Decided to start saving money? Congratulations! There are many practical ways to save money without even cutting a huge part of your budget. It takes awareness of your spending habits and the willingness to save that can really make your SAVE MORE! Right? Here are my 10 practical ways to save money:
1. Assess your current financial status
Write what you currently have, what you owe and your futures plans.
2. Track your daily expenses
Know where your money goes. Record your daily expenses.
3. Pay your debts first
If you have current loans, make it your priority to pay what you owe first or to save and allot money for the loan.
4. Differentiate your needs from your wants
After knowing where your money goes, differentiate your wants and you needs. Slowly minimize then eliminate you wants.
5. Automatically save 10%-20% or more of your savings monthly
Set up a bank account or cooperative account which is not readily accessible for withdrawal then every month automatically save 10% to 20% of your income in that account.
6. Sale! Doesn’t mean you need to buy
When your favourite brand, make up, shoes or other sellers announce sale, it doesn’t mean you need to buy. You should practice asking yourself if that item is a need or a want before buying.
7. Do things on your own
Instead of buying coffee daily, you can prepare your own coffee using coffee maker and buying beans. It saves a LOT!
Instead of buying food daily, why not prepare your own food? After recording all your expenses, you’ll see how MUCH you’ll save from preparing your own food.
8. Always plan ahead
If you plan to go for a travel, plan and increase your savings ahead so that your monthly savings will not be compromised. As much as possible do not borrow money for travel.
9. Cut out your cable
Online services like Netflix can now provide you so much more than your cable at a lower cost!
10. Make a list of your grocery items
Always make a list of your grocery items before going to the grocery store. That way you can save time and money. Buying unnecessary items will be avoided.
Being a practical saver will save you from spending on items that you really don’t need. It’s just a matter of setting your financial goals, tracking your spending, knowing your needs, making and sticking to the plan. I hope I was able to help you save more!
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