Ever tried practicing saving your money? If not, now is a good time to start.
Jam-Jar Money Method
For sure you probably watched this on your parents or even in Movies.
Jam Jar Money Method – is can help you making a serious financial progress and splitting your money up into the various ‘jars’ even you have a little to save each month. For this method to work, you first have a clear picture of how much money you have coming in and going out each month and weekly.
Label the three types of jam-jar. One marked SAVE, one marked SPEND and one GIFTS. It’s also more exciting if you added some design and color.
52-Week Money Challenge
Many people simply love this kind of saving tips to help them save more money. This idea is simple; the basic plan starts off by saving just $1 in the first week of the challenge put it your motivational jar, and then gradually increase your savings by a dollar a week. The next week, you put away $2, and then $3 in Week 3, and so on. You can also get free downloadable chart online.
By the end of the plan or a year, you have money to spend for something special vacation, holiday travel or emergency fund.
Envelope Budgeting System
This tactic many people find helpful is going “old school” and use cash. Unlike the debit cards are easy to just swipe and spend, without really considering your carefully constructed budget. As a result, it can be difficult to keeping track of how much you spend and left. Just take note that this is not a permanent solution, but a good exercise in budgeting to focus your cash flow.
3 Easy Steps of Envelope Budgeting System
Step 1: Determine Your Discretionary income
evaluate how much you have available after paying your bills and put aside for savings and investments.
Step 2: Decide on a budget
this means dividing your money among the different budget categories. Some example of common categories include: Rent, household items, groceries, savings, clothing, gas and gifts.
Step 3: Assign each category to a single envelope
Write the category name on the back or front for each envelope. Then you will be putting the specific amount cash.
The advantages of Envelop System; It will help discipline you, your budgets become more tangible, less wasteful spending and you won’t miss a payment.