In this day and age, there is no household without having at least one debt to its name. Running a household is no easy task. Every month you redo all the expenses and allocate some as your savings. It becomes impossible for the ones that have to live from paycheck to paycheck.
However, some tips and tricks can help you elevate from the constant worry about running short on cash. While side hustle helps generate enough money, these tips will keep you on track and help you save some in case of emergencies.
Read below to know new tricks to save household money,
Prioritize credit cards
Credit card debts take a massive chunk of the household income. It becomes especially burdensome when you’re a month behind or are defaulted. As the bank keeps charging interest upon interest, you cannot get yourself out so simply.
Get some relief by opting for a 0% balance credit card. Transferring the debt to this card will not only allow you to avoid paying interest for a said amount of time but, you get to pay a good amount of debt off from this card. There is no interest charge apart from a minimal transfer fee. This way, your credit scores won’t take a hit.
Divide that paycheck
Who in the world doesn’t get happy to see the salary getting credited into their bank account. It feels like you’re on cloud 9 with so much money in the bank account. However, don’t get carried away by this feeling and spend recklessly. Instead, allocate some time dividing how you wish to utilise it.
The best rule to follow is the ‘50-30-20‘ rule. Allocate the first 50% of the income to the dailies and essential expenses. It includes rent, groceries, electricity and phone bills, etc. The next 30% goes for fun things like entertainment and restaurants. Finally, 20% of the income should go straight up to savings. Savings are for emergency and future purposes. You can also choose to swap the 30 – 20 allocations depending upon your requirements.
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Slash those expenses
The world keeps upgrading every minute. Every fortnight you see people trying to level up their phone and fashion game. And, it lasts only up until there is another announcement. Don’t get into this vicious cycle unnecessarily. Even when shopping online, try incognito mode.
This way, the websites can’t track much information about you and, it will save you from the constant ads of those brands presenting ‘once in a lifetime’ offers. We all know how tempting those ads can be. So, try this efficient way to avoid any careless expense.
Getting tough on yourself to maintain those expenses can be difficult. Nevertheless, perseverance fetches the best rewards. You might not be able to enjoy life right now, yet you will find it worthwhile in the long run.