Effective ways of saving Money

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3 years ago

Many of us dream of a better life, of course who wants to suffer, right? Almost every new year, our new year resolution is always to saves Money. But how can we save if our monthly income is almost just right or even less than our daily expenses? Saving is the hardest thing most people want to do, especially if you are in the Private sector or earn only a minimum wage. You also can't avoid spending, especially if you are in a place that has a lot of good things that you want to buy just like a Mall, every time you see something beautiful it feels like your hand is itching as if you are restless. It's just based on my experience because that's how I am. Based on my research I know some tips on how to save money.

10 Ways for Saving Money

  • Do not be extravagant and

  • Don't be greedy for food

  • Open a bank account

  • Avoid bad influence friends first

  • Do not be envious

  • Remember : Needs over wants

  • Be stingy and do not be fool with friends

  • Find a sideline and extra income.

  • Be content with the blessings you receive

  • Avoid vices

If you really want to save, you just really need self-discipline. It is better for us to save while we do not have a wife and children for our future.

This is the lifestyle we should follow:

80-10-10 lifestyle

  • 10% for giving to the God

  • 10% for your savings

  • 80% for daily expenses

But why do we really want to save?

Here are 5 reasons why it is important to save:

  • You will have an emergency fund that you can use

  • You will not borrow if there is a catastrophic disaster

  • You have peace of mind that you have savings and are not nervous

  • You can buy the things you want to buy without relying on other people

  • You can use medical money if you are hospitalized and get sick

Whether your income is large or small, proper money management is one of the most important things to learn in life.

For more information on how you can save and save you can subscribe to blogs and
YouTube channels that teach financial literacy. You can also join various Facebook groups where you can learn about saving, investing, and budgeting.

Here are some more reminders for ourselves, these steps may be simple, but they can help you achieve the cozy life you dream of for yourself and your family.

  • Make a budget When creating a budget, make sure you know where the money is going. Prioritize bills, such as bills and debts. If you notice an increase in the cost of less important things, gradually reduce it to add to the savings. It is also important to set aside a little money for the things you want to buy so that you can save more.

  • Pay off all debts It is difficult to save if you are in debt, so this is one of the needs with regards to taking care of cash. Whenever you have taken care of every one of your obligations, you have the ability to put resources into different things, for example, protection, business, and securities exchange.

  • Do not forget to set aside for yourself Aside from saving money, it is additionally critical to have the option to drop even a little into your backup stash and retirement reserve. This incorporates what you pay to government offices.

  • Have monetary objectives Why are you saving? Would you like to purchase your own home? Is it accurate to say that you are setting something aside for your forthcoming wedding? Or on the other hand would you simply like to move something of crises?

    Whatever your reason, it is important to have financial goals. This will serve as a reminder and motivation for you to save and earn money.

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