It's not easy to break the habit of spending money. This is especially true if you are used to having very little money because you have simply never had the chance to really save it. People who have little experience with large amounts of cash tend to buy what they want immediately, almost as if they are afraid the money is going to disappear if they don't use it right away. Here you can learn how to stop spending money on frivolous things so that you can save more of it.
Create Separate Accounts with Direct Deposit
Direct deposit allows for money to go straight from your check to a bank account. There are a couple of ways you can use this to help you stop spending money on things you don't need. One of the ways is to open a new savings account at a separate bank, with no debit card involved. Some of your money goes into the account at the bank you use on a regular basis, while the rest goes in an account at another bank, one you don't use. Since you don't have a checking account at one of the banks, you will have to visit the bank or go out of your way to make an online transfer to gain access to those funds. If nothing else, that means you have some extra time to think about the expense before you actually get the money.
Buy a Certificate of Deposit
A certificate of deposit is like a savings account, but it has a higher interest rate and you don't have immediate access to the funds. The funds "mature" over a set period of time, with financial penalties involved for early withdrawal. You can take the money out early, but you will loose some of the interest that it has gained. One of the best ways to do this is by using your separate savings account to save up for a certificate of deposit. You'll never notice it's gone, because you weren't actively using it to begin with. Work with a company like Rio Grande Credit Union to get an account set up so you have an easy way to save money.
Create a Spending Plan
When you make your budget, you put aside funds for all the bills, your savings, and the things you need through the week. Be sure to account for some limited pocket money. Otherwise, you may start to feel like you are working for nothing and end up frustrated. This is when the big spending mistakes usually happen. There are a couple of ways you can set aside money for extras.
Things like a money market account can help you avoiding spending cash on a regular basis, while not putting more in savings than you can afford. Take account of your small goals so that you get the same feeling you would if you just bought something for the sake of the pleasure of shopping.
Do you want to become an entrepreneur in 2017? If you desperately desire to start a first business this year, you likely need to raise some funds. To help you accomplish this feat, think about scheduling a meeting with an experienced financial advisor. This individual can provide you with a wealth of fundraising ideas. For instance, you might want to take out a small business loan. You may also wish to sell shares of your company to the general public. On this blog, I hope you will discover ingenious, effective tips to help you finance your first business venture. Enjoy!