Dirty Budgeting Tips to Save More Money
At BakerDMM, we want you to enjoy a lifetime of financial well-being. And, without a doubt, the best way to ensure that you’re always financially secure is to take saving money seriously. So to do our part, we’re going to offer some quick budgeting tips that will help you to save more money than you are already.
Emotional purchases are a no-no: Think about the number of times you’ve bought something on a whim, and then think about the utility you’ve gotten from that thing. We’re willing to bet it wasn’t worth it.
Put approximately 10% of your pay toward retirement: It’s never too early to start saving for retirement, but sometimes it can be too late. Make sure that through you’re working years you’re building an adequate nest egg. 10% of your gross pay is an excellent benchmark to shoot for.
Keep your debt in line: It should go without saying that massive debt is a money pit. For this reason, always aim to keep your debt at a level that’s no higher than approximately one third of your gross pay.
Shop for food smarter: How many times a week does an unused food item end up in your trash because it’s past the sell-by date? It may seem minor to throw that item away, but over the course of a year, and then many years, that wasted money can add up to quite a lot.
Invest unexpected money: Did you get a bonus at work? How about a raise? Rather than using that unexpected windfall as an excuse to spend frivolously, keep your spending at normal levels and invest the excess money. You’ll thank yourself later.
Watch what you’re spending money on: Do you have a gym membership you don’t use, but you’re still paying for it on the off chance that you might go eventually? How about a landline when you’re paying out the nose for a cell phone? Cut out the stuff you don’t need or use – it’s as simple as that.