Ways to save

It’s a fact that if you budget your finances then you reap rewards. You are able to boost your investments and reduce your borrowings. Consequently, more people are adopting the habit of budgeting. Nevertheless, you need to be on guard, and keep away from regular mistakes that many people who rely upon a budget still make. The biggest culprit of your budget deviations is your credit card. It’s so easy for you to make an impulse purchase if you have a credit card in your pocket. Use your credit card for emergencies only and not for those impulse purchases.
The answer is plainly to divest yourself of credit cards. You should start paying for everything with cash or debit card only. If you do decide to keep just one credit card then you should leave it at home. Impulse purchases are your biggest cause of not keeping to your budget. The next reason for budget deviation is your inability to endure the wait before you reach your savings target. You may be saving for a tablet PC, mahogany dining suite, or even a new Renault Espace. If you’re pressurized into an impulsive premature purchase then your budget’s blown yet again!

You need self-control if you are to tolerate the time span to achieve your savings goal. If you don’t wait till you’ve saved up for your purchase then you may badly chose the easy route of credit card debt. Your short term gain will lead to your long term pain of interest payments at 17% APR to 35% APR. You need to match the structure of your budget with your life situation. You also need to change your financial plan if your state of affairs change. You may experience severe budget short-falls if you don’t alter your plans for lifestyle changes.

Don’t forget to include for holidays, celebrations, and family events in your financial plan. You’ll need to make sure that you’ve earmarked sufficient funds for the beach vacation, ski break, Xmas presents, and birthday gifts. Vacations always cost more than you initially estimate. Your food is always more expensive on holiday and you always spend more money on entertainment and souvenirs than you originally plan to do. Eating out at holiday resorts is usually more expensive than elsewhere. Consequently, you’re better off making your lunch and snacks in your hotel room before you set off for the day’s trip.

If you’re planning to visit a theme park, zoo, museum, gallery or other attraction then save money on admission tickets for these. You can do this by buying the ticket, in advance, online. It’s usually cheaper than paying on your day of arrival. You may also be able to use a discount coupon or promotional code for a further reduction. Additionally, if you and your family are regular visitors, you may want to consider an annual pass. Don’t book your hire car online If your holiday spot has more than 3 car hire centres. You’ll get a better price locally.

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