Managing money is a never-ending process. As much as I wish it were just another item on my to-do list that I could check off and declare officially done, that’s simply not the case!
You know the phrase, “out of sight, out of mind”? That’s exactly what happens when you don’t stay on top of your money. You forget what you’ve spent, and quickly lose sight of those lofty savings goals you wrote down at the beginning of the year.
While some might say you need to budget once a month, plan weekly check-in’s, or have an occasional money chat with your spouse to stay on track, I think it requires much more maintenance than that to avoid potential money leaks. Daily habits are the key to success, and these 5 will keep you focused on the goals ahead!
1. Spend Smart
Almost every single day we spend money — whether it’s on a quick grocery store run, pumping gas in the car, or purchasing an item we found online. But what we often fail to do, is ask simple questions about the money we spend, such as:
- Could I get by without this item?
- Could I get it for FREE, or could I borrow it?
- Is there any way I can I get for less?
I know that seems like a lot of questions when you’re picking up something really simple like a bag of apples or a package of socks, but the answers are as easy as a 5 minute search online for a printable coupon, downloading a money saving app, or waiting a few weeks until an item pops up on Craigslist instead of paying full price.
The point is to think through any purchases you might possibly make that day before heading out to the store and handing over your hard-earned money. Just a few minutes of brainpower could be the difference between a few dollars, or a few hundred!
2. Keep Track of Receipts
I’m a big proponent of expense tracking {yes, down to the very last penny!}, and even have a little receipt jar in my office where every receipt goes after I get home from the store or running errands. This saves me loads of time that I would have previously spent digging around in pants pockets or purses trying to make sure I didn’t miss anything.
I might not get to entering in all my receipts every day {this is usually a once a week process}, but it’s a visual reminder of what I’m spending every day, and that’s what counts. When my little jar is stuffed full in just a couple of days, I know my spending is getting out of control, and I need to be a little more careful.
Instead of the paper/pen route, you could also download a receipt tracking app, like Smart Receipts {Android} or OneReceipt {was shutdown in 2016}, and snap a picture of your receipt to create an instant digital footprint.
3. Check Your Bank Account
Sometimes we don’t always have a receipt for purchases we make. For example, have you ever signed up for automatic payments, or had a receipt emailed to you from a department store?
These purchases quickly bury themselves in your inbox if you don’t stay on top of them. I like to check my bank account every day so I don’t miss anything and always know what’s going in and what’s coming out.
This is also a good idea if you carry a credit card. Check your account every day, or every other day, and keep an eye out for unauthorized purchases. If you wait too long, you might have hundreds charged to your card, without even knowing it — yikes!
4. Find Ways to Be Thrifty Around the House
Managing money isn’t just about spending, it’s about saving too, and there are so many creative ways to do this right at home! Here are a few things that will save a few dollars every day:
- Eat at Home — Start meal planning and/or freezer cooking to avoid spending money at overpriced restaurants. You should also be diligent about eating leftovers to eliminate waste.
- Experiment with Homemade Cleaners — It’s incredibly easy to make your own cleaning products and they cost pennies compared to bottles at the store. You probably have most, if not all, of the supplies in your pantry.
- Take Time to Organize — Organization really does save you time and money, and it’s unbelievable how many treasures you find when you take the time to properly label and put things away.
- Repurpose and Reuse — Our grandparents were very diligent in finding alternative uses for supplies that could very well have gone straight to the trash. Before throwing an item away, see if you can give it new life. Just be careful not to let it turn into clutter!
5. Communicate with Your Spouse
I find that the best way to get my spouse on board with any financial goals, is to keep him in the loop. If my husband has no idea what he can and cannot spend, he will probably spend more often than not!
A quick chat in the morning or evening about any purchases we need to make that day makes all the difference. I also like to physically show him our budget and bank accounts so he knows exactly where we stand and how much money we have designated for each expense.
Maybe your spouse is the one that actually does the finances. I still encourage you to ask questions and communicate just to keep yourself informed. Working together not only leads to a stronger marriage, it avoids potential money conflicts too.
If you’re tired of feeling like you can’t stay on top of your money, try one or two of these habits until they become just another part of your daily routine. Then add on a couple more until you’re practicing all 5 without really thinking about it. You just might find that managing your money isn’t so much of a chore after all!
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I can attest to the fact that organization really is key to saving a lot of money. Having recently moved from residence to another, I know what it is like to have a few things still packed away in boxes. Sometimes it so easy to want to re-purchase something I already own because I cannot find the item or sadly I do not want to go through the trouble of accessing the box that I know the item is in. I would love to give the view point from the technical point of view. I have often come across people that can not find the recovery disc or drive for the computer systems. This is something I highly recommend putting away with your most important documents. In the event your computer runs into a major major operating system issue, having that disc can save a significant amount of money (purchasing one can cost close to or more than $100) or even make the difference of not having to buy a new computer system. Also, in regards to the receipts, I can attest that keeping your receipts can also save you some time calling your bank or credit card company. I have noticed that sometimes a vendors name displays differently on your transaction history than what is actually labelled on their physical building (especially in the case of gas stations.) It can become alarming when looking at your statement and knowing you have never been to listed vendor, but when you go through your receipts you will notice the transaction amount will match the receipt. 🙂 Happy savings
5. Communicate with Your Spouse
I find that the best way to get my spouse on board with any financial goals, is to keep him in the loop. If my husband has no idea what he can and cannot spend, he will probably spend more often than not!
A quick chat in the morning or evening about any purchases we need to make that day makes all the difference. I also like to physically show him our budget and bank accounts so he knows exactly where we stand and how much money we have designated for each expense.
I don’t really think of myself as old fashioned but I have to be honest – gosh. imagine someone saying this about you rather than your husband. it just sounds really sexist. it IS really sexist.
I’m not really sure exactly what you mean by “communicating with your spouse” is sexist. Money is one of the #1 disagreements in marriage, so I personally think being on the same page financially is really important! 🙂
I am sure I am just misunderstanding the way this is said however what sounds “off” to me (and probably only me) it was the “if my husband has no idea what he can and cannot spend . . .” um. why would he have no idea unless somehow you were the one telling him what he can and cannot spend? I guess you might be meaning that he has somehow forgotten what you mutually decided?? like I said it is probably just me misinterpreting but it makes your husband sound a little “not so smart”. just my 2 cents of course.
I most definitely agree that communicating with your spouse about finances is important! sorry, I guess I over reacted to this. It hit me as though you were giving your husband permission to spend. Again, I apologize for over reacting!
Oh, not a problem at all! I wanted to just make sure I understood exactly where you were coming from. I agree that if your “telling” your spouse how to spend, that could also lead to some disagreements. It definitely needs to be a mutual decision. 🙂
I don’t keep my receipts but I check our bank account almost daily and it has helped a lot in keeping our spending at a minimum.
I like your idea of putting receipts where you can see them. That is a great visual aid to make me stop and think!
I feel like being money wise is a learned art. It has happened over time for me. I learn new attitudes and new ways to save money all the time!
That’s a great way to put it — you never stop learning!!