If you feel overwhelmed about how to save money, you’re not alone. Here are some awesome tips to save money.
The best way to start saving money is simply to become more aware of your finances and spending habits. By understanding your budget and your true needs, you may start putting away more money than you ever expected.
You may not become rich overnight, but the key to amassing huge savings is patience. Start saving by a single penny, which will lead you to a huge saving.
Create a Budget
The first place to start when trying to save money is to evaluate how much you have and where that money is going. List all your spending and make a budget out of it.
As an example; Think you are using the 50/20/30 rule to create a budget. The 50/20/30 rule states that 50% of your income should go to basics like rent and food, 20% should go savings, and 30% should go to personal expenses like entertainment.
Use a budget app that keeps track of your spending goals, expenses, and budgets. This can be an easy way to see how you’re doing and get more familiar with your finances.
Track Your Spending
Keep a record of what you spend to see how small expenses add up. Tracking your spending will help you to find out unnecessary expenses. It will help to save more money.
As an example; you may not think that coffee occasionally, makes a dent in your savings, but seeing the sum of your purchases may change your mind.
Write a list before you go Shopping. Stick to it!
One of the easiest ways to save money is, have a list before you shop. More importantly, stick to it. Because when you’re without one, you typically end up making impulse buys and unplanned purchases.
Creating a list before you go to the grocery store is especially important. It helps you to buy items that fit with your meal plan. It also can help you to avoid buying food you might waste.
When you have a list before you go shopping, you will be able to save your money as same as your time.
Make Saving Money Automatic
Try having a portion of your paycheck automatically deposited to a savings account to keep you contributing consistently.
If you have to manually transfer money into your accounts, you may be more likely to skip saving altogether.
Negotiate new rates on your Credit Cards
Credit card companies are always trying to jack up your interest. They may do it for missing a payment or for lack of usage. If you’re paying a lot of interest on your credit cards, it’s important to know that you do have some power as long as you’ve been making your payments.
You can save a lot by negotiating with them and asking them to lower your interest rate. If they will not agree, then consider getting a new credit card with 0% interest for balance transfers or you have the right to transfer your balance to an entirely different card. This will take your rate down to zero for up to 18 months and save you a ton in interest payments.
Quit Smoking
If you’re still a smoker, you have to know that your habit is not only expensive but potentially deadly as well.
If you want to add years to your life and save lots of money, the easiest thing to do is to stop smoking.
Avoid Stress – spending
It’s easy to justify spending money just to wind down from a stressful day. But it is rarely a good idea. Instead of buying things you don’t need to make yourself feel better, it might be wise to find other ways to de-stress.
An exercise is always a good option, and you can meditate, read, watch movies, or listen to peaceful music to stressed out. Spending money won’t reduce your stress in the long run.
Quit Playing the Lottery
If you win a lottery, all your financial woes will vanish with the arrival of that sixth matching number. But the odds of you hitting that literal jackpot are long. You’re more likely to give birth to identical quintuplets naturally than you are to cash in on that 649. It’s just not going to happen. Instead, take that weekly $2, $20 or more and put it in a savings account where it will work for you.
Avoid Convenience Foods and Fast Foods
Instead of eating fast food, try making some simple and healthy replacements that you can take with you. An hour’s worth of preparation one weekend can leave you with a ton of cheap and easy dinner and snack options for the following week.
When you minimize your spending’s on convenience foods and fast foods you can save a lot of money as same as you can have a healthy diet too.
Make your own Gits & Cards instead of buying stuff from the Store
If you want to save money while also giving generously, creating your homemade gifts is a great way. You can make cards, DIY crafts, food mixes, candles, freshly baked bread, cookies, and soap.
These make spectacular gifts for others because they involve your personal touch. It’s something you can’t buy from a store.
Pay off your debt faster and save more money and live a better life
