These days, where the world is full of ups and downs financially, it is more important to be able to save more money than ever before. Sometimes the hardest thing about saving money is just getting started. These 10 simple ways will guide you on how to start saving money and develop a simple and realistic future goal, so you can save for all short and long term goals.
1.Sit down with your money once a month.
During this time, update your budget, review your bank accounts. Like any other relationship in the world, if you wish to improve your financial life, you must build some relationship with money.
2.Plan your meals.
Taking a few hours every week before going out for groceries and planning meal plans ahead will definitely save you more money. As dining out is the main expense for most households. By planning and cooking at home, you tend to save more money and some calories too.
3.Cut off unnecessary subscriptions.
4.Make your coffee at home.
Who doesn’t love to go out to coffee shops and bars for having a drink? However, spending $4 to $10 on coffee everyday would make acheiveing your short & long term goals more difficult. To save money, start making coffees, shakes & freshly squeezed juices at home.
When you stay busy and work more, there’s not much time left to shop and spend money. So stay busy and pursue a career you love.
6.Use DIY beauty treatments at home.
Self-care is important, but going out to spas and getting treatments can add up an extra expense. Allow yourself a certain amount of time from a week for your self-care. Often you can find a DIY organic option using common kitchen products.
7.Be very specific with your financial goals.
For example, saying, ‘I want to save for a business investment’ is not enough. You need to map out properly what business you want to start, how much you need to invest, by when and how much you need to save each month to reach your goal. When you know your targets, you are more likely to stay focused.
8.Make a separate account for savings.
Almost all banks now offer online sub-accounts that you don’t need to go to the bank for. You can simply transfer your money to that account right after your paycheck and never try to spend out of there unless you are saving up for something specific.
9.Use credit cards wisely.
If you have a habit of spending with credit cards then you need to keep the cards away from your sight. Keeping your card out of sight or out of mind might help you reduce temptation while you are out and about. In general, if you are not highly organized and don’t plan well-ahead like 5 years down the road, using credit cards is unwise.
10. Clean your closets.
Go through your closets and find clothes, accessories, and everything you no longer use and need. You can sell them on eBay or have a yard sale. All of these options can make you earn some money. Decluttering & Cleaning out your closets every now and then is said to be a psychological load off your mind as an added benefit.
These 10 tips to start saving money can help you lower your expenses stick to your budget and meet your money goals faster. That means more cash for future uncertain times or save for something which you want to do in the future.