Saving Tips

10 Best way to save money |Saving Tips

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Carolyn Ortiz
1 day ago
| 5 | 7 min read
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1.Create a Budget

Creating a budget is important for save your money because creating budget help you to know about you total income and expenses. So figure out your totally monthly income .Make list of your expenses including fixed expenses like utilities, rent and variable expenses like groceries ,entertainment .Then classify your expenses as essential and non essential expenses .This will help you to know where your money should go. Check your expenses regularly to make sure that your are not spending more money than you had planned for .You can use budgeting apps or a pen and paper to record your spendings.Life is unexpected so make your budget flexible if some unforeseen expenses are arise then you can change your budget without giving up your budgetary goals.

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2.Automate savings

Automating your money help you to reach your gaol faster and help you to save money frequently it also eliminate the drive to spend money on unnecessary needs instead of saving money . Almost all banks give option that you can setup your automated transfer between your savings and checking accounts . In order to set up your automatic transfer visit the branch of your bank and login to your online banking account.You can choose the amount you want to transfer each time along with the intervals like monthly, weekly ,bimonthly .If you want to maximize your money long term growth research high yield saving accounts having attractive interest rates .Some banks and apps also give the opportunity to round up your income they will automatically round up your money into dollars and pay the difference into your saving accounts so this can help you to save your money without informed you.

3.Set your saving goals

Decide what you intend to do with your savings . Your goal could be long term such as buying property ,retirement medium term such as go on holiday and short term such as purchase a smart phone .Set a specific amount of money to each of your saving goals .Getting an idea how much you have to save you can set a specific goal for yourself . To make it easier to achieve breakdown your lager goal into actionable and smaller milestones. And then celebrate when you achieve a milestone of your saving goal this can motivate you to save your money . Evaluate your goals regularly to make changes that are essential to stay on your goals .You can also use automate saving technique it can help you to transfer your money from your checking account to saving account this can help you to make sure that you are save your money for your goals .Life is unpredictable so make your saving goals in such a way that you can adjust them if some situation are changes.

4.Cut unecessary expenses

Start making a monthly record of your expenses to figure out where your money is going . Make a list of every item you bought and bill you pay using a spreadsheet ,budgeting app ,pen or paper.Analyze your spending and identify those expenses that are not essential and you can live without them and cut them off and also identify essential expenses and allocate a particular amount of money for them .Explore methods to reduce your utility bills by saving energy and water. Use public transport instead of driving it can save gas cost and service cost .Dont buy things without thinking.By cutting unnecessary expenses you can save your money in less time and it can help you to rach your saving goals .By cutting unnecessary expenses it can reduce the habit of lavishness .

5.Emergency Fund

First you have to decide how much you want to save for your emergency fund .It is crucial to keep your emergency funds separate from your saving accounts . Separately Open a high interest saving account for your emergency funds . If you are receiving a bonus you can save this money in you emergency fund .Set up automatic transfer from your checking account into saving account of your emergency fund to make your savings easily for your emergency fund .Classify emergency fund first to make sure that you have defence for financial loss .By reducing debt thar are charge high interest can save your money and you can use it in your emergency fund .

6.Shop Smartly

Before you going to shopping make list of things you need .Insted of buying unnecessary items follow the list .Compare prices of things with other stores prior to buy things to make sure that you are getting in best price .Look out for exclusive deals and discounts and promotions it can help you to save your money .pay attention on promo codes and discount codes in online or instore shopping .Products that you are using regularly make sure to buy them in bulk quantity to make your money save for a long period of time . Think before buying some thing that it is crucial for you or not .Before buying products read it reviews that are other people give to ensure that you are buying a quality product it can help you to prevent you from wasteage of your money .Try to use cash rather than card it can help you to consider you about the amount of money you spend .And if negotiation is possible so ask them to reduce the cost of product .

7.Use cash instead of cards

If you are using card in shopping it may lead you to over spending than cash because you are not aware about the amount of money you sped .And if you dont pay your credit card debt of each month you will charges with interset that will add into the cost of your each purchase .By using card it will increase the security risks particularly if you are shopping first time from a store so check your account frequently for unapproved charges .So try to use cash instead of cards because by using cash your are well known about the amount you spend and how much left .And by using cash you can negotiate with seller .Using cash instead of card help you to stick to your budget because you are well known about your spendiong and the amount you specify for your spending .If you are using cash you are not charge with extra charges that you might pay if you are using card.

8.Find free and low cost activities

Finding free and low cost activities help you to enjoying yourself without damage your budget .Rather than spending money on costly entertainment options you can can enjoy free or low cost activities such as hiking ,attending community event or visiting museum .This will help you in spending time with your friends and family by not spending money .You can host a game night and dinner in your home . You will get benefit of fre fitness activities by watching workout videos online instead of spending money on gym membership .You can take part in free workshops and learn new skills on internet without paying fee to others .If you want to do travel search for the places that offer free or low cost and visit them .Attending local support event help you to enjoy yourself without paaying any cost .Some libraries offer books that you can select according to your choice and buy them without paying any cost .

9.Cancel unused subscriptions

Make list of subscription that you have like gym membership ,software subscription and others .Analyze your list and evaluate your subscription that are too much expensive .Also cosider those you could live without it .Check for cancellation policies for subscription that you want to cancel .When you cancel subscription make sure about your cancellation so that you are not charged for next month .If you are cancel subscription due to cost then you find substitute of it in low cost .Ater that set a reminder of month to make sure that you are not paying for the subscription that you are not using .By cancelling subscription that are not necessary you can save money and use for necessary things in your budget list .

10.Cook at home

Cooking at home can save your money in different way . Buying groceries for cooking at home is less expensive then you are dinning out and obviously you buy your grocery items in bulk that is very beneficial to save your money and on the other side you can use them again .Then you can use left over meal for other meal on next day that can also save your money .Cooking at home make sure you that you are using healthy and pure ingredients that can help you to prevent from diseases and also save your money .And you make plan for cooking at home before doing grocery help you to buy things that you need and you avoid those things that are not needed it can also help you to save your money .By doing cooking at home you can learn skill of cooking and you might be able to do classes of cooking it can also help you to make and save money.


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