Saving money is one of the most daunting tasks you can undertake because there is always something you want (more than something you need)!
Getting tasks around the house fixed or building that cabinet yourself may just be what you need to do to save that extra bit of cash. By doing things yourself you will save time and money, over hiring someone to do the job for you.
Having a system in place that will keep you disciplined is what you will need to ensure that you stay on task with your savings.
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Create A Budget
Creating a budget for yourself will allow you to keep a record of the amounts you want to spend and the amounts you want to save. A budget is a way for you to keep your financial information in one place.
Your budget should include the following:
- Starting amount: The amount you are receiving
- Expenses: The amount you are spending
- Description: What you are spending it on
- Savings: The amount you would like to save
- Total: Total tallies
A budget does not have to be a complicated structure nor does it need to be compiled on complicated accounting software. It is your finances, create a system that works for you. Write it down on a page and store it in a safe, easy to reach place. Or create a spreadsheet on your mobile device or laptop.
Decide whether you want to make a monthly, 6-month or yearly budget. It is recommended to create a monthly budget and yearly budget. This way you can keep track of your short-term expenses(monthly) as well as your long-time expenses(yearly).
Prioritise your expenses
Prioritising your expenses allows you to make preferences for urgent expenses. Perhaps the plumbing in your bathroom is in urgent need to be fixed. The whole family is using the upstairs bathroom and it causing traffic jams way too often.
Put that expense on the top of your list!
Now that you are doing the fixing yourself you can prioritise your expenses according to your needs. It may be that the plumbing is urgent and the broken bedroom door can wait to be fixed for a few weeks.
You are now able to assess what needs urgent attention, giving you enough time to save money on other projects or items that can be worked on or fixed at a later stage.
Look For Cost-Effective Ways to Spend Money
Now that you are doing it yourself you can bargain hunt for the deals the service provider you would have hired would not have told you about.
This may take time and a lot of negotiating but at the end of the day, you will know that you have saved money on materials or items that otherwise would not have. It is very rewarding to know that you were still able to get what you needed for fraction of the cost. Not to mention that it would have all been worked on by you!
Be disciplined and consistent
Doing it yourself can take a lot out of you. Physically and mentally, and may lead you to moments of just wanting to get the job done.
In these moments it is important to self-motivate so that you can stay on track and realise that doing it yourself is rewarding and that saving money in the process is the ultimate reward!
Staying disciplined and consistent with checking your budget, prioritising your expenses and looking for cost-effective ways to spend your money. Will be worth it in the end.
Continue This Mindset
Let this mindset filter into other aspects of your life. It does not need to stop at your DIY projects.
Filter your budget creating, prioritisation of expenses and cost-effecting ways into other things. Such as your food purchases, clothing purchases, social events and more. You can purchase bulk order foods, thrift your clothes and find events that are discounted.
Continuing the calculation of your amounts received, expenses and amounts you want to save will be a great way to stay in control of your savings in other financial aspects of your life.
Saving comes hand in hand with doing it yourself. An estimated $300 billion dollars in savings have been accumulated by Australians since the pandemic which is indicative of having to do many things without outsourcing services amongst many other things.
Saving money can be done, it just requires self-discipline and consistency.