grocery shopping in hurry
It may sound silly, but it is true that if you shop in a hurry you don’t get to look around much and the urge to buy extra things doesn’t arise. When you go for grocery shopping, if you don’t have much time in hand you will naturally go directly to the counters where the things that you want to buy are available, and as a result you won’t see other products which you may feel like buying.
5. Buy generic products as much as possible
There are quite a number of products for which brands really don’t make much of a difference. All you do is end up paying more for similar products just because it is from a known brand. When it comes to milk, cereals, juices and other similar items, try to buy generic products. Once you start using them, you won’t even find any difference.
6. Try using public transport
This is a very good way of saving money. You should use public transport as much as possible. In this way you end up saving money on the cost of gas and also on parking charges.
If you follow the above money management tips, you will be able to live much more comfortably.
Contributed by Debtcc community member. You can follow us on http://twitter.com/debtcc
Join our newsletter
Subscribe to get the latest "Engineer Your Finances" content via email.