People usually save money due to several different reasons: as an emergency caution, in order to stay out of debt during trying times, for higher education, for their future needs like family planning and retirement, etc.
As important as it is, it’s also very difficult to do so and requires proper planning of budget and knowing exactly where you can cut expenses, and motivation.
Here are a few, light tips that you can start your saving journey from:
MAKE A BUDGET
This is undoubtedly the most crucial step when starting to save money as most of the times, we’re unaware of where exactly our income is going. There are many little details to this. Record them all down and categorize your expenses into necessities and luxuries/extras. Once all your spending is sorted out, you can then continue to the next step, that is, cut your expenses.
SET LITTLE GOALS
Start with setting little goals and not the bigger ones that require you to work too hard. And save a lot as this can lead you to drop out of this saving cycle. Accomplishing these little goals will also give you a sense of accomplishment, satisfaction and happiness. It will motivate you even more
CUT EXPENSES DOWN
When writing down all your spendings, you’ll notice that many things fall in the “non-essential” category and they take up if not most, then about half of your spending. You can easily find cheaper alternatives to these ones and even cut a few unnecessary ones (like entertainment, outings, dinings) down. Also, cancel all the subscriptions that you aren’t using like cooking shows, etc. Many of them renew automatically and we often forget to cancel them and all that money, from our side, goes into total waste.
EXERCISE AT HOME
Cancelling your gym membership can also prove to be beneficial for your budget. Along with saving money, it’s got many other benefits as well like, you can just workout in the comfort of your home, enjoy your privacy, you can change schedules according to your suit and wouldn’t have to drive/ walk to the gym anymore.
PICK OUTDOOR COMMUNITY EVENTS OVER MALLS
People often spend more than their need when they’ve got money and there at the mall. They end up buying stuff from sales, or things that attract them but aren’t of much use, etc. It costs you more than you’ve decided and that is bad for your budget and savings. So avoid going to such places that’ll lure you into spending unnecessarily. Instead, go to the local events and enjoy there. They’re full of entertainment too and are also much healthier than one expects. In addition to saving, outdoors calm you as well.
TAKE STAYCATIONS OR GO VACATIONING OFF SEASON
Staycations are a great alternative to vacations and here’s why: it’s cheap, comfortable, and refreshing. You can take a staycation in much fewer expenses than taking a vacation. During your days off, you can go sightseeing in your own city, explore new places, go to beaches, go to free local events, even stay at a decent hotel booked during promotions, etc. That’ll save you the travelling fares, exhaustion, etc.
If your budget allows you to spend a little more, then you should definitely take vacations, but go off-seasons. This will save you from extra travelling fares, high hotel charges and many other unnecessary charges.
If You Have Any Story, Confession or even an Advice to share then do submit on our website and Become a Famer