5 Budget-Friendly Tips You Should Adopt in 2018

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5 Budget-Friendly Tips You Should Adopt in 2018

A lot of people seem to have a problem with a financial shortage, regardless of how much money they make. They get a second job in order to increase their income, yet, somehow, their account balance at the end of the month still comes out the same. The reason why this happens is usually the fact that they aren’t that great at budgeting or saving money. Luckily, both of these problems can be easily rectified. Here are five budget-friendly tips that might help you with this in 2018.

A single bill piggybank

One of the most unorthodox, yet most effective saving methods is putting aside a single bill-type in your piggy bank or savings jar, every time you come into its possession. For instance, if you pledge to set aside every single $5 bill you get your hands on, in time, you will get a considerable amount. In order to stick to the plan, you can put a period of time as a milestone and check how much money you’ve saved in 100 or 200 days. Either way, this is also an effective method to create an emergency fund in no time, which is a practice that every household should embrace.

Downgrade your car insurance

Sometimes, your vehicle is so old that its value doesn’t justify the insurance plan you’ve taken for it. As your car ages and its value deteriorates, it simply stops making sense to pay the same amount for its insurance as you did before.

5 Budget-Friendly Tips You Should Adopt in 2018 -Downgrade your car insurance

Instead, you can just go with the liability insurance, which is deemed as the minimum in most states. As for the comprehensive or even collision insurance, it simply might not be worth your money. Nonetheless, this might not be a decision that is so easy to make.

Go with personal finance apps

The next thing you might want to consider is using mobile finance apps. Even though these digital tools aren’t capable of saving money on their own, what they do is raise awareness of how much money you could actually save. By simply warning you of all the unnecessary expenses that pose a massive leak of your resources, you might even get something most valuable of all – a chance to improve your spending/saving habits once and for all.

Rethinking your energy providers

Another thing you need to keep in mind is that there’s no reason why you should take your energy provider for granted. Some platforms offer you a chance to compare energy providers in order to pick those who offer a better plan. In fact, they are set up to do so continuously, every 12 months. Therefore, this is one of those low-effort frugal moves that can radically affect your ability to save money over a longer period of time.

5 Budget-Friendly Tips You Should Adopt in 2018- Rethinking your energy providers

Still, these services often depend on the package you decide to go with. Needless to say, the more advanced the package, the higher the cost of services, yet it usually comes off as cost-effective.

Some household bills can be haggled on

To carry on in the same spirit, you need to stop taking your expenses for granted. Things like car repair, home insurance, car insurance and even broadband and pay TV can be haggled for. Sure, you can’t cut the price in half, after all, you’re not dealing with a flea market vendor; however, you might be able to save $50 to $100 per year on each of these services. Needless to say, this has a particular way of adding up.

At the very end, changing the way you handle your finances is never an easy job, yet it is essential for your long-term lifestyle quality. Unless you manage to get a grip on this, it won’t matter how much you manage to earn, seeing as how your wallet will often feel like a bottomless pit. Even though these five tips aren’t enough to revolutionise your wealth status on their own, they sure are more than capable of putting you on the right path. Nonetheless, in order to reap the fruits of their labour, you need to persevere with them for long enough.

Diana Smith

Diana Smith is a full time mom of two beautiful girls interested in topics related to health and alternative medicine.

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