Tuesday, July 06, 2021
Finance

Five Ways to Save Money

As the world dove into desperateness and financial ruin, saving money can be a life-saving skill that we can all benefit from if we decided to acquire the ability. I mean, why shouldn’t we save money? Everything in this world needs money, and nothing is truly free anymore. When we have money, we have more stability, security, and capability to obtain what we desire. For example, you want to retire in a beachside house, but if you don’t have money by the time you hit the retirement age, your dreams won’t come true. So, I’m going to help you out a bit by sharing the easy ways you can save money in 2021:

Stop Impulsive Buying

When you have money, you feel like you could buy everything, even though you don’t actually need to make a purchase on those things. Impulsive buying is so detrimental to our finances because it means we are spending more than we can earn, which will be dangerous if we keep up this lifestyle.

Always Ask for a Discount

Do you know why our parents always ask for a discount, even if they can purchase something right off the bat? That’s because they know that the stores have marked up the prices, and we’re paying a whole lot more than we should have. Unfortunately, most men don’t dare to ask for a price cut, and women do, but asking for a discount should be a gender-fluid skill that both of us can take advantage of if we decide to learn it.

Keep Track of Your Expenses

Tracking Expenses

Tracking your expenses is the best way to keep your eyes from turning into dollar signs and salivate all over the floor every time you pass something that you want to procure. Every successful person has someone tracking their expenses, like an accountant, for example, so when you know how much money you already spent this month, you can prohibit yourself from spending any more, or else you can’t make the month’s end.

Look for the Free Things

When you truly think about it, there’s always a way to get something for free. For example, if you want to snack on something, you can try free samples down at the bakery or cookie store, or when you want to watch a movie, you can stream from a free website, rather than pay monthly subscriptions on Netflix or Disney+. So, always be on the lookout for ways to avoid making payments.

Cook at Home Rather Than Dining Out

Cooking

The simplest yet most effective way to save money is by learning how to cook and stop eating outside. The prices for food at a restaurant probably are 300% higher than their initial price, so are you sure you still want to eat out every time? Cooking is an enjoyable thing, it can be therapeutic, and it’s a useful skill to survive financially. Therefore, start learning how to cook, to be friends with our bank accounts.

The Bottom Line

There are plenty of other ways we can save money in 2021, and the only thing limiting us is our imagination. Try to be creative and find new ways to avoid making payments legally and stop buying things that we don’t really need in the name of social media trends.

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Savings

Tips for Protecting Your Savings

Some people have issues with protecting their savings since they cannot avoid dipping back into the money for various reasons. When you are setting aside money each month or any time for your savings, it can be frustrating to see that it is not growing because you are always looking to spend on paying your bills.

If your savings balance is not growing, that means you are not saving at all and you need to learn the various ways you can protect your savings so that you can grow and make a difference that you desire.

Avoid Using Your Credit Cards

Using your credit card is one of the worst ways to deal with your savings. It does not make any sense saving money yet your credit card is carrying a balance. Remember that when you are using the credit cards each month, you are probably draining your savings balance. Therefore, it is a wise decision to avoid using them and clear any debts before you begin your savings journey.

To avoid more expenditure on your credit cards, you need to stop carrying it so that you can reduce your chances of creating other debts.

credit card

Stick to Your Budget

When you are thinking of protecting your savings, it is a good idea to stick to your budget. This might seem obvious, but it is simple to compromise your budget and affect your savings. Therefore, you need to follow your budget to avoid dipping back into your bank for more money.

A budget will help you to avoid creating unnecessary debts and purchasing things that are not worth it. Planning and sticking to your budget is the best way you can protect your savings from draining, as you will be able to control your spending. Always remember to check your spending each day because it will help you to set a realistic budget.

Find a Way to Cut out Your Other Expenses

When you are regularly dipping back into your saving each time you need to more or less important things in your life, you need to find another way to cater for these responsibilities so that you can protect your savings.

For instance, you may have used your savings to buy expensive houses or car without thinking of the other expenses that come with some of the things you buy. You need to think of ways to cut your other expenses or stick to affordable expenditure so that you can cover other necessities in life without using your savings.

Set Up Emergency Funds

It is possible for the unexpected to happen, and all you need it to dip into your savings from time to time. For instance, you might experience major car repairs twice in a month, and you have to fix this using your savings. It is important to set up an emergency fund that will help you cover expenses that come up when you less expect it. These emergency funds will prevent you from pulling money out of your savings.

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