Hop on the 'Money Saving Binder' Trend

The newest trending way to save money is through a money binder that helps people monitor their monthly spendings. With new technology advances and the introduction of tap, over spending has become extremely easy. Research has confirmed that cash being a tangible item that can be physically touched, it allows our mind to attach value to it - something that people don’t get with cards or while tapping. Every time money leaves a person's wallet, it noticeably reduces the physical size of the wallet. This makes the mind process the loss of money and often leads to people spending less.

Now, how exactly does this binder work? The binder consists of multiple sleeves, titled with different essential categories that the average person spends money on each month, but is completely customizable to meet the needs of each individual. A certain amount of money is allotted to each category allowing people to monitor their monthly spending and refrain from overspending. By doing so, not only will people save money for investments or vacations but will allow them to be more aware of where their money is going.

Here are some common categories for the average person’s money binder:

➢ Groceries

The average individual spends roughly $100 - $200 dollars a month on groceries. For monthly household spendings for a family of 4 on groceries, roughly $300 - $400 is spent. (Using coupons or price matching withapps such as Flip can be a great way to further your savings on groceries.)

➢ Gas money

The average individual for a single vehicle spends roughly $250 monthly on gas. (Filling up gas after 10pm orbefore 7am tends to be cheaper and can allow for additional savings on gas.)

➢ Eating out

If the average household of 4 eats out 4 times a month,they would roughly spend about $200 a month onrestaurants or takeout. (Looking for deals at restaurants through their websites or apps could help you save bigbucks on eating out. Example: Popeyes provides daily deals, St. Louis provides family bundles, buying full sizedportions and sharing is cheaper than getting the half and half at Panera Bread.)

➢ Shopping

Roughly 5% of your monthly earnings can be allocatedto shopping. (Using Honey can help you save a fortuneon clothes. Shopping from the sale section is also a great way to save money when shopping)

➢ Other (haircuts, nails, massage, facial, eyebrows, etc.)

$40 - $50 is the average monthly spendings of individualson self care and beauty services. (Looking for deals online for salons or hairdressers would be a great way to save money on such spendings.)