How many times have you tried saving money? Were you able to save enough to buy your wants or probably just save it for the rainy days? Honestly, saving money is easy if you know how to handle it.
The usual advice I here from people is to budget the expenses, to open a separate savings account and to buy what the needs are and not the wants. Okay, it’s a bit typical for us to say these things but its not even happening even if you plan saving.
The problem about these advices is that it focuses a person to spend money. It doesn’t really tell the person to save. An effective way to save money is to save first. Lets just say you received your pay check for $100, what you need to do is save $20 or $25 from your pay. The other $75- $80 you can spend for your daily expenses. This type of saving makes you budget a specific amount of your pay instead of you spending all your pay without knowing that you have nothing left to save.
Another effective way of saving is to track all your expenses for a month. All you need is a paper and pen. Once you clearly see how your money is spent, you should be able to eradicate the expenses that are not necessary. This way you can pin point where your money goes and how you can control it for the next months.
Set a goal when you’re saving money. It’s better that you have this goal to get the urge of saving. If you’re just saving for the heck of having money, I bet you won’t save anything. But if save because you want to buy a new car or maybe a new pair shoes you’ll definitely have that reason to save up.
You also need to organize when saving. Get a time line or set a goal of how much you’ll be saving each week and how long it’s going to take for you to save. It’s easier if you have it tracked down week by week rather than thinking about it for the next 12 months.
Lastly, to make sure you can save money, pay up on your previous debts first. It’s useless for you to save money when in fact you have pending debts you still need to pay. So just before you try saving, start paying your debts. When talking about debts, you have to stop or minimize the usage of your credit card. You need to control your credit card usage when saving. It’s a better way to start saving when your just thinking about saving.
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