Over three-quarters of working Americans struggle to make ends meet each month. Not only can this cause a great deal of stress, but it can make saving or having money available for unexpected expenditures increasingly difficult. Luckily, this doesn’t necessarily have to be the case. Just as you can improve your overall health by making some simple adjustments to your daily life, you can improve your financial situation in a big way by committing to a few smart money moves.
Be savvy with financing
There is a range of banking options that might be able to help you save money. Research the pros and cons of each. Some finance accounts come with incentives and awards, often in the form of points that can be used as part of air miles for flights or for grocery shopping. Loyalty cards are popular and effective when it comes to saving money, as well as sometimes earning some useful freebies.
Plan grocery shopping in advance
Grocery shopping makes up for about 6% of Americans’ monthly outgoings, in addition to 5% spent on dining out. This means putting 11% of your monthly income aside for food and utilities. Calculate how much this is, and then plan your shopping accordingly. Remember that this doesn’t mean spending 11% of your salary on these things; if anything, aim to budget less than this and have money left over to put into savings. Give yourself the best chance of saving money on food by cooking meals in bulk and freezing them for future use. By planning in this way, you are more likely to spend less on ad hoc trips to the store, while also cutting down on food wastage.
Try money management apps
Money management apps are the most popular type of app for nearly a third of Americans. Depending on the app you choose, apps can link to your accounts and monitor your spending, offering you a regular report on your spending habits. This gives you full visibility of your day-to-day spending, helping to motivate you to spend within your budget. Roundup apps, meanwhile, aim to make saving money easier by rounding up each transaction to the nearest dollar and putting the roundups into a savings account of your choice.
It pays to be smart with your money
Managing money can be extremely stressful when you have a lot of regular outgoings and unexpected costs. You can ease the pressure by working out a budget and having strategies in place to stick to it. Whether it be through financial apps, planned shopping trips, loyalty cards or a combination of all three, there is plenty you can do to help manage your money more effectively.
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