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Saving money is difficult. The problem is that one always finds newer ways to spend money. Spending doesnt require any effort, but saving does. If you are a woman saving money is just one of the main responsibilities that you take on your shoulders for your family; if you are living alone you are responsible for saving money for yourself. Women can take many different routes for saving money. They can scrimp on household expenses, or they can control the expenses of their family members or do something else. The question, how to manage your money? can be answered in many different ways when seen from a womans perspective. But, there are certain fundamental tips that remain the same. Lets take a look at these tips
List your Expenses Categorize your daily, weekly and monthly expenses; meaning the expenses that can occur daily (gas for your car, morning cuppa, lunch etc.), expenses that only happen once a week (buying household items, a weekend family outing, etc.), and expenses that are to be covered just once a month (water bills, electricity bills, a trip to a restaurant, etc.). Make sure that you have everything up on that list, right from the smallest expense to the biggest. Also have a category marked Extra for unplanned expenses. Total all your expenses up. Now, you know the amount of outflow (expenses) versus your inflow (earnings). This will give you a clear idea of the amount of money that can be saved.
Lay the Ground Rules Here we arent talking about women personal finance but saving money from the family point of view. So, sit down with the family, and bring them up to speed with their expenses and the amount of money that you think can be saved. Every one of us is susceptible to impromptu expenses, it is this shop now, think later approach that increases expenditure and reduces savings. Such thinking should be curtailed. Rules must be made regarding the spending of every individual family member and you must make sure that everybody sticks to the rules. So, if your son has a habit of getting a burger from the nearest Mac, every day after school, make sure that he realizes the importance of not indulging in this habit.
Budget and Stick to it Work out a budget to suit your savings goals. If you think your monthly grocery budget shouldnt go beyond $300, then make sure it doesnt. When you are working out your budget, make sure to set some money aside for unplanned expenses as well. It will be a good idea to budget for celebrations as well. If you know there is a birthday coming up next month, you must figure in the cost of the celebrations in the next months budget. Whats more, dont just work out a budget for the heck of it. Work it out and make sure that you stick to it.
End Words These http://www.womensavings.com/topics/budget-finance/ are easier to read than to implement and follow. As can be imagined, it will take a lot of effort to make sure that you make use of these fundamental tips, but if you do, there is absolutely no doubt that you will be able to save money.