Decluttering Your Finances 101: 5 Ways To Start Spending Wisely

decluttering finances ways start spending more wisely

Maintaining and improving your finances is something that will always be a work in progress. More often than not, we find ourselves in a great financial state, then between overspending, emergencies, and spontaneous vacations, we find ourselves needing to regroup. If you’ve come to the point where you need to declutter your finances, get started with these five tips on strategic spending. 

Consider Using Cash During The Week 

Taking out a set amount of spending money in cash each week will help you hold yourself accountable and keep track of how much money you have at any given time. It will also help you plan ahead and limit your spending each week. You will learn quickly what you really need to spend money on and what’s unnecessary. Instead of wasting money on impulse buys, you will put more thought into your day-to-day spending. 

Get Automated To Save More 

Most companies, such as your cable and electric companies will actually give you a discount if you set up automatic drafts. Consider your finances and how much you could save when doing this. You’d be surprised by how much. Take this strategy with a grain of salt, however. If money is extremely tight, and you find yourself making late payments on your bills, you may risk additional fees if your payment is declined. 

Stay Away From Your Savings Account 

It goes without saying that your savings need to stay in your savings, but that is obviously easier said than done. Consider discovering new ways to stay away from your savings account. You may even want to go as far as creating an account with a bank that you currently don’t use to automatically send funds that are hard to access. The same concept could be applied for bill pay to avoid a late payment or return item fees. 

Plan For Emergencies 

Your savings is your savings. You should, though, have a separate account for emergencies such as home maintenance or your car breaking down. Consolidating all of your appliance warranties into one complete home protection plan can help mitigate the additional cost of unexpected appliance issues, and consider putting a small amount of money away each month for regular car maintenance and breakdowns. 

Hide Your Credit Cards (Or Get Rid of Them) 

With credit and debit cards, money apps, electronic purchasing, and more, it is all too easy to spend money today. Consider at least putting your cards in a separate safe that you do not open often to keep you away from the temptations of online purchases or swiping your card when you do out on the weekends. Stick to your “cash only” plan unless you must have a credit card on hand for a specific reason. 

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