10 Tips On How To Save Money
Saving money is quite challenging if you have uncontrollable habits of spending money on unnecessary things. Saving money is very important to keep you out of debt in emergencies. We know the importance of savings when a pandemic hits the world. So, we should practice rescues at all costs, starting from minor until it grows bigger.
Here are some ways to help you save money easily;
Have a savings target plan
Have a budget plan
Find extra income
Limit Your Cravings
Lessen your add-to-cart online
Don't lend money if not necessary
Learn how to invest
Try saving challenge
Start a business
Do not boast
Those may sound easy, but it is hard to apply. Let me elaborate on those tips so that you will understand them well. If saving money is hard on your side, you can follow these tips after reading the whole context.
Have Savings Target Plan
If you want to pursue saving money, you should have a targeted plan. For example, you are setting an amount you want to achieve at a specific time and what you are saving.
Other people have this savings target plan; if they want to have Rhinoplasty, they'll save for that. It will help you push yourself further because you want to achieve something.
Have A Budget Plan
Some have a budget plan of 50,30 & 20, meaning 50% of their income is for bills and expenses, 30% for their want, and 20% for savings and paying debts. You can customize your budget planning as long as you set a percentage for savings. Don't let the deliverance out of your pie.
Some have different budget planning, especially for Christian people, as they have these 10% tithes and offerings. So, you can do the budget planning that works best for you.
Find Extra Income
Never rely on a single income. The covid-19 pandemic made us realize that depending on a single payment is not good. When the world imposed lockdown, many people lost their jobs, and some businesses went bankrupt.
You should find extra income; it doesn't matter how much you earn on your extra income. You will not depend on a single income, especially your salary. The additional income will be your savings.
Limit Your Cravings
Some people spend too much on food. They always satisfy their cravings. It's not bad at all. However, if you keep following your cravings, you'll spend money that is not on your budget.
Aside from spending too much on food, you will also gain weight. Gaining too much weight is not suitable for your health. Gluttony is a sin; too much greediness on food will let you to suffer later.
Lessen Your Add-To Cart Online
Online shopping is the smart way of shopping now. Especially when online shops have free shipping promo, it's very tempting. If you want to save more, limit your add-to-cart on any online shopping platform.
Don't keep adding them to your carts if it's unnecessary. Some people who practice savings are frugal, but you should not deprive yourself. You have some limits.
Don't lend money if not necessary.
Lending money nowadays feels like losing money. Some people don't have the initiative to pay their debt, so avoid lending money if it's not a life-and-death situation. Save money for your emergency needs first before lending money to others.
It will help you be out of debt in an emergency.
Learn how to invest
It would help if you also learned to invest, but always remember that any investment is risky. You must know the basic principles of financing before you invest in something. Your profit on your investment can add to your savings.
It will also let your savings work for you, but before investing, always do due diligence on that specific investment you'd like to support.
Try savings challenge
Savings can be fun sometimes if you want to do a saving challenge. You can search on Facebook for saving challenge ideas. Many people are doing it and sharing tips on their savings challenge journey that may inspire you.
It is also motivating to see or connect with people with the same interests as you. It will help you make your saving challenge a fun journey.
Start a business
Whether you like to start a small or big business, start. More and more people are becoming entrepreneurs now, so you should try doing business too. Although starting a business is not easy, just like investing, you'll never learn unless you try.
Becoming a business-minded individual can help you attain your savings goals. When you're business-minded, your way of thinking will change. You'll realize spending lavishly is not ideal at all.
Do not boast
Not but not least, do not boast. Boasting is a package with expensive material possession to show off. Some people show off expensive stuff on social media but break in real life.
To achieve your savings goals, you have to fix your mindset first. Not unless you are already a billionaire, you can have all the expensive stuff in life; at least you'll never run out of money by then. Simplicity over the vanity will help you save more money.
Ending Remarks
Those are pretty simple tips on saving money, it may sound simple, but it is hard mainly when you only rely on a single income, so you should start applying other tips such as finding extra income to help you kick start your saving journey.
Lead Image: Created in Canva
First Publish in Leofinance.
I have try to stop craving too much because whenever I save up am always tempted to use it