Budget solutions to help you stop wasting your Cash

Are you looking to save some extra cash this year? Whether you start recording your expenses to help you identify where your cash is being wasted, or you choose something to save for to help overcome your bad spending habits, there is plenty you can do to save up those extra pennies. While a loan for short period is available to help if you are facing a financial emergency, it’s always a good idea to have your own budget in place. Whilst it can be difficult to break bad spending habits, it is important that you learn how to control your spending. This is necessary to ensure you can afford the things you need in life.

Find our guest author’s top budgeting solutions to help you stop wasting your cash below-

Record Your Expenses

The first step on your journey to stopping wasteful cash spending is to analyse your finances. By analysing your finances, you’ll have a greater insight to what you are spending your money on, which is paramount when it comes to finding an effective budget solution. Once you have successfully analysed your finances and identified where your hard-earned cash is going, you can take the necessary steps required to stop spending. With this information, you can plan exactly how you want to spend your finances for the month ahead. If you have noticed that most of your money is going on entertainment, then you may decide to reduce the amount of cash you are splurging at the casino or how often you’re eating out, for example.

Choose Something To Save For

One of the best ways to help you stop wasting your cash is to choose something to save for. When it comes to choosing, you should start by thinking of your short-term and long-term goals. You will be more determined to save by considering your short-term and long-term goals. It will ultimately lead you to stop wasting your money.

Some examples of short-term and long-term goals include:

Short-term (Between 1–3 years):

• Emergency funds
• A holiday
• Deposit for a car

Long-term (4+ years):

• Retirement
• Your child’s education
• Mortgage deposit

Pick The Right Tools

Once you have something to save for, in order to help you stop wasting your cash, you should pick the right tools to help you. If you are saving for an emergency fund, holiday, a deposit for a car or anything that is considered to be a ‘short-term’ goal, consider opening a savings account or attaining a certificate of deposit, otherwise known as a CD. By opening a savings account, you can store cash away without worrying about accidentally spending it. Moreover, with a certificate of deposit, you can rest assured that your money will be locked at a specific interest rate for a certain period of time, which provides invaluable peace of mind when it comes to the safety of your money.

Take Only The Cash You Need

It doesn’t matter whether you are heading to the local supermarket or into town, only take the cash you need with you – and try to leave your credit card at home! Without the extra cash there, you can’t overspend so you have to stick to your budget! You’ll stop wasting your cash and you’re less likely to be pulled into impulse buys. Look at it this way: if you take £50 in cash to the supermarket because that’s what you have limited yourself to, what happens when you arrive at the checkout to find out that your bill is in fact £70? You’ll get out your credit or debit card and pay the difference, regardless of what you have budgeted. By leaving your credit and debit cards at home, you will spend your funds more carefully.

It’s not possible to change your bad spending habits overnight. You may consider taking only the cash you need with you to the supermarket, recording your expenses and even choosing something to save for! It will certainly keep you on track to stop wasting your cash on unnecessary items.  How do you plan to stop wasting your cash?

Good luck!