Saving Strategies That Work
Generally speaking, you can save money in two ways, one you save a certain percent of your income and maintain your life with the remaining money; and two, you save whatever is left in your hands after paying your bills and spending on essentials.
If you ask me which one is a better strategy, I will say the first one, where you save a certain percentage of your income. This strategy will help you control your spending and make your saving mandatory. You need to save money for two reasons, one, to have an emergency fund when you need it most, and two, to invest in something that will give you financial returns.
If you want your money to work, can save money in three ways:
Investment funds: You need to save money so that you can invest in your desired market when you have a substantial amount. For instance, you can save $10 every month for one year and when you have $120 by the end of the year, you can invest in the stock market, or any other market of your choice.
Emergency funds: You need money for emergencies. The basic purpose of saving money is to manage your life during emergencies. A lot of people lost their jobs during Covid Pandemic, and those who had emergency funds managed to pay their bills even when they did not have an income source.
How to Start Saving Without Sacrificing Your Desires?
You need to save money because without saving you cannot build your assets. However, most of the time, saving also means sacrificing your wants and wishes. Is there a way to start saving without sacrificing your desires?
Yes, there is a way to save without killing your desires all you have to do is manage your cash flow in a proper ratio. You need to divide your budget into three categories, one, important expenses (food, rent, bills, etc), your wants and desires (things you desire, a smartwatch or a smartphone, for example, or going for a vacation, dining in a restaurant), and, three then your monthly saving. You can follow the 50:30:20 strategy for your budgeting. When you have set 50 percent of your income for your necessities, make sure you strictly spend within that budget range. If you have set 30 percent for your wants, make sure your spending is under 30 percent, if that is not manageable, wait until you save money for your luxury budget. Likewise, strictly follow a 20 percent saving strategy.
In order to save money, you need a proper system of cash flow, you can do this only when you do budgeting and strictly follow your budgetary policy.
How to Save Money on Grocery Bills
Here are my strategies to save money on my grocery bills:
Shop when there are discounts and promos: The grocery store in my neighborhood offers 10-15 percent discounts on vegetables and fruits every Wednesday, therefore, I buy vegetables and fruits only on Wednesday and manage to save some money. My grocery store also offers cash back when my bill exceeds a certain amount, therefore, I always try to pass their discount threshold.
Discounted products: Depending on the manufacturer and the expiry date a lot of products come with discounted rates, so I try to buy those products.
Buy local: I buy local products, and I try to avoid imported products. When I buy local products, I can not only save some money (local products cost less) but also help the local businesses.
Unbranded products: I also don't buy from the brands, I buy unbranded products. Buying brands does not necessarily mean you are buying the best product, brands are charging extra money just for the brand name, therefore, when I buy unbranded products I manage to save a lot of money.
Buying in bulk: Sometimes buying in bulk also saves a lot of money. However, before buying in bulk I make sure that the product lasts long.
To add to what you have said, never spend unnecessary, we all have our wants and needs. It would be wise to focus more on our needs than wants. Speaking from experience though.