The Tips and Tricks to Spending and Saving 

Budget

If you want to spend less and save more, here are some tips to help you achieve that goal. Budgeting is the key to success. A simple way to start budgeting if you are new to budgeting, is the 50/30/20 method. This method consists of three sections. The first, number 50, stands for 50 percent. This will be your needs category, which includes food shopping, utilities, rent, and other necessities. The second category, 30 percent, will be your wants section. This section is used for things you desire such as eating out, hobbies, and other things you might enjoy that cost money. And lastly, the third category is 20 percent, which is for savings. This section leaves you with leftover money that is to be saved. This 50/30/20 technique allows you to enjoy the things you love, and maintain a healthy, balanced, and comfortable lifestyle, while also benefiting from your income and saving up a portion of your money. 

This budget method is easily interchangeable. For example, if you would like to save 25 percent rather than 20, you could cut 5 percent out of your wants section making it a 25/25 split between savings and wants. This allows you to personalize your budget to what works best for you. Of course, there are many other ways to budget, but this is a great simplistic beginner technique, that allows you to save, spend and still be in a good place.

Balance

While it might be tempting to splurge on something expensive such as a new computer, rather than take some cash out of your needs section thinking you will pay it back, think of a better way. A better way could be to think in advance, save a little extra money each week or month, and put it in an account specifically for that item. For instance, spend a little less on your weekly Starbucks, and instead put that money towards your new computer. This will benefit you because now you will not only get that computer, but you will not have to worry about paying it off because you did that in advance. 

Hopefully, this article helped you learn how to balance and save your money.