To have a normal life dictates that you live in contrast to at least 60% of all the advice experts say about personal finance. But do you really have to sacrifice that much to save money, or is there a common ground where you can stay and enjoy life while having enough to spend and then some? Well, the fact of the matter is that there is; however, you may need to formulate a set of rules to follow in order to remain in that “common ground.” Entertainment is part of our daily lives and, in fact, some people spend more than what they can afford to satisfy that need. Unfortunately, it’s also a financial issue that you will have to confront some time in your life.
You may want to try these few tips:
Make a list of all the things you spent on particularly in entertainment each month
Whether it’s buying a 6 pack of beers, or buying movie tickets of your favorite movies, vacation expenses, purchasing the latest album of your favorite music artist, going to the circus, buying after market car parts for street racing, etc., list it down on a piece of paper and evaluate your monthly expenditures on entertainment. This is the first and most important step in making your personal finance efficient. It would be good if you have the receipts when you make this list, because you would have an almost accurate accounting of things. Once you’ve got this list, you will then know how much you spend for entertainment and plan a strategy to cut it down to an acceptable level.
See if you can cut at least 10% on the expenses
Taking at least 10% off of your budget for entertainment purposes would help you save money already, but I’m fairly certain that you can cut 20% – 35% of your monthly expenses to entertain yourself. So, think about the things that you may not necessarily need and take them off the list, or just spend lesser on them if it is utterly unavoidable to not allot money for them. You can still enjoy most of the things that you do, but at least now you’re not wasting your money too much.
Think of ways you can come up with to spend less on entertainment without cutting down on the fun of doing it
Deciding which will be cheaper on traveling to go visit your dream vacation could go a long way. For instance, you might be able to save money if you travel via train instead of an airplane; or use your own car and travel by road instead of other means. There are even promos and coupons where it can help you get discounts on flight fares! Instead of going to the movies, you can buy a home theater system and watch your favorite movies on Netflix or Roku. Instead of eating out on a diner or fast food restaurant, you can cook delicious meals at home for a fraction of the cost. These little things can help you go a long long way.
Living life your way
Life doesn’t have to be boring while you practice the art of saving money. You can have it all and still have a savings account that will help you survive old age. So live and enjoy your life with family and friends, but be wise when it comes to spending your money.