We wish it were not the case, but money is a massive component of everyday life. Even when you’re not actively spending any money, it’s still in the back of your mind. For those who have always struggled with money, whether through poor spending choices or just sheer bad luck, money is something that can consume your thoughts.
As you get older, the money worries compound. Adults are expected to stride through life ticking off big moments one by one until they can sit back happy at their achievements, but for those who live paycheck to paycheck, the thought of affording these big moments can make you shudder.
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Know Your Budget
Knowing your budget is crucial for anybody hoping to have enough money for life’s big moments. This can be a challenge for some, though, especially if you’ve only just started earning a decent amount or have just moved into a place of your own.
If you’ve got big plans for the future, you’ll need to work out how much money you can afford to spend and save each month. Making definitive plans for what you spend on food, rent, utilities, and entertainment will help you put some of the leftover money aside for safekeeping.
There will be some months where you spend over your allotted budget, and this can quickly throw your plans off. However, as long as you don’t make a habit of it, everything will balance out.
Give Up the Luxuries
Humans can be creatures of impulse and luxury, but if you’re trying to make sure you’ve got enough for a wedding or buying a house, these little impulses and splurges will make it more challenging to reach your goal.
This isn’t to advocate you living an utterly frugal life, but recognising where you can save money by cutting back on treating yourself will help push you towards your goal faster. If you eat out a lot, then start making meals at home. If you and your partner both have individual Netflix, Spotify, or Amazon Prime accounts, consolidate them into one instead.
After giving up these luxuries, you can focus your money elsewhere and into more important parts of your life. With enough discipline, you’ll be able to get your hands on engagement rings that will stand out from the crowd without worrying about spending out of your means.
Give Up the Bad Habits
As much as luxuries can hinder your saving goals, so too can bad habits. One of the biggest money drains is smoking, so try to quit as soon as possible and move the money you would spend on packs into a saving account.
Likewise, eating fast food or going out drinking every week does not good, either. As mentioned above, get disciplined with eating out, especially if it’s lunch every day. But there are other bad habits that you can get out of doing to help you save.
If you pay bills at your house, then start looking towards ways to shave some money off every month. Do you need the heating on all day, every day? No. during winter, wear a sweater or two to warm up. Also, make sure to turn lights off in any rooms you are not using. If you’ve already done this but are still hoping to save money on energy, invest in energy-efficient bulbs and other household accessories.
These changes in habits won’t save much every month, but like anything, the small things add up, and soon enough, you’ll start to see what a difference just slight lifestyle changes can make.
Use an Accountant
If you’ve tried everything already recommended and are still struggling to afford an engagement ring or the home of your dreams, then it might be time to bring in a professional.
Accountants make their money by helping you save yours. They can offer advice on where to curb spending and also develop plans for where to better spend or invest your funds. A quality accountant will work for you because the better off you become, so too do they.
Of course, hiring an accountant could be considered a bit of a luxury and most people can’t afford to have one on retainer, so this should be a last resort.
Money In The Bank
Nobody ever managed to have their big moments without discipline, so making sure you are sensible with your finances and take the correct steps towards your goals won’t be easy, at least not at first. However, with a little dedication and some smart practices, you’ll soon be able to save up for the most significant moments of your life, whether it’s owning a home, getting married, having kids, or treating yourself to that dream vacation.