You can see the happiest faces on earth when people get their salaries in their hands and the saddest when their accounts get empty just after 10 days. Are you a holder of an empty bank account too? Saving money is becoming an issue for you? Your expenditures are way bigger than the amount you get every month? Then you are landed on right place! Stick to this post and I will teach you how easy it is to save money and live a debt free life. With these tested tips, you can save 30% of your monthly income and your bank account will never remain empty even on the last date of your month.
How These Tips Work?
The best part about this post is in its tips. After studying 3 books and 12 articles on money saving, I’ve selected top ten ways to save money. These ways are tested and proven by world class economists and entrepreneurs. Major financial experts use these tips to grow better and you can too apply these tips, no matter if you are earning in hundreds, thousands or millions. Read the following ways and SAVING MONEY will become a game for you!
10 Ways To Save Money Better!
These ways can help you stand financially and you can find your own ways of saving money and have a financial backup for future.
1. Set You Saving Goals
If you want to achieve something then you definitely need a fool proof plan to work with. If you really want to save 10, 20 or 30% of your income then you really need to set reliable goals. Suppose, if you have important expenditures which you cannot afford to cut off then you cannot let your expenditures by saving 30%. So, for that, you really need to set the reliable limit of savings that you can do.
According to Tony Robbins, “Setting goals is the first step in turning the invisible into the visible.”
Thus, you need plan out your long term goal. Give yourself one year to save and even if you are saving 20% of your income, after 1 year, you will have 240% of your income and that’s amazing!
2. Kill Your Debts
You cannot save with the burden of debts. Take a minute and think, your financial condition is already running in negatives and you are trying to get yourself extra support. It cannot be possible. Even if you are saving on monthly basis, you financial condition is still starving under liabilities. You need to add up all your debts and clear yourself with how much you need to save to kill all of them. Once you get freedom from liabilities, you can easily put your money in savings. It’s not bad to have credit but it can become obstacle between you and your savings.
3. Use SFTS Rule
The Save First Then Spend rule always works. If you draw out the amount for savings in the beginning then it will get easier to save money. If you will pay all your expenditures and try to save money from the little amount you are left with then it will become tough to think about it. So, treat your savings as your expenditure and you will see how easy it is to save money. Treat your salary as net after deducting the amount for savings. You can also make a habit of moving $10 every week into your savings account. Having extra $40 in a month can lead up to $480 in a year.
4. Spend For Saving Money
There is a kind of spending which can help you earn and save more. And that is investing for a long term. You can invest into stock market, mutual funds and into a fixed deposit. You can get up to 6% yearly interest on your savings. If you have a strong will then you can then you can double your amounts in 15 years. It can help for your retirement plans or just get yourself out on a family vacation!
5. Round Up To Annual Amount
Rounding up your monthly expenditure into yearly can help you find the expenses which are costing you a lot without giving full satisfaction. If you are drinking coffee of $20 every month then it is costing you $120 yearly. Think about it, spending $240 on coffee. You can reduce your consumption and deduct all those unhealthy habits to save a lot of money yearly. If you can maintain your coffee expenditure to $15 then you can save up to $60 yearly. These small efforts can make your saving accounts grow month by month.
6. Make A List Before You Buy
This is a simple method where you can make a list of necessary stuff before going for shopping. Note down the needs for your kitchen, wardrobe and hand-looms before stepping in a store. Stick to your list and buy what you need, not what you want. Cut off extra items which are not going to be beneficial for you. We are not limiting our desire here but we are making a money minded attitude where you can a have minimalism lifestyle which is preferred by world class entrepreneurs.
Andrew Carnegie said that the way to become rich is to put all your eggs in one basket and then watch your basket. So, save today to see results tomorrow.
7. Unsubscribe Is What You Need
Do this with all your unnecessary subscriptions. There are many subscriptions which are absolutely free and you can get your resources from there. If you have paid subscriptions then they may charge you monthly no matter if you use them once or twice a month. So, these types of subscriptions can harm your finance and you can have better things with less money. Start building healthy habits like turning off your TV subscription and buying some quality books that can help you grow intellectually.
8. Sell Unused Stuff
Selling unused stuff at the cost of second hand can help you get some money which you can through into your savings account. There are many old things in our home like unused electronic appliances, books, furniture, etc. You can sell them on eBay and can get some money for support.
9. Pack Your Lunch
If you are spending $8 daily for your lunch where as it costs you $3 to get it from home then it’s always recommended taking your lunch along your way. You may spend some amount on snacks and deducting them from your lifestyle can help you saving extra in your wallet. This will help you live a healthy and effective lifestyle.
10. Track Your Finance
Keeping a track of your income and expenditure can help you know what you exactly need to do to control the outflow of your money. You can find many apps which can help you track your money on the go and can also help you by highlighting high cost expenditures.
+ Bonus Post For Saving Money!
Start a side hustle where you can earn passive income. You can start Affiliate Marketing or even your own Blog to make money online. With your own blog, you can –
- Start expressing yourself as a prominent personality.
- Start affiliate marketing and promoting stuff for money.
- Start selling your own products.
- Start showing ads and generating income.
- Get awesome discounts from top-class brands.
There are many small efforts that you can do to save more. Just build a strong motto of saving money and you can achieve that in no time. Don’t take loans if not necessary to develop a non-liable style and earn by investing your income into secured investments.
I hope that it will help you to save better. For any kind of query or feedback, just comment below and I’ll be there in no time. For more content, keep following Boss Makes Money and subscribe to our mailing service. Happy Money Making!