5 Clever Ways to Save Money—with Just a Pen and Paper

Posted in Angelcityfurniture

Never underestimate the power of the pen. Sometimes getting information down on paper can really change your mindset—and your finances are no exception.

We gathered a handful of money-saving strategies that start with a pen and paper. From spending journals to shopping lists, read ahead for five handwritten ways to help manage your finances.

1. Keep a spending journal

Much like any other kind of writing exercise, keeping a detailed journal of your expenditures is a surefire way to acknowledge (and reflect) on your spending habits. Write down every thing you spend money on for a week or a month and once its over, go back over your journal to look for ways to scrimp in the future. For example, if you realize you eat out for dinner three times a week, consider dwindling it down to once or twice to start saving money.

2. Try the envelope system

If you find yourself having trouble saving money then consider the classic envelope budgeting system . Start by figuring out how much money you have left over every month after paying rent and bills, and then divide that amount among different spending categories (think: groceries, entertainment, household goods). Write each category name on a separate envelope and put a set amount of cash inside. Once you’ve run out of cash in that envelope you can’t spend anymore on that category, and if you have any left over at the end of the month you can deposit it into your savings account.

3. Keep strict shopping lists

Every morning, write down all of the things you need—and want—to buy that day (lunch, toilet paper, a new dress for that work party, reloading your metro card, etc.) and don’t go off-list, ever. By determining and writing down your anticipated purchases for the day, you’ll be able to recognize that anything else that pops up isn’t truly a necessity.

4. Create a paper “shopping cart” list

Whenever you want to buy something that isn’t an absolute necessity, write it down on your “shopping cart” list instead. After some time has passed (three days, a week, etc.) you can revisit your “shopping cart” list to see if you still want or need it. This will help curb any impulse purchases and buy you time to save up for the stuff you really need.

5. Document your debt payoff with an old-school thermometer tracker

Few things are more satisfying then physically watching your debt disappear. Pick up an old-school thermometer tracker —or make your own —to record all of your debt payoffs in writing, and hang it somewhere you’ll see it often for some daily financial motivation.