Tips on how to save money
We all know how important and beneficial saving is. Unfortunately, for many of us it remains a difficult task and causes us stress. Mainly because we associate it with making sacrifices and depriving ourselves of things we want. Particularly in the times we live in, many people say to themselves, how do we save money after a pandemic and in a time of inflation? Studies also show that the younger generation is hardly saving due to the increase in debt and expenses.
But don’t despair and tell yourself that you can’t save money. In this article, we will present some basic guidelines that will help you tackle this task.
How to save money from salary
It’s a good idea to open an account where you can save money. Once you get paid, transfer a small portion of it there. You can also set monthly deposits. Once you determine the amount, you will save unnoticeably. Financial experts recommend what percentage of money to save – at least 10% of your paycheck each month. Yet of course this remains individual to each person’s income.
How to save money on groceries
When you dine at a restaurant once a week or sometimes order food online, you may not see this as a big expense. But do the math on how much it costs your family per month. Now imagine if you spent that amount at the store, how much more you could buy.
How to save money at home
Also, try inviting your friends over instead of at restaurants where it is often busy and noisy. Not all fun needs to cost money. Go hiking with the kids on the mountain, at the beach or in the park. Nature walks definitely have their own charm, beauty and fresh air. Especially for children, they are way more suitable than crowded malls. Bring sandwiches and coffee from home. When we buy 1-2 coffees, it seems like a minimal expense, but when we calculate the total for the month, the amount is not so small.
Good money saving strategies include an organized budget and a tracking of spending
Create a personal budget and try to stick to it. Write down all your expenses and purchases for at least 1 month. That way you can prioritize which things are more important to spend on and which you can deprive yourself of. You’ll avoid impulse purchases. A good little tip is not to go hungry to the supermarket. In addition, you will also have the opportunity to plan your utility expenses and better allocate your income. If you want to learn how to create your budget in the best way, take a look at our article on “How to create a budget and actually follow it” https://www.thirdbrainfx.com/how-to-create-a-budget-and-actually-follow-it/
Pay in cash
How will actually paying cash help you save? When money passes through our hands, we are far more aware of how much we are spending. According to previous studies on the subject, people tend to spend up to 83% more when they use a debit card. This happens because card payments often go unnoticed. Another old little trick is setting aside money in envelopes. For example, you decide that you’re going to spend a certain amount of money on clothes during the month and put it in the envelope. When it runs out, you can’t buy more clothes for the rest of the month.
If you’re having trouble sticking to a budget, hopefully these tips will help. And with less effort, you’ll be able to save money.