If you can\’t save anything from your paycheck, this article is for you. How to save without cutting back too much?
1. Calculate your family\’s income and expenses
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The key to saving money is to balance your expenses with your income. Make a spreadsheet of all your income and expenses and compare them. If your income is greater than your expenses, you basically win. You can always set aside the difference. If your income is less than your expenses, you have no choice but to cut your expenses to the bare minimum to make a surplus. If there is no more room to cut spending, the last thing you want to do is ask for a raise or change jobs.
2. Divide income into envelopes
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If you have already combined your income and expenses, then divide your income into separate envelopes. For example, create envelopes for “for mortgage, for food, for gas,” etc., and divide the money according to how much you need for each activity. In the first few months, it is difficult to estimate how much money you will need, but based on previous experience, you should make a proper calculation at the beginning.
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You can save a lot of money on food and never have to starve. You can cook cheaply and still enjoy your meals. If you have a garden, you can grow your own potatoes, tomatoes, peppers, carrots, parsnips, etc. At the store, buy mainly basic ingredients. They are much cheaper than the semi-finished products you make yourself. For inexpensive ingredients, look to beans. Beans are inexpensive, can be prepared in a variety of ways, and taste great.
4. Put the money you save out of reach
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When you save money that month, put it to the side. If possible, put the money in an account and leave the card at home so you can\’t use it. Why? Because paying by card is tricky, you don\’t know how much you\’ve spent, and you don\’t feel like you spent that much later.
