MASTER THE ART OF SAVING WITH THESE 6 TIPS
Saving begins with a change of mindset. It takes discipline and control to suppress the urge to spend and save money. To change your spending mentality, you have to develop discipline and master the art of saving over time.
Depending on how much you wish to save, this article will arm you with handy tips to maximize your savings.
Have a Saving Goal
Typically, people find it easier to save when they have something to save for.
Having a savings goal allows you to determine how much you need to save and how to go about it. Saving with a goal insight keeps you motivated since you will get something you need at the end.
For instance, if you plan to buy a car, you can identify the ideal brand, its cost and determine how much you need to save monthly and how long.
As you visualize about the car, you will be motivated to continue to save.
Your saving goal can be anything - to pay off debts, buy a house, or save for a vacation.
Have a Budget
A budget may sound restrictive. But it is just a financial plan that helps you track how you earn and spend money.
Having a budget gives you full control over your finances and helps you curb poor spending habits.
Write down all your expenses, like rent, electricity bills, phone, cables, subscription, groceries, etc. Ensure to add all little payments, including projected expenditures.
Next, compute your monthly income. This should include your salary, income from other businesses, and gifts.
Lastly, you should focus on cutting down your expenses and allocating more to your savings.
Plan Your Meals
Food takes a significant chunk of the expenses in most households. You can save money by planning your meal ahead of time.
Instead of having to go out to get groceries every time you want to cook, create a food plan, and shop for all the ingredients you will need for the whole week.
Adhere to your food plan. Prepare only the quantity of food you can consume for the day to reduce wastage.
Watch Your Little Spending
Learning to save on little things is the fastest way to gain mastery of the art of saving. Most times, you may see the amount has been too small, but they add up quickly to become a considerable sum.
For instance, the little change you leave for sellers and money you give out as tip can add up quickly if saved.
Be conscious of the financial and economic consequence of each spending, no matter how small.
The 48 Hours Purchase
Online innovations have made shopping easier as you can get anything you want with a click of a button. Consequently, it has also made spending money easier, putting you at risk of spending above your budget.
The 48 hours technique helps you control online spending habits. It requires that you wait for 48 hours before clicking on the buy button for any purchase above a certain amount.
So if an item costs above $50, for instance, you have to wait for 48 hours before buying it. Most times, you may end up realizing you don’t need the said item after all.
