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Listed below are numerous ideas on how to save money by spending less. These ideas have been implemented by numerous individuals and found to be useful in meeting their financial goals. However, the question remains: Will these ideas save you money? The only way to know is to try them for yourself!
To improve the accuracy of your experiment follow these steps: 1. Build a list of current expense amounts (actually record them on paper, computer, PDA, etc.). 2. Use the suggestion(s) for at least a month. 3. Determine if the suggestion(s) worked by comparing the expense amounts recorded prior to the change with the new expense amounts. 4. Go forward with the ideas that proved to be money saving tips for you. 5. Evaluate why the other ideas didn't work for you: was it the idea that failed or did you fail to accurately follow the idea? 6. Try new ideas; including ideas that did not result in savings because they were not followed accurately.
As the combination of the first letter of each of these steps suggests, this is a simple way to budget. The B-step is building the budget and the other steps fall under managing this budget. Using these steps in your experiment will not only allow you to identify which tips will actually save you money but also put you on the path to reaching your financial goals through better money management.
If you find yourself considering whether to take action on this information or when to take action please keep these points in mind:
"Though usually overlooked, setting up a good personal budget is the first step to any money management activity. Without it, you cannot control your finances and will always fall short of your goals."-Mark J. Randall, Certified Financial Planner
"Do you know what happens when you give a procrastinator a good idea? Nothing!"-Donald Gardner
"The best place to start is where you are with what you have."-Charles Schwab
