Saving money can be a pretty daunting task especially once the bills start piling up. But fear not because I’m sure you know…there are apps to help you reclaim your financial sanity. Following a few simple rules and using a free personal finance app can make it a snap for you to curb your spending and increase your savings real quick.
Identify Spending Habits
Sometimes is too darned hard to say no to another pair of shoes, a new designer bag, a short vacation with gal pals…whatever. But constant splurging can get you in a bind financially. Keep tabs on your receipts…it’s a good barometer of where your money is going…or where it actually went. Then you can use a personal finance app to help you self-audit your spending habits.
Use Peer Pressure to Your Advantage
Don’t let conventional wisdom fool you. Peer pressure, at least in this case, can be a good thing. So basically, according to research conducted by the University of Chicago and the University of Maryland, peer pressure can actually help you cut back on unnecessary spending.
When the researchers studied the spending habits of people using financial tools at a personal finance website called Status Money, they learned that when the study group learned that they were spending more than their peers, they cut their spending by an average of 23 percent.
Here’s Why You Want to Give Status Money a Try
It’s totally free to use the website. And you can anonymously compare your finances and credit scores with people across the country who are in a similar financial bracket and to see how your money stacks up against theirs.
You’ll also have access to numerous financial resources to help you make responsible financial decisions. Your personal info is data encrypted and you can confidently connect your accounts on one platform without risks.
Set a Doable Budget
Although it may sound pretty simple to create a budget for monthly expenses, it can actually be a hard challenge. Adding to that is the time and effort you’d have to put into writing down your budget goals.
This is where trusted personal finance tools comes in, to help you set reasonable financial goals. With Status Money, you can monitor spending limits and set alerts to automatically notify you when you’re about to hit or exceed your budget.
Negotiate and Change Financial Providers
Always be open to deals and financial products that are better suited to your personal situation. Switching providers can simply be a good idea if you can find a better deal.
Calling your rep and trying to negotiate fees is an easy way to slash money off your monthly bills. You can to whittle down any fee regardless if it’s your phone bill or cable bill—very small savings can add up in a short time.
Saving money can be an obstacle for many people, but when you create a financial plan of action, it can help you change the perspective of your financial life for the better.
Do you use any personal finance apps to manage your money or stick to a budget?