So the first idea is that you should know exactly why you want to save in the first place. A lot of people give up and stop saving because they don’t see exactly why they are saving. your goal shouldn’t be to save for a great wedding or a brand new car because once you get that car, you will go back to your previews position and still face those financial challenges, so the ultimate goal should be to achieve the financial freedom.
Pay yourself first! before even spending a single penny out of your income, put aside a percentage of it into your saving account (if you don't have one, then make one). You are not allowed to spend this money under any circumstances, no matter what you are going through this money cannot be spent anywhere, but only can be invested. Consider is to be as part of your taxes, something that has to pay whether you like that or not.
Know your expenses if you are not a consistent saver, then it might really be difficult to start, especially in the first couple of month, when you realize that your savings aren’t growing as fast as you would want them to. So, instead know your expenses first. Spend the next 30 days writing down every transaction you make, so that by the end of the month, you have will a detailed understanding of how exactly you spend your money and you can deduct your expanse in those areas that don’t have a big effect on your life.
For instance, instead of buying a coffee every morning, you can make that yourself and save somewhere around 50 to 70 bucks a month. instead of driving, use public transport to get to your job if its more affordable and you might save another 50 or 60 bucks there. And you might save a couple of hundred dollars like that.
Procrastinate Procrastination is bad but in this case. Usually, we get excited when we want to buy something new right away even if its something we don’t really need, but over time that excitement goes away. Its like when you buy that new phone, if the first couple of days, you might still be excited about it but then, you know what happens, it just becomes normal. So why not get in the habit of waiting to buy things, especially expensive ones? You’ll still end up buying all the important things you need, but there will be plenty of times when you change your mind and hold onto your cash.
Use cash always whenever you buy something, try to always use cash instead of a debit card, whether you are ordering food in the restaurant or getting something from groceries. Handing over a 20 dollar bill is a lot harder than just swiping your credit card, simply because when you swipe your card, it feels like you are spending a lot less.
Over time, you will become a more conscious spender and you'll buy more of what you need and less of what you want. So these are 5 tips that will help you to start saving money, I hope you have learnt something.
As found on Youtube
Click here for More Money Tips!