The truth is, saving money sounds simple until you have financial responsibilities to cater to. However, good money saving habits can change one's life drastically in a positive way
Saving money isn't about earning more, it's about discipline; practicing small habits that become part of you over time.
One of the money-saving habits that has worked in real is: setting aside a particular percentage of your salary or income to a separate saving account once the money enters, instead of waiting until you have settled all your bills because bills will finish it. Banks like cowrywise, Piggyvest and even Opay are good for saving because withdrawals may take a time, and there are consequences for withdrawals done before the due date.
Another money saving habit is budgeting: assigning every penny a job. At the end of the month, evaluate your income and expenses, how you spent money, things you spent on, and things that consumed the most money. Look at how you can prepare a budget for the coming month. Budget for food, transportation, savings, data etc. Doing this will help you know how much money you use for a particular thing so you don't spending extravagantly or use money meant for transportation on cravings. Budgeting works well in business too. You can give your business money a job; money should be set aside for packaging, ads, delivery and the rest.
Buying in bulk is a reliable way to save money. People can relate with the fact that buying daily in small quantities can be expensive compared to purchasing in large quantities from a wholesaler. For instance buying small quantities of pepper and tomatoes from a retailer will definitely cost more than buying in small paint rubbers from a farmer or a wholesaler in the market. You can do same for toiletries, gas, and other basic needs. If you try bulk shopping, you will save more money even on a small income, because some bulk purchases come with discounts.
You can also save money by practicing no- spend days, once or twice weekly or 4 days in a month. This might sound ridiculous and difficult because it is almost impossible not to spend on daily basis but this can be achieved if you are a principled person. Here are a few ways you can adjust your expenses on these no spend days: trek short distances, cook at home, avoid impulse buying, and make no transfers etc. The amount of money you save on no-spend days add up to your savings.
Let me conclude with this, saving shouldn't just be for emergencies, save for business investments, opportunities, courses, stock, etc. Remember, you don't necessarily need to earn more to live comfortably, you just need to master one good habit per time.
Tell me in the comments which money saving tip has worked for you or the one you'd like to try.
