Money, Money, Money, the word can either give you nightmares or make your dreams come true. In this age of consumerism, we are forever short of saving money. Ask yourself this – Are you running around trying to earn more and more of it but, it keeps slipping away from your fingers? Is your bank account on the verge of going broke? Are you spending more than your earnings? Are you looking for ways on how to save money? If you want to know where your money is going and how to start saving, then this post is for you.
Money-saving can be overwhelming at times, for this, you need to look at your finances and spending habits. Creating a budget and sticking to it is the key.
Worry not because I have some super simple tips and tricks that will help you guys to save money more efficiently and without making major sacrifices on your part. Also, you can use these money-saving apps to save more for retirement.
So let’s get into it and save some money!
How to Save Money? These 14 Ways Would Help You Retire Early
1. Set a Goal for Every Month
Decide how much you want to save at the beginning of the month so that you can plan your finances accordingly.
2. Create a Budget
Knowing how much of your money is going to different expenditures may help you to curb your spending impulses. For example- there is a 50/20/30 rule that says 50% of your income could be used for essentials, 20% goes to savings, and 30% for personal expenses. If how to save money is the first question that comes to your mind, then creating a budget should be on your priority list.
3. Avoid Using Credit Cards
Paying with a swipe of your card is easy for you, but it wreaks havoc on your bank account at a later date. Try to use debit cards or digital wallets or real money so that you avoid exceeding your budget limits.
4. Smart Shopping
Shop during the sale and use discount codes that your favorite bloggers or influencers give out to their followers. Ask yourself if you need this item of clothing or jewelry or makeup, etc. Use cashback apps and compare prices of the same things on different sites for more savings.
Everyone must be aware of money-saving tips, especially when you are a job seeker and don’t have a source of income. Apart from smart shopping, you can also save money on travel. Do you know how? Check these travel hacks that not only saves your time but also money.
In this age and time, the ease of ordering food, trying out new restaurants every week, and our laziness to cook has massively put a drain into our savings. Instead, go to a local farmer’s market or your nearby grocery store and stock up on pantry staples like rice, lentils, flour, spices, etc. Eat food that’s safe and healthy so that you don’t waste money on health problems.
6. Get Rid of Unhealthy Habits
Smoking, drinking, binge eating, etc, are harmful habits but also pose a major problem in our money-saving goals. These habits should be stopped first when you search or make suggestions on how to save money from finance experts.
These addicting habits will make you part with your money in the beginning as well as at the end when they turn into life-threatening illnesses. So for the sake of health and money avoid them as much as you can.
7. The 24 Hour and 30 days Rule
Not everyone who is a savings expert knows this 24 hour and 30 days rule. If you are tempted by something not very expensive and want it, just wait for 24 hours. You may not even want it after the day ends.
Do it for small purchases like clothes or jewelry or another red lipstick that you do not need. For more expensive purchases like buying a house or a car, wait for 30 days before you give into your buying impulse.
8. Buy Quality
We are the generation that falls for fast fashion in the name of consumerism. Money management is not difficult as everyone thinks. Some money hacks and tricks can save you a lot. For instance, instead of buying trendy pieces, invest in quality clothes that will last longer, like sweaters, coats, and jackets, etc. Minimalism is the new way of life and we are here to embrace it.
9. Save on Utilities
It’s time to remember to switch off that light, fan, AC, and other electronics and appliances that you’re not using. Conserve your resources and utilities and lower those bills that eat up a chunk of your paycheck.
10. Buy Second Hand (thrifting)
There’s a major boom coming in the thrifting business, both online and offline. High-end products can be bought second hand, which in turn could help you save a pretty penny.
11. Stop Chasing Brands
While buying from a good brand can be considered a long-time investment but only in moderation. Don’t purchase everything the brand is selling, instead look out for dupes or similar products that you can get at much cheaper rates.
Save that money while still rocking that cute scarf ( that you bought at a thrift store for rs.100, shh we won’t tell anyone if you won’t). Alternatively, if you are a brand freak and get stuck on how to save money on your favorite brands, shop during the end of season clearance. It is one of the best times when you can save extra on your favorite brand.
12. Cheap Entertainment
Bored in the house? Don’t know what to do? Take a walk around your town or city, enjoy nature, go to parks, a local picnic spot, hiking, etc. You will get to know your city and its various charms. It’s cheap, fun, adventurous, and healthy. A total win-win in our opinion.
13. Challenge Yourself
The challenge is to go without buying anything for a day or a week when you are planning to save money. The more you resist that impulse buying, the more happy your bank account will be. And we will be here cheering you up for it. Go save that money, You!
Invest your savings in the right places. Diversify your money placements and invest in areas like mutual funds, equity markets, or share markets. There are a lot of platforms that can help you in investment planning. I advise you to do thorough market research before making any big decisions regarding your hard-earned money.
Take Away Thoughts
Money management is not everyone’s cup of tea. While some are excellent in saving money and balancing finances at the same time, others are spendthrift and later regret not saving at the right time.
That’s all people! These are the tips and tricks that could help you save some big bucks. Next time, when a question arises in your mind, how to save money fast, then follow these points and see yourself saving BIG.
Don’t forget to share these money-saving tips with your friends and family or someone who’s struggling with money.
Let’s be kind, help each other out, manifest steady income flow and happiness, and let karma resolve everything else.
Lastly, keep the saving mode on!!