SEVEN SIMPLE LIFE HACKS TO RESCUE YOUR MONTHLY BUDGET

When we were kids, we loved the idea of being a grown up. We admired the freedom adulthood brings; living with our friends, partying without parents consent, spending what we live and earning with the thing you like to do. But once entering the adulthood, we realize that it was all just an illusion.

Adulthood is fun and games until you realize that it is you who have to pay for it and it is you again who have to earn those bucks for the payment.

Where earning is the difficult part, and spending makes you ace later, finding a balance and managing finances is the most complex thing to do. When I first realized that I need to set a financial plan I was in college and budgeting was the hardest thing for me back then but once I learned few simple things about it, things become easy.

Following are the seven simple life hacks that helped me out rescuing my monthly budget. You only have to be a little conscious about few things to see some major changes.

• UNNECESSARY PAYMENTS

Here I would ask you to question few of your decisions. Do you really watch all those channels you ordered on television? Is your mobile usage as much as your settled package? Do you really need that light on in the midst of the day or do you really need to keep your desktop connected all the time? Why is your Wi-Fi on even when no one is home?

There are petty things that we neglect that are actually costing us more than we think. Try to be a wiseacre and go for the things that are bringing you benefit rather than making you short of credit.

• AVOID PLASTIC MONEY

Humankind has come a long way, from the barter system to money, from money to plastic money (credit and debit card) and from plastic money to digital money. Plastic money is still considered to be the most popular form of payment, but plastic money can be referred as a time bomb for people who do the reckless spending.

Remember the girl from the shopaholic? Ya, you can end up like her if you do not be careful-excluding the love story. Try to use cash as much as you can and even if plastic money is your life now, use debit cards instead of credit.

• COOK AT HOME

I have learned this thing very soon in my life that eating outside is harmful to your health and for your budget, both directly and indirectly. Cooking at home reduces your expanse to almost 50% of what you were ever spending on when you were eating outside and think about all the money you will save on the hospital bills that food from outside leads you to.

• BENEFIT YOURSELF WITH TECHNOLOGY

The modern world has made us robot-like, fast but it came up with ease too. There are so many applications that track down your budget for you and make your life a little carefree. Use apps like mint or others that are easily available for both IOs and androids.

• SEEK FOR DISCOUNTS

As a women and a shopaholic, my eyes and ears are always open for a discount offer, and there is where I benefit my shopping to the maximum. Make up a list that you require, but you can wait for that thing to be available on discount and then hunt for discount offers but do not overdue by buying things that are not on the list just because it is available on the cheaper rates.

• SET AN ALLOWANCE

Are you a reckless spender? And you want to restrict yourself for a change, and you find it hard to do? Then close your ears to the world and listen to the suggestion I am giving.

You can only save when you are motivated to get something in the future and here I am not talking about the long-term goals- that luxury car or that beautiful house. Set yourself up for a monthly allowance, that too at the end of the month that will help you keep your hands off the unnecessary buying you do all the time.

• UPDATE MORE, RENEW LESS

We tend to procrastinate a lot and keep things for tomorrow as if we are going to do that. Keep yourself active and creative by keeping the stuff around you well maintained. Do not wait for the item to be depreciated entirely and then renew instead update it and enjoy it for the longest time.

Author Bio: Sarah Smith has been a personal finance author for the last five years. She is also, an independent and very passionate finance and investment advisor. She regularly posts at  PersonalIncome.org.