Money is a necessity. We can hardly live without it; therefore, it's vital to save money wisely. Do you find it hard to save money? Do you often find you've spent what you had saved, leaving your account empty?
Don't be surprised; you are not alone! It’s a common challenge. But today I’ve come up with evidence-based ways to help you curb this problem once and for all. Here we go:
1. Monitor Your Money Survey
Though budgeting is hectic and time-consuming, it's one of the simplest ways to monitor your finances. Are you asking how you will do it? It's simple!
Write down a list of your monthly expenditure.
Record each coin you spend every day (for 30 days) to test your monthly spending rate.
Repeating the procedure for six months will make you a better master of your finances. I advise you don't stop.
2. Avoid Money Temptation
Follow the tips below to overcome the temptation of money:
• Do bank savings
• Follow your monthly budget
• In case you are visiting a mall for leisure, carry with you no money
• Visit a financial consultant
• Terminate whatever keeps you from saving
3. Employ a Short Term Spending Freeze
A spending freeze is a specified period when you don't spend money at all. It helps you save money in a fast way. Can you stay without spending a single coin for two weeks? It sounds like a fantasy, right? Yes, but it's possible. Let me show you how:
Do enough shopping that can last you two weeks without wanting. For instance, pay bills that can run overdue, fill the gas, and refrigerate the perishable goods.
After doing this, lock yourself in for two weeks.
If you discipline yourself in this, you'll opt for the spending freeze method to save you money.
4. Pay Yourself First
What do you understand by this statement, 'paying yourself first'? Let me help you; it means putting aside some amount of money before spending. It doesn't mean spending money on oneself, as many may think. Do you have an idea about how and when to start the principle of paying yourself first? Let's dive in.
Wait no more. Set aside a specific portion of your weekly or monthly income, with effect from this coming week, okay? Budgeting is good. Planning for your bills, rent, groceries, and other expenditures is wise; but, it should come next after you have already paid yourself.
Boost your finances by employing this simple principle of saving before you spend, and you will find yourself among the top tycoons. I have seen it work.
5. Save Money on Entertainment
Everyone loves being happy. Going for outing and having fun is healthy, but remember to be careful about spending money on such. Carry packed meals whenever you are going for an outing.
If you are attending parties, festivals, baby showers, birthdays, bridal showers, and the like, carry very little cash with you. Account for every coin you use.
6. Save Money on Your Kids
I'm sure you love your children so much. I love mine too. But have you ever counted the money you spent on your kids' expenses monthly? I thought you should. If you haven't, kindly do it. You'll realize that these little human beings are very expensive!
Follow the tips below to cut cost expenses on your children:
• Buy their diapers in bulk. (wholesale) – One diaper daily is expensive.
• Don't go for costly clothes (use second-hand clothes) – since children grow very fast, hence clothes won't fit them anymore.
• Plan on what to bring to them after work – avoid this habit of today soda, tomorrow chips, and chicken, the other day a packet of sweets. Children have not become a shop, please! The funny thing is that what you teach them is how they'll be and you can't change it. Beware.
7. Eliminate the Wolf – friendship
This is a kind of friendship whereby someone pretends to be close to you with the intention of eating-to-finish whatever you have. The person sticks so close to you such that they want to stay, walk, or even sleep near you. Note that these are not genuine friends. Flee from such. They have befriended your pockets, not you! Believe me, after ensuring your pouches are dry, you will see them no more.
Bringing it Home
We often spend money daily but don't think much about how we can save it. Now you have the keys to avoid financial frustration and starvation. Practice the above ways that will painlessly save you money in these perilous days. You don't need to be high to start, but you can start small to be great.
People will come to enquire from you, the secret behind your success and mysterious financial rise. Please don't ignore them. Enlighten them. Confidently refer them to the above top effective ways to save them money. Educate someone and let their lives change for the better.
Published:September 22, 2020
