Many of us want to have better financial habits and dream of long term wealth, but saving money can be a challenge. But that doesn’t mean that it is an impossible skill to learn. Once you learn how to save money, you’ll get addicted to it. Suddenly, after months and years of good saving habits, you will find yourself with excess funds that you can generously give to others.
Here are some best practices to save money:
Open a Bank Account
Set aside money each month in your designated savings account. Set up an automatic transfer to your savings account from either your paycheck or from your regular checking account. Automating your transfer will make sure that you don’t forget or pay your savings last.
Look at Your Food Bill
The best thing to do is to stop eating out at fancy restaurants. Cook at home because dining out is one of the biggest budget killers. Reduce the amount of meat you eat because it is expensive; instead, why not start a garden in your backyard and plant some vegetables. You eat healthily, and you’re able to save money.
Get Out of Debt
Deciding to become debt-free is never something that you’ll regret. Credit cards are high-interest debt that can eat up your monthly income. Avoid paying interest by paying your balance in full before the grace period ends.
Switch to Cash for Your Daily Expenses
Carrying only the cash you prepared for a given product makes you stick to your budget easier and thus prevent you from buying more and paying for features you don’t need. This will help you cut back on your spending thus saving you more money.
Cut Every Category a Little Bit
Cut out your expensive gym membership and do work out at home by following fitness-focused YouTube channels. Unplug electronics like your TV, computer, and other equipment to lessen the costs of your bills. Save on fuel by walking or riding a bicycle if you can, this way you may be able to cut back on the amount you spend on gas each month.
Eliminate Unnecessary Costs
Avoid buying expensive clothes, bags, shoes, and accessories. Consider borrowing items from your family members or visit a thrift store and online shops for good deals. Eliminate unnecessary costs for things like your monthly manicure or the daily coffee at Starbucks.
Utilize Discounts and Promos
When grocery shopping at the department store look for promos like buy 1 take 1. Many restaurants also offer a slew of discounts and coupons. Seniors, students, and even frequent diners may avail discounts.
Use the 24hour Rule
Think over each unnecessary and non-essential purchase for at least 24 hours. Think very carefully if you really need the item or you want it. This rule helps you to avoid purchasing expensive items or impulse buying.
You might want to visit the paper grower site to determine the best way to use the money that you have; they have excellent advice regarding money management