Here is some easy tip to save money:
We all wish to save, but at the end of the month, saving money becomes difficult. Everything we wish to save, something always comes up, and saving takes a back seat. You tell yourself you’ll find ways to save money once you reach a certain milestone, like when you hit a specific age or get that raise you’re after. But the truth is that you only start saving money when you learn healthy money habits. So here are some easy and practical ways to save money, check them out below:
- Make a budget
The first thing to start when trying to save money is to assess how much you really have and where that money is going. Consider using the 50/20/30 rule to create a budget. The 50/20/30 rule states that fifty percent of your income should go to essentials like rent and food, twenty percent should go to savings, and thirty percent should go to personal expenses like entertainment.
- Save automatically
If you have to manually transfer money into your account, you might forget to save. Try to have money deducted automatically from your bank account to a savings one.
- Keep track of your spendings
When we are out, or shopping, we often spend without thinking. And by the end of the month, we think where does all our money go. Keep a record of what you spend to see how small expenses add up.
- Use 30 Day rule
When you plan to make a large purchase, think of it first. Write down what it is and how much it costs, and if after 30 days you still feel it’s necessary, purchase it.
- Use coupons
Coupons are available online and offline, make sure you use them. Before you go out shopping, check your phone to increase your savings.
- Create extra income
Rent your property, sell your extra stuff, rent out equipment or something else. There are many ways to earn some extra income. They can help you in saving.
- Cancel automatic payments
Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes, and Amazon Prime. It’s time to cancel any subscriptions you don’t use on the regular.
- Pack lunch
Most of us spend a lot of money on food. Buying lunch a few times a week may seem harmless at the moment (especially when your favorite restaurant is within walking distance from your office), but you can save quite a bit of money just by packing a lunch!