Tag: how to save

Savings Tips You Need to Try Now
Saving money is one of the most detrimental life skills that you must master especially now that we’re facing financial difficulties brought by the pandemic. If you’re new to the art of saving money, the first day can come by as a breeze. However, you’ll be tempted to take these savings out for a shopping spree, a day out with friends or splurging yourself with some good food.

When this happens, you’ll realize how saving money takes discipline and you must build the habit of saving, no matter how small the amount is. If you want to prepare for unexpected expenditures and cushion financial impacts that will inevitably happen down the road, here are some saving tips you need to try now.
1. Prioritize Savings
Make it a habit to set aside at least 10% of your paycheck as soon as you receive it. If possible, set the amount to a savings account you can’t easily access. Try opening a savings account that doesn’t include an ATM card so you can’t readily withdraw money from it. This will make you think twice about getting money since you need to line up to banks and talk about major inconvenience right there.
1. Write Down Expenses
You can use a writing pad for this or better yet, use your phone’s notepad. This should allow you to get a glimpse of how you’re spending and what items are you most likely to spend on. Whenever you reach out for your wallet or your card to pay, list everything down.
1. Pay with Cash Only
There are individuals who treat their debit cards like credit cards. Or worse, use their credit cards for a daily shopping spree. While it can be easier to pay using the flashy plastic cards, you’ll only find yourself spending than what’s necessary because cash is invisible to you. As much as possible, use only allotted cash for transactions and avoid withdrawing your savings.
1. Use Cash Envelopes
An extension of paying only with available cash is using the envelope method to limit expenditures. The excess cash you have (net of savings) will be divided into categories. In this manner, you can stay true to your budget without going over the limit.
1. No-Spend Days
This tip is probably the most difficult but you’ll discover that you are spending on items that aren’t really beneficial or necessary to your life. This allows you to be mindful of where you are throwing your money. To avoid overwhelming yourself, start with two days of no-spend days a week.

Photos: Pexels.com
June 20, 2021
Saving Money: Building a Safety Net for Your Finances

It doesn’t matter how much you make. It matters how much you save. Financial advisors stress the importance of keeping a portion from your salary that will eventually be your safety blanket. Nowadays, people get lost in the façade of the extravagance despite not having financial resources to sustain it. Worse, these people occur liabilities that sunk them into debt and other obligations.

As flashy and Instagram-worthy as it may seem, people should start the habit of saving. If you want to secure your finances, saving is one of the most excellent solutions. But how do you get into the habit of saving? Here is our easy-to-follow guide:

Minimize Fastfood Cravings and Learn To Cook

One of the greatest money-wasters now is the habit of eating out. Yes, it can be convenient to drop by the nearest fast food and eat away but, it doesn’t fill you up. Not healthily, of course. If you want to save money, commit to a habit of cooking.

Learn a new recipe. You can type in a query on the internet on recipes that are nutritious, healthy, and cheap. You’ll find incredible discoveries!

Never Give in to the Temptation of Wanting

There’s a difference between wanting to purchase that dress, or needing to save for a new laptop. Yes, the dress can provide you with instant satisfaction. However, when you’re done splurging yourself with the immediate feeling of being able to wear the dress, it’s no longer useful.

The rule of the thumb suggests that you sleep over a purchase, especially if it isn’t included in your shopping list. Also, it would help to understand the value of delayed gratification. Delayed gratification is the act of sacrificing today for the pleasure of tomorrow.

Instead of giving in to the temptation of enjoying your money today, why not save up for bigger things in the future?

Don’t Succumb to Peer Pressure

It is crucial to take a stand regarding financial matters. Sometimes, the grandeur of having the newest gadgets or being able to dine in the most expensive restaurant can be overwhelming. But, if you are firm to your goals of saving, this shouldn’t affect you.

If at times you feel like giving in, always ask yourself whether you want or need it. Besides, you’re the one working hard to earn that cash. Wouldn’t it be a waste to let others’ opinions persuade you into buying an item you don’t need?

Look for Deals and Use that Coupon

Remember those tiny cut-outs that you keep in your wallet? Take a look at it right now and see the expiration date. Use these coupons on your next trip to the market. Watch out for deals in your local convenience store as this can help you save a significant amount of money.

Income Minus Savings is Expenses

Last but not least, the foolproof formula to save money is by following this mindset. Whenever payday comes, save at least 10% of it and deposit it to your bank. What’s left of your money is used to pay off bills, groceries, and utilities.

If your current paycheck couldn’t cover for your expenses, maybe you’re spending on unnecessary items. It would help to track your expenses but never lower your savings percentage. After assessing your expenditures and your current income couldn’t cover for it, maybe it’s time to hustle harder.

Always keep in mind that your finances are the result of your hard work. Don’t let it go to waste. Protect yourself by building a safety blanket and by drafting a monthly budget.

June 15, 2020