Want to save more money to help you fight inflation and high-interest rates?
First, you will have to discard those negative images you may have of a stingy person as being one who penny-pinches, is chintzy, refuses to spend money, and is ungenerous.
Living stingy will be your friend, especially with high inflation, making everyday things more costly. You don’t need a challenging economy to benefit from living cheaply so that you can live with less and be happier.
When we set financial goals to achieve the desired result, we may establish a new habit or replace an unwanted one, like paying bills late. Achieving financial goals is part of successful financial planning, which involves setting short-term, intermediate, and long-term objectives.
If you don’t have a budget, create one so that you understand your household’s basic living costs. Endless shopping and dining out without regard to saving money for now and long term is a sour recipe and will lead to disaster.
You can set aside no-spend days when you don’t spend on specified days. This strategy works for many people who designate a few days a month or a week to use cash or credit cards to buy discretionary items.
The harsh reality is that most of us need more money to spend it all and accomplish our priorities. That means making financial compromises. If dining out is essential to your daily life, cut out something else you value less, like adding to your subscriptions or taking Uber when you can hop on public transportation.
Whether you realize it or not, we negotiate every day. We do it at work, school, and even with our sometimes defiant kids. However, many of us don’t think to negotiate our bills and go on paying them on time as we should.