The more you save the more you earn. Kind of.
We all talk about increasing productivity when it comes to work, but have you considered increasing the productivity of each dollar you have? You can work more hours to increase your income or learn to use your income more efficiently and that is the basis of good money management. Given the turbulent economic situation in the country, especially the damage caused by the corona virus that has yet to fully come to light, having some savings is an absolute necessity.
Often time, unpredictable expenses put a huge strain when budget is tight, stocking up groceries when calamities hit can really put your very survival into question. Nobody wants that. Saving helps you face unexpected expenses without drastically changing the budget. However, saving can be hard especially with rampant consumerism this our society has. To help you out though, here’s step-to-step guide on money saving habits you can include in your life. They are sure to help you develop a realistic saving plan. So, here goes.
Track Your Money
The most important things to saving money is knowing where you spend it. No matter how small an amount you spend, record it. Get an app to help you out so wherever you go you can plug in the numbers. You’ll be surprised to learn how much you spend on pointless things and once you know, you’ll be better able to cut down on your expenditure.
Open an Account that offers High Interest Rates
It’s an important thing to save money whenever and wherever we can. In order to do that, you should open an account in a banks with the high interest rate. You can transfer your savings in that account on monthly basis. Some banks offer sign-up bonuses just for opening an account and depositing money. They also offer high-interest rates to attract customers, so do your research to find which bank offers you the best deal.
Don’t Buy Unnecessary Things
The cute thing you saw in the display window of the shop is not something you need. You never do really, but you buy it anyway right? Well, that has to stop/
Remember, don’t buy things which you don’t really need. Most people have the habit of collecting unique items. Usually, a big fad causes people to collect a specific item in quantity in order to get rich quickly. Never fall for the fad and it if you’ve purchased collectible items already, try to sell them as soon as you find the right price or try to resale them on resale sites like Craigslist. Garage sales are a great option too.
Bag Free Rewards Where Possible
Another important thing you can do to save money is to sign up for the free customer rewards retailers offer to their customers. Try to find stores that offer discounts to their usual customers in any way. Try to find coupons and up your game. Try to buy things during sale and before you buy anything, ask yourself do you really need it?
Bundle internet and TV services
Stop trying to invest money in services like internet and television individually. Individual subscription costs a lot more money and might hurt your savings. The best option to deal with this expense is by bundling packages. Spectrum packages are not only affordable, but are not contractually binding. Find deals that meet your requirements, compare offers and before you know it you’ll be saving huge bucks in no time.
Give Your Gifts a Personal Touch
We spend tons of money buying gifts for our friends, family, and acquaintances which is not exactly a bad thing. But, there’s no reason to spend too much and there are definitely some wasteful corners you can cut. Use your creativity and try making your own homemade gifts. This will give your gifts your personal touch and it’ll mean so much more. Adding a personal handwritten note would also increase the receiver’s delight.
Set Your Goals and stick to them
The best way to save money is by setting a goal. You’ll be much more consistent towards saving money if you have a goal. It can be anything – for vacation, down payment for a car, education, emergency fund, etc.
Try to prioritize the expenses whenever you’re going to spend money. You need to check before buying something if that thing is going to benefit you in the long-run and that’s it, you’re on your road to saving.