How many times have you tried to save money and you end up spending all? You do your best and something pops up and milks you dry. Medication, errands, some few things here and there, and savings continue to be a monthly chorus. Tips that ca save you money come at a time when you are planning your new year goals.
The truth here is that you don’t need magic incomes or otherwise to start saving. If you continue waiting you will wait forever. The right time to save was yesterday and since that did not happen, it is now!
With numerous cries on the scarcity of money, a lot of hikes in prices of commodities and other necessities, as an individual, you have little or no control over some of these things. But you can make a lot of considerations in your financial decisions to create room that saves you money.
That said, there are some things we do from day to day that if correctly done, can yield utmost results geared towards savings. Surprisingly, you may be having a lot of flow of money, but you have nothing to save at all. Below are the tips that can save you money:
Tracking your expenditure
Expenses form the highest component in everybody’s financial plans especially those who have incomes from employment. From fuel consumption, vacations, parties, basic needs, and others, you need to keep a track of all so that you save some amount. Avoid what is unnecessary and adjust for your savings.
Separating needs from wants
Mixing the two has taken many into untold suffering. You find yourself doing something because a good friend has done it. The hierarchy of needs by Abraham Maslow should be used when classifying what is need and want. This is not to mean wants are discouraged but why should you struggle so much for what is not necessary. Leave it to those who have capabilities as you deal with basic life and focus to save.
Limiting the use of credit cards
Although the use of credit cards comes with convenience, a check into how it is being used serves a lot of importance as a tip to save money. Many times, you find yourself using credit cards for impulse buying. This should be avoided at all costs.
Taking a review of your insurance covers
How many covers do you have? Are they all necessary? Do they save you money? You may have many subscriptions which are as good as nothing. The problem with many covers is that they will take away a lot of finances leaving little to nothing to save.
Avoid buying stuff because they are on offer
This is one of the wonderful tips. Many sellers are attaching offers to goods to meet their objectives. Times these offers are funny because they use “threatening” messages such as “offer ending in 24hrs”. Such marketing terms have a psychological effect on buying behavior. If you have no budget for such, avoid rushing for the offers.
Tracking your subscriptions-auto payments
This is a tip that I have seen help people save money. Check on your auto subscriptions. Some may be deducting your money and you don’t get any service at all. No amount is too little when it comes to money. Some auto payments may seem small but with high frequency resulting in high amounts of otherwise would have been saved.
Check on your friendship circles
Friendship is a good thing. However, being in the wrong category can cause a lot of harm to your wallet. Keep friends with whom you can have equal conversations. Misuse of money, that leads to no savings or overdraft, is attributed to who you hang with. Although disciple to save money is not easy, you can encourage each other.
Do autosave
Many banks and other institutions have an auto-save option that can help you do it periodically. You can take such a step to a Sacco account where you can use such in the future to borrow loans for doing other things.
Make a budget and stick to it
Budgeting is a mountainous task, you a budget when you don’t have money but when you get it, you get confusion sets in. This effect of this behavior is far reaching if not tamed early.
You should have the utmost discipline for you to stick to the budget. Ensure you also budget your lifestyle to suit the kind of finances you can get. This is a great tool as it helps avoid situations where you spend more than you earn. Live within your means to save some money.
A journey of a thousand miles starts from one step and so is saving. You save a coin today and with discipline, you end up doing wonders. Following the above tips that can save you money can give you a good starting point. Do not overlook any amount, have a target and for sure, you stand realizing a great achievement. You can as well consider doing something that can earn extra money as you work on savings.
