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Whether you are trying to budget your money, pay off debt, or save like crazy. These smart ideas can help you take control of your money.
7 Smart Ideas To Take Control of Your Money
Getting fed up with trying to cut corners? Running out of ideas to help you “find” money to move you forward to financial freedom?
I have come up with some Smart Ideas to Take Control of your money. Some of these ideas are hopefully refreshing light bulb moments of opportunity.
Often times we get stuck in a rut with our current ways and are finding that we are not meeting our financial goals as fast as we like.
I have heard it said over and over again, “every penny counts”. That they do, but when it takes longer to save that penny or invest it, you often lose that oomph to continue on.
Don’t give up hope! If after reading through these ideas, I would love to know which ones gave you that light bulb moment and that you are going to test out.
Invest an Entire Check Without Feeling it
Most of us are paid 26 times over the course of a year.
That is being paid on every two-week pay schedule. That means that twice a year we could be receiving paychecks three times a month instead of the average of.
Mark these extra paychecks on your calendar and plan to use them as an investment, make a bigger car payment, pay off bills, or place them in your savings account.
These extra paychecks can really help out in a major way.
Declare a No Spend Day (or Week)
Take the stress of needing to spend off your plate. A smart idea to help you control your money is not to spend it. I often like to take a week or weeks off from spending.
No spending means, not grabbing that cup of coffee into the office or going out to lunch with co-workers. I plan meals around my no-spend day (week). Cleaning out pantry items that have been sitting around for a while.
Whether you choose it for a day, week, or month, it’s beneficial like a reset.
You can take that money that would have spent and pay off a monthly bill or put it away in savings. If you are afraid that your kids will get really bored here are some great No Spend Weekend Activities for Kids and Families.
Ask for Presents That Save You Money
If friends or family are asking about what you would like for your birthday or Christmas.
Don’t feel embarrassed about presents that can help put you back on to financial success. It does certainly beat receiving a gift that you won’t use or possibly regift.
Gift ideas can include memberships (gyms, zoos, or museums). Places your family would utilize but without your extra expense.
More and more people are turning towards gifts that provide experiences (lasting memories) instead of stuff that clutters. Here are 13 Gift Ideas That HELP Save Money.
Time Big Ticket Pricey Buys
Unless you need to run out and buy a new refrigerator because your current one just bit the dust, why not wait? Did you know that big-ticket items have designated (often multiple) sale periods throughout the year?
Sale items typically run based on season sports-related events or holidays. As an example, planning that big super bowl party?
February is the money to purchase TVs. August is the month for back to school. Take advantage and grab that new laptop you have been wanting.
Want to find out more about these sale items, read: The Best Time to Buy Anytime – A Month to Month Grocery Sale Cycle Guide (specific to only grocery food) or read: What to Buy Every Month of the Year (Specific to retail items).
Use Completed Debt Payments To Save More
If you just finished paying off your car or a student loan, keep making those payments towards another goal. Use that extra money to pay off another student loan, or bill.
Don’t have another bill to pay off? Place that money in your savings account or start building, adding to your 401(k). It is an easy way to build your retirement fund without feeling stretched.
Just doubled check your plan for allowable contributions and limits.
All in all, having that extra payment working toward building your savings account or paying off another bill is a smart idea.
Don’t Assume You Can’t Bring Your Own Food
Recently my family and I attended a baseball game and made our food purchases in the stadium. On top of paying for the tickets and food, we spent a lot more than what we would have liked too.
Snacks and drinks are so expensive at events, especially sporting events.
Do a little research before heading out to the movies or the game and see if you can bring your own. Even if they only allow you to bring in an open plastic bottle, grab it, and fill it with water once you are past the ticket stand.
Bottle water can cost you up to $5. YIKES!
Budget With a Gift Card
If you are finding that you like to splurge during the week, do it, but limit yourself. We can often go overboard and not even realize it.
A smart idea is to purchase a gift card and set yourself up with a monthly budget.
That budgeted amount would be allotted to the gift card and could only be used during the month for splurge purchases. Once your gift card is spent, you are officially cut off from shelling out anymore. Giving your control over your money.
A great program to look for gift card deals is Raise.com.
And there you have it… Some Smart Ideas To Take Control of Your Money!
Which money management idea are you going to implement first?
Other Great Money Saving Ideas
Top Budgeting Mistakes You Don’t Realize You’re Making
Hidden Things That Break The Budget and How to Avoid Them
Five “Necessities” To Eliminate – Reducing Your Monthly Expenses!
Kelly Martin says
These a great ideas to take control of your money. I like the idea of a no spend day.
I worked in Finance early in my career and was able to adopt smart money techniques that I learned from my Investment Banking days. I definitely like experience gifts too – both giving them and getting them! 🙂
Nigar Rahman says
I really need to know it because I have no control to spend my money! Thanks for these tips!
Anita Alig says
Great tips, I particularly like the NO SPEND idea. All too often we spend needlessly and waste lots of money doing so!
These are awesome tips! We recently found out that where we live there is a “popcorn law” where we live that allows us to bring in our own popcorn and bottled drinks into the movies. We are saving about $15. And I love the idea of suggesting helpful gifts.. I usually get junk that although heartfelt, I need to get rid of after a short while as it’s just taking up space.
Ntensibe Edgar Michael says
Hhhhmmmm….thank you so so much for sharing these!
Emman Damian says
These are awesome tips! I think I need a no spend day so that I can spend a fraction of my salary. It’s a good practice!
Saving money shouldn’t be hard and is not a rocket science. Be wise on spending, and prioritize things.
Jen @ Inspiring Savings says
Exactly!!! I agree 🙂
Kristine Nicole Alessandra says
These are great tips. The one about investing an entire check would work great for those who get paid fortnightly. I also think taking advantage of seasonal sales is a great way to save.
Brianna S says
These are such great tips! I follow a lot of these.
This is so helpful. I’m trying to be better with my finances and will try to implement these options from now on.
Melanie williams says
There are some really fab ideas here for sure. I like the idea of a no spend day/week for sure x