Is there anyone who does not like savings? But it is found to be the most difficult task. Let’s check some tips and tricks on saving more:
- Budget planning
It is very important to have budget planning and tracker for the income and savings. Either use a spreadsheet or maintain a written budget tracker or even use online tracker – whichever is convenient for you. But try maintaining a budget plan every month.
- Pay saving and debts first
When we sit down for the payments, first payment should always be made to the savings you have enrolled in, and then pay the debts so that you don’t need to pay more interest. It is often seen that when we keep the saving and debt pending and start spending on other things, we end up with less or no money for the major financial list – savings and debt. Never ever do that.
- Weekly savings
Apart from monthly saving, try doing a weekly saving – smaller amount which would eventually lead to bigger amount.
- Use cash
Instead of using a debit card or even a credit card do cash payment where ever possible such as gas station, grocery store, dining out or shopping malls. Payment by cash makes us realize the actual spending we are doing and also makes us aware when we are out of cash.
- Cook at home
Going out makes us spend on unnecessary things. All of us love eating out, but stepping out of the house to dine out leads to lot of spending – transportation charges or stopping by at a shopping mall and of course the restaurant bill. Instead cook a healthy meal at home for much lesser price.
- Stay healthy
This is a mantra my mother keeps sayings – eat healthy, stay healthy to save the medical expenses.
- Categorize the money
Divide the money into categories for regular spending groceries, transportation, school supplies and miscellaneous ones. Once the money in a category is empty, stop spending more money for that particular category. But try spending wisely so that it does get finished sooner.
- Decluttering
By throwing out the unnecessary things out we not only clear the mess but make life simpler. It also lets us know when and why not be buy the same stuff again. Give away the stuff you don’t use to friends or anyone who need it. And instead of buying try borrowing from friends. That way you don’t have to spend on unnecessary things. Also try barter system.
- Give handmade gifting
A personalized gift is always nice way of bring smile to the person we are giving. Make some handmade gifts if you are creative. Or try giving them the services they would actually appreciate such as spending quality time with them, cooking their favorite meal or taking them for a walk nearby. Gifts always do not have to be expensive.
- Teach your kids the importance of money
This is one of the very important saving tips. Let your children know that they will not get all that they ask for. Educate the kids about money. If they know the value of earning, saving and spending they will definitely think before asking expensive things.