Main menu

7 Habits You Should Adopt to Save More Money for You and Your Family

10th Apr 2017

You should consider the cost of your daily habits if you are incessantly concerned with where, and how, your money is being spent. Whether it is splurging on name brand items, the purchase of expensive meals or relying on your credit and debit card for all transactions, all of these seemingly harmless activities could be deterring you from accumulating wealth.

Listed below are some suggested habits that you should consider embracing if you are interested in saving more money in order to place yourself in a better financial situation:

1.) Learn the Difference Between Saving a Dollar and Saving a Percentage

A difference exists between a five percent savings on an automobile purchase and a five percent discount on a bowl of spaghetti. Your mind tends to normalize these disparate situations by making the two cases seem to appear similar in order to process decision problems at varying scales.

By making sure you are getting a good deal on a car and other big ticket items, you will make your money saving project more efficient. There is no need to spend excessive time worrying about saving a few coins here and there on spaghetti. With a savings of four thousand dollars off the purchase of a car, you can buy many packs of spaghetti. But, there are still a lot of people who tend to spend more time on grocery coupon clipping instead of considering whether they could be saving more from bigger ticket items like cheaper housing or driving a more economical car.

2.) Start Doing Things Yourself

Expense avoidance, which can lead to wealth accumulation, starts from doing projects by yourself instead of buying help. It doesn’t matter if it is basic plumbing, sewing, interior painting or even bike maintenance, completing these tasks yourself eliminates the need to use cash to purchase service. You might even find that you enjoy the challenge of acquiring new skills; and even receive satisfaction and fulfillment from the accomplishment of tasks. If you learn and improve yourself in certain skills, such as basic construction or building PCs, it can even help you generate an extra revenue stream as they are hobbies that can earn money.

3.) Practice Delayed Gratification

You might feel your heart leap at the simple sight of seeing a name brand item when you are shopping. You might instantly think that it is love at first sight, but you should consider waiting. Save it by bookmarking it, and return to it a couple days or weeks later to reconsider whether you really need it or not. Instead of buying on impulse, sleep on it. Ask yourself if you think the purchase of the item will make you happy a month from now.

4.) Avoid Credit and Opt for Prepaid

In general, making purchases with your credit card is not a prudent choice. The practice of doing so catalyzes irresponsible spending and impulse buying (due to the available credit), and if you delay the repayment, the high interest rate will make it more difficult to pay back. If the payment is missed or remains owed, this could then damage your credit score. In today’s day and age, it is noted that people are opting towards cashless payment options. This is why the route of a Visa prepaid card is strongly recommended.

A line of credit is not linked to a prepaid card, and it functions the same as a traditional debit or credit card. You can make purchases with a Visa prepaid card in-store, online and even get cash from various ATM machines. You won’t be able to overspend since it doesn’t provide you an access to credit. At the moment the preloaded amount in your prepaid card is depleted, further transactions will simply be denied until reloaded. Using a Visa prepaid card as a financial instrument is ideal for the individuals who want to nurture a sense of responsible spending. Visit www.t24blackcard.com to learn more about the benefits of prepaid cards.

6.)  Track Spending and Use the Right Tool

Keeping an account of all your assets, especially your finances, can be a huge pain in this day and age. Under the average individual’s name, they may have more than one financial account, at any given point in time. If it is difficult for you to track your spending, the Visa prepaid card is an efficient and effective accounting method. Commonly, prepaid cards are found to offer low fees. They are simple to reload and offer online money management software for you to use in the tracking of your spending. They work in real-time, all while granting you a physical, plastic card that allows you to make purchases in-store and online with anywhere that traditional credit or debit cards are accepted as tender.

One of the most enticing benefits of prepaid cards, and of the financial services associated with them, is the fact that you can never overspend. At the end of the day, the only amount that can be spent is the money that the cardholder loaded onto the card.

7.) Spend Only the Money You Have

Don’t listen to your credit card (it lies), and pay attention to your prepaid card. Try to get into a habit of living like you did while you were in school, before the time when you were eligible for a credit card. You couldn’t buy an item if you didn’t have the funds. Armed with this mentality, you will improve your money saving processes. Credit cards will tempt you and gives you an illusion that you can afford for an item when in reality you can’t. If that happens a number of time, you will be stuck with debt. A Visa prepaid card as your primary method of payment avoids this risk.

Now that you have a better understanding of how changing small habits and using the correct financial tools can assist and help accelerate money accumulation, it is now time to act. Visit www.t24blackcard.com and kick start your prepaid card application now.

Comments are closed.