6 Money Saving Tips Your Grandmother Used That Are Far More Effective Than Any Budgeting App

6 Money Saving Tips Your Grandmother Used That Are Far More Effective Than Any Budgeting App

Technology can go a long way when slot it comes to saving money — from apps that help you budget to online shopping tools that get you the best deals. But sometimes the best way is the old-fashioned way.

Many old-school money-saving tips are still effective in today’s technology-driven world, according to financial experts. Here are six old-fashioned tips that can still help you save a lot of money today.

1. Use an envelope budgeting system

The premise of this classic money-saving method is simple.

After you’ve paid your bills and set aside money for any savings and investments, divide the remainder into expense categories such as groceries, eating out, clothing, and entertainment. Get an envelope for each category, write a name on it, then post the amount of cash you’d like to spend in that area — whether for a week or a month.

Once the cash is used up, you can’t spend bonus new member any more money in that category.

“Our [financial planners] often encourage employees struggling with cash flow and debt to use the envelope system,” Cynthia Meyer, a certified financial planner at Financial Finesse, tells INSIDER. “This can be a very effective way to master discretionary spending on things like food, hobbies, and entertainment (for most people, fixed expenses like housing or utilities don’t need to be put in an envelope). There’s no substitute for the awareness that comes with paying cash.”

2. Use cash only

They say cash is king, which is why some people cash out part of their paycheck to use for discretionary spending, Jennifer Lane, a certified financial planner at Compass Planning, told INSIDER. That way, when the cash runs out, you know you’ve used up all your “fun” spending money, he says.

“For example, you want to cut down on lunches at work rtp slot live and decide to give yourself $20 per week,” says Lane. “Pour $20 on Monday and split it for the week. You can spend it all on Monday or cut out and eat some cheaper lunches instead.”

3. Freeze your credit card

Yes, totally freeze it.

Some experts recommend these tips to help you stop spending money you don’t have.

“Freeze half a bowl of water,” says Lane. “Add a credit card to a bowl, then fill it with water and freeze it…the card is suspended on ice giving you plenty of time to think before making a big purchase.”

It’s so effective because popping it in the microwave will damage your credit card, so there’s no way around it, adds financial planner Financial Finesse Steve White.

Of course, this only works if you haven’t memorized your card number.

4. Balance your checkbook

With online banking, this practice may seem out of date, but it can make a lot of difference.

“Learning how to balance your checkbook, although you can easily look online to see if items are cleared, it’s important that you understand how it works,” Kelley Long of Financial Finesse tells INSIDER. “I’ve seen too many people take out an overdraft slot bonus new member 100 di awal after writing a check because they don’t understand that the money sits in their account for days, sometimes weeks, and they end up spending it.”

5. Keep your bank accounts separate

It can be helpful to have at least three separate bank accounts for slot different types of expenses, says Meyer.

She recommends having one for fixed monthly expenses, one for annual expenses (such as life insurance, summer camp or vacations) and one for emergencies.

Lane also touts the benefits of this method, which he describes as a “change” to the envelope system.

“The nice thing about this system is you can have the opportunity to find out how much of your paycheck has been made before any non-monthly expenses occur,” he told INSIDER. “For example, decide in advance how much of your check you can afford to spend on a friend’s wedding or kid’s camp this year. Then when it comes time to plan the event, you know your budget and can say no thanks or adjust it to suit your abilities.” You are reachable.”

6. Learn to make things instead of buying them

One of the easiest ways to save a lot of money is to learn how to do and make more of the things money would normally buy.

Teig Stanley, a certified financial planner at Financial Finesse, told INSIDER that there are many ways to cut