Our economy has been challenging these days. If we need to survive, we need to tighten our belts now. How? Well, by saving for the rainy days and season. We need to save for emergencies and unforeseen events. You can save money starting today. What would you do with an extra $100 every month? Spend it on some new shoes or save it so you had a cool $1k at the end of the year for the holidays? Whatever your needs are, you can definitely get that extra money by showing a little financial discipline. Always remember “All days are not same. Save for a rainy day. When you don’t work, savings will work for you.”
Follow these simple four steps to start saving money today.
Step 1: The best ways to save money include brown bag lunches.
Brown Bag Lunches: Many people eat out for lunch regularly to the tune of $7-$10 a day. If this is you, then by brown bagging your lunch every time you go to work, instead of hitting the fast food joint could save you up to $150! Not everyone spend this much on a regular basis, but most people eat out 1-2 times a week in a fast food or a restaurant. Conservatively everyone can save $50 a month by avoiding work lunches/takeout. Be conscious of your savings.
Step 2: Stick only to your grocery list. No more no less.
Groceries: I’m sure, there is one area of your life that is ripe with opportunities for savings: your grocery bill. The best thing about saving money on groceries is that, a little saved each week will add up. One simple step is to start living by a grocery list. Meaning to say, focus only on the list. Impulse shopping is the number one killer of grocery budgets. Make out your list the day before and then stick to it no matter what. Saving $5 a week, $20 a month should be easy with just coupons alone. For more great tips on saving money on your groceries, you must be truly a disciplined person.
Step 3: Budgets are the best way to save money
Budget Your Money: Create a monthly budget including bills, loans, utilities, groceries, clothing allowance, entertainment, savings. In short, everything. Don’t forget to include some kind of emergency account so that when your brakes go, or you need a spare tire, or you need a plumber the money is coming from somewhere. When you are done there shouldn’t be any money left over; it should all have a designated job. If you can commit to living by a budget you are sure to save an additional $20 a month.
Step 4
Delayed Gratification: This last part on money saving tip can average out to an additional $10-$20 a month if done regularly. The next time you want to make a significant purchase, something over $50, please delay or wait 48 hours. If you still want/need it after thinking about it for a couple of days then go ahead. If the item was more of an impulse buy the 48 hours should help you realize that.
Best Reading:
- What lessons would you give Kids about Saving and Spending Money?
- Should I Get Insurance For My Teenager’s Car?
In conclusion, you must therefore know on how to manage your financial life smartly and conscientiously, otherwise you will definitely become a victim of money problems. Be more frugal in spending and always be creative in view of all your expenditure habits. This way you can therefore save the money that you badly need in times of crisis.
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this is indeed a very practical and helpful article.thank you shakti
Noliluna Thanks, Keep reading we have more in this series
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