How can I save money

Saving Money

Many people are interested in saving their money; In order to achieve several goals of their own, such as building and strengthening their personal financial wealth, using this money in emergency situations, or establishing projects in various fields, and whatever the nature of the goal of saving money, it remains one of the important things in the lives of many people, and it is possible to define Saving or saving money is the way to keep money for future use instead of spending it.

How does a person save money

Saving money is considered one of the basic activities that are part of people's lives, whether they are students of schools, universities, employees or others, but many of them face difficulty in saving money. Because they do not know how to do this, and here are a number of ways on how to save money:

Walking and using public transportation: It is to dispense with the financial expenses involved in traveling by personal car, and to be careful to walk in case the distance is short or use public transportation, such as buses with a low financial cost.

Using smart phone applications to communicate; Because it provides the ability to send messages and make free phone calls; As the use of these applications is not calculated on the bill for cell phone calls.

Change of personal habits; Where stopping a certain personal financial habit contributes to the emergence of a clear difference in the personal financial balance, and examples of these habits include:

Stop participating in the gym and rely on daily walks.

Eat meals as lunch at home instead of in a restaurant.

Borrowing books from the library instead of buying them. Sharing household items with neighbors instead of buying new ones.

Not buying new clothes to keep up with a particular brand; As a person does not need to buy a lot of clothes permanently, he must wear the clothes in his closet that can be washed. To use it again.

Buying the necessary foodstuffs, and reducing the expenses involved in purchasing from the supermarket, while being careful not to sacrifice the quality of the quality of purchases.

Opening a savings account at a local bank; As this account provides an effective way to save money, and it also provides the individual or group of individuals who saves financial returns.

Reduce energy expenditures; Where expenses on energy consumption and electronic devices form part of the personal expense; Therefore, it is possible to use devices that have less energy expenditure and are characterized by high efficiency and quality.

Reasons for saving money There are many reasons that encourage individuals to save money, the most important of which are:

Emergency saving: is a fundamental reason to save money, so it is important to allocate emergency funds, such as: covering the repair of sudden car breakdowns, or paying money for an urgent surgery, or paying off debts arising from buying something such as home loans.

Travel savings: Saves money for the sake of luxury and entertainment. By taking part in a trip to visit a country; For a personal vacation.

Saving to buy a new car: Saving money in order to get a new car in cash. Paying the car's price in cash contributes to enhancing the ability to negotiate its price with the agency or company responsible for selling it.

Saving for tuition fees: An important reason to save money. Where education shapes the future of every person, many individuals seek to enroll in university studies or obtain postgraduate degrees at the university, or many people may be interested in providing money for their children; So that they can study at school or university in the future.

Saving for retirement: is the keenness to save money in order to prepare for the retirement phase of work, it is possible to provide a part of personal income at a rate ranging between 10% to 15% as savings for the retirement phase.

Home Saving: Saving money in order to have a personal home; Where it is possible to negotiate its price when you have a suitable initial payment for its purchase.

Benefits of saving money saving money contributes to providing many personal benefits to individuals, the most important of which are:

Reduce the feeling of anxiety; Where saving money helps to address any financial disasters that a person may suffer from, and also reduces exposure to many pathological health conditions, such as depression and heart disease.

Making people happier: the role of saving in increasing the personal money of individuals. Which contributes to making them happier; Especially when they find money when they need it.

Creating personal wealth: is the creation of personal financial wealth by relying on saving money; By taking care of financial investment that is associated with saving capital.

Common mistakes when managing and Saving : money There are many mistakes that people make when managing their money; Therefore, they must try to avoid making any mistake that may lead to the inability to save money, and the following is information about the most important of these mistakes:

Not knowing the amount of personal money; Some people may not know where their money is going; This leads to their inability to calculate its value, and as a result, many people are surprised after knowing the value of their bank account, and the treatment of this error depends on ensuring that personal expenses are verified on a monthly basis.

Spending more than actual needs:

It is one of the problems that many people face; This leads to their inability to save money, so care must be taken to reduce personal financial expenses; Because economics and spending cuts will not harm people.

Thinking of saving the money left over at the end of the month:

It is a mistake that many people make; They may not find any money to save at the end of the month; Therefore, it is important to allocate a sum of money to save before starting to pay financial expenses.