Let’s be honest; saving money isn’t everyone’s cup of tea. But due to the modern age requirements, learning about top ways to save money has become essential for everyone.
Today, doing even the simplest of things involves spending money. Even if you’re hanging out with friends or paying a visit to your parents’ home, you’ll need money to truly enjoy these experiences.
Likewise, if you dream of living in a lovely house with your family, the only way to live this dream is through money. Now, the question is: how do you get that much amount of money if you’re a regular folk with just a 9-5 job? You get that through savings!
Yes, it’s entirely possible to be a regular folk and still live a wonderful life! All you need to do is practice the money-saving tips we’re going to discuss below.
Here is an overview of top tips on how to save money. Please take a look at the contents before reading in detail:
- Automate your savings
- Keep track of your spending
- Get rid of debts
- Make a budget for everything
- Quit smoking
- Spend on what you need instead of what you want
- Don’t carry too much cash in your wallet
- Keep funds aside for emergencies
- Don’t be brand conscious
- Start a side business
- Define your purpose of saving
- Spend less time on social media
Automate Your Savings
For most people, saving money is difficult because it comes with plenty of restraints. For example, it prevents them from having what they want right now and forces them to focus on the future. Many people don’t like it because instead of living in desperation, they’d rather spend.
A simple solution to end this conflict is automated savings. These savings let you decide how much you want to spend daily, weekly, monthly and require you to set up a schedule.
Based on that schedule, your bank automatically transfers those funds into your savings account.
The best part of automated savings is that you don’t need to remember dates or make calls for a fund transfer because all the processing happens in the background automatically.
Top Ways to Save Money – Keep Track Of Your Spending
Do you spend too much money without thinking? Yes, it happens with most people.
And the worse thing is that after spending all the money, they start feeling guilty because now, not only are they out of money but also have the whole month’s expenses starting down at them.
To get rid of this, you must spend money wisely. You need to track your outlay and find a way to keep it under control.
You can start by writing down how much you’re spending, where you’re spending, and how to cut those costs.
Reducing expenditure is the most effective way to determine which spending is necessary and which one is not.
Eliminate Your Debts
You can never truly enjoy saving money until you get rid of your outstanding debts. Once the debts are cleared, start saving money that was previously going out in debts. This is one of the simplest yet top ways to save money.
Make a Budget for Everything
Do you tend to do everything in a budget? If yes, saving money won’t be a problem for you. In fact, making a budget for every expense is one of the easiest ways to save money.
It is true that people with regular jobs only have limited streams of income. For them, making decisions that offer a decent lifestyle without overstepping those limits can be tough sometimes. However, it’s not entirely impossible. By making a budget for everything the very same day your salary comes into your bank account, you can get a good grip on your monthly outlay and savings.
You might be surprised to see this one, but people who smoke regularly could be burning $1,500 to $2,000 a year to fuel this habit.
Things could get even worse with the use of recreational drugs, as these can be just as expensive and more harmful for your health. So, try to get rid of this habit by using patches, gums, or pills and put the extra money into your savings.
Spend On Your Needs Instead Of Your Wants
If you seriously want to save money, then it’s high time you started spending on your needs and put aside your wants.
Sometimes, the urge to buy something new can be so strong that it leads you to spend hundreds or thousands of dollars without a blink. For example, purchasing the latest Xbox when you already have one working nicely.
Following the urges is not a very healthy approach if you’re trying to save money. It could lead you to spend your money on things you don’t even need.
Of course, resisting these urges can be challenging at times. But there are several ways to avoid making rash decisions, such as asking yourself these questions before making a purchase:
- Do I really need this?
- How much does it cost?
- How will it affect my budget?
- Can I buy it later?
Doing this will cause you to reason and prevent you from impulse buying.
Don’t Carry Too Much Cash in Your Wallet
Carrying money with yourself is indeed essential, but when you have too much of it, the possibility of buying unnecessary items is high.
Its human nature that when something we desire meets our eye, we want it to be ours. We don’t think about saving money at this moment. We just go and spend money on it. However, if you keep your wallet near empty, these situations will not affect because you won’t have enough money to spend.
Therefore, we consider this approach as one of the top ways to save money and to control expenses.
Keep Funds Aside For Emergencies
Having emergency funds is a brilliant way to stay financially intact in times of difficulties. Another advantage of these funds is that they keep you away from credit card debt.
Having said that, if you are lucky enough to have your emergency fund unused at the end of the month, consider putting it into your savings for an extra boost.
Don’t Be Brand Conscious
Being ‘brand conscious’ could cost you a lot of money. As you already know that international brands are incredibly pricey, you can save plenty of cash by switching to local products.
Yes, branded items indeed offer supreme quality, but off branded items aren’t poor either. In fact, they can be as robust as international brands and come at a much lower price.
So instead of being a show-off, try spending money on brands that are within your affordability. That way, not only will you save money, but will also purchase your favorite items at a lesser price.
Start a Side Business
One of the top ways to save money and increase your income!
If your current stream of income isn’t good enough, try starting a side business. This way, you can earn a lot of extra money and put that into your savings account.
Your side business could include anything. It could be online tutoring, freelance blogging, selling handmade goods, or serving as a babysitter around your neighbourhood.
Before starting things off, think about your skills but also consider associated costs. If you sell homemade goods, for example, you’ll be spending a lot of time preparing them. This may not be fitting for your work schedule if you also have a 9-5 job. Here you can also check the reasons to start your own business.
Define Your Purpose of Saving
Saving money works best when you have a purpose for it. By having a goal for which you want to save, you will automatically engage yourself in the process of saving cash.
The goal could be anything: purchasing a new house or car, going on a vacation, or getting a new phone.
Once you have a purpose, saving money becomes easier because every time you’re about to spend money on something, it will remind you of why you’re making savings in the first place.
Spend Less Time on Social Media
Spending excessive time on social media could stop you from saving money. If anything, it causes you to spend more than usual. But most of the people are using mainstream social media as an earning source.
Now, if you’re wondering how to remember that social media isn’t just about status updates, it is also a platform for businesses to reach out to relevant audiences. That is why you see so many attractive ads that only try to make money out of your pocket instead of helping you to save. Most of the teenagers want to earn money.
The only way to avoid this trap is to spend less time on social media. Doing that will not only prevent you from seeing ads that influence your buying decisions but will also save your pocket.
MONEY SAVING TIPS FINAL THOUGHTS
So these were the top ways to save money for those with a limited income. Start following these to turnaround your life and live your dreams. Remember that it all starts by committing to save money. So start saving today, eliminate debt, and grow wealth over time.