In a world where we are so driven by instant gratification, where we are constantly bombarded with promos and messages to buy more, and in a time where buying stuff is as easy as a few clicks, it can be quite difficult to save some money on a regular basis. In this article we discuss some tips on how to save money.
Track your spend.
For starters, you will need to set a regular monitoring pattern where you commit yourself to updating your budget and tracking your bank account activity. This will enable you to measure up and see how you are performing against your goals. Think of it more as a relationship, if you want it to work, you will need to invest time on it. By constantly monitoring your expenses, you will be able to calculate the average cost per day, enabling you to estimate your long-term financial health and patterns.
Packed lunches can help in loosing weight and in gaining wealth.
Planning your meals for the week is also a good way to save money. This allows you to be organised and to never end up in a situation where you need to resort to outside dining or take-away. Dining, in itself is one of the top expenses for most households. By eating at home, you are likely to get a healthier meal at a lesser expense.
Being money cautious when travelling is also a good way to save. Use lodging rental websites such as Airbnb to your advantage and rent more cost-effective accommodation. With such apartments you will most likely have a kitchen where you can cook, which makes it even more financially worthwhile.
You should also think about working more to invest the time you would spend on shopping on something which actually gives you a return. Working more will lead you to earning more and will leave you with little time to spend money. Speaking about spending money, remember that advert with a nice pair of sneakers? Hold on to your horses! Before you click on “buy” wait it out for a couple of days and see whether you really need it before succumbing to an additional expense.
Budget budget budget.
Set a budget for gifts and be creative. You would be surprised how cheap a nice gift can be and if you add that tinge of creativity/uniqueness, it will have a higher sentimental value.
Also, identify and deal appropriately with your emotions. Being bored and sad does not justify excessive spending. Be mindful and let go of the fear of missing out. It is not sustainable to spend money like there’s no tomorrow.
In a world of money, you have to keep your financial objectives in mind and think about that ultimate goal you are saving for. You need to make sure that you are reaching your monthly savings amount consistently to achieve your goal, within the established time period.
There are many ways to save money and when you build that discipline and achieve your goals, there is really no better feeling.