In this highly competitive and ever-increasing cost of the living environment we live in, saving money has been the least priority for most individual and household units. The hard truth is that we are often faced with the reality that no matter how much hard work and extended hours we put in our profession, it seems that almost everybody we know is making ends meet.
Apart from the obvious that saving money assures stability in the future, you will be surprised that it has more of “common sense” reasons. Despite their simple nature, we usually take them for granted. Emergency situations are common examples. Your child caught the flu, and you need to have an emergency check-up. The thing is, you have planned to utilize your money for the month’s salary for your daughter’s birthday party. Do we have emergency money for the immediate need?
Borrowing money becomes the only choice to get you through this financial tumbleweed. How about next month? How will we pay off the money borrowed? Just think of the ease you may have now if you have stashed some cash for situations like this. Sudden car repair, broken computer (which you use to earn money), an unplanned visit from a long-time friend are just ordinary unexpected scenarios that would necessitate emergency funding.
That’s why we are giving this money saving tips to help you achieve your saving goals. If you practice theses tips and observe self-discipline, you will surely see amiable results.
TIP 1: Avoid eating out
We can make a lot of excuses to eat out like “I do not have the time” or “I do not know how to cook,” but you will be surprised by how much you can actually save when you prepare your own food. The price you pay for dining out is usually slashed 50 to 60 percent when you prepare the same at home. Just imagine how big the accumulated saved amount is.
TIP 2: Check and cut some of your monthly fixed costs.
Stop and check for a while. Are you becoming a Netflix zombie? Then, maybe, you do not need to subscribe to your cable company. If you do not see or remember to use something, it is as good as gone. Cancel the subscription. Again, check. I am sure you have something more to cut.
TIP 3: Make it a point to allot saving every salary day.
This is very easy to follow. Once you get your salary, appropriate the monthly expenses and a certain amount that you wish to save. Then, with whatever that is left for the month, work on that – nor more, no less. Also, forget the savings and do not depend on it when you get short on cash for the month.
TIP 4: Use 21st-century virtual money.
Nowadays, there are many apps that offer virtual money or virtual cards like Apple Pay, Google Pay, Samsung Pay, or Paypal. Put in money in these similar to debit account platforms and treat them as your credit card. You just need to be strict with yourself to pay it back the next month so that we do not defy the purpose. In this tip, there is no interest or hidden charges that eat up your savings. In other words, you are using money that you saved (debit) and not money that you will borrow (credit).
TIP 5: Live within your means.
This idea is not uncommon among us but it is definitely most forgotten. To put it simply, if you cannot afford it as of the moment, then it is not for you to purchase.
With much self-dedication in achieving saving goals paired with these simple money saving tips, it would not be far before you can actually have hefty a dough called savings. Make a mark in your financial lifestyle now.