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8 tips on how to save money

Did you know that people die daily from financial distress? You can find a study about this issue in the links at the end of the article. The world has become a lot more digital than it used to be.

Our smartphones have become trusted cash registers, replacing the old-fashioned tap-and-count system. But with this new digital age comes a new set of financial challenges.

People are still trying to figure out how to make money while saving money. Fortunately, there are plenty of ways to do both without sacrificing your lifestyle or budget. Here’s how:

  • Start saving by planning your budget.

  • Set your savings goals

  • Drop your coffee habit

  • Cancel your subscription services is the simplest way to save money

  • Open savings account (savings plan)

  • Use your memberships, loyalty, rewards or cash back programs

  • Sell items that you don't need anymore.

  • Find ways to cut your bills.

My piggy bank

Start saving by planning your budget.

Many people don't think about their future and don't like to count money. That's what leads them to the depts and financial distress.

Think about your life as a simple resource balance game. Your income should cover your expenses. It's just as simple as it sounds.

Planning is one of the best ways to save money.

To start planning, you have to sit and write down all of the regular monthly expenses you can remember, including upcoming in the next several months.

It can be your rent or mortgage payments, all subscriptions, fuel and service if you have a car, gifts for your friends, tuition fees, donations, family support, etc.

Please put them in the list or table with numbers against it.

On the other hand, you should also put all your monthly income sources with the numbers.

Both lists or tables will have a total row. Comparing these numbers will give you an accurate picture of what is going on in your financial life.

Set your savings goals

Your savings goals should be related to your financial freedom.

You have to check your debts and ensure you are not increasing them monthly. The goal could be to reduce the regular payments to a bank, for example. And the way to do it is refinancing.

Another goal could be a create an emergency fund and top up it regularly. It can be just a piggy bank on one of your shelves, so don't make excuses; just put your coffee money in the next time.

When the dark times come, you can use it to solve at least some problems. It will give you the feeling of safety, at least for some time.

Drop your coffee habit

Coffee can account for as much as 10 per cent of your daily budget. But if you're trying to save money, you should stop buying coffee altogether. Be mindful of where your money goes and reduce unnecessary purchases.

If you drink a cup or two a day, try brewing it at home or find the cheapest possible brand that still tastes good. You could also visit your local coffee shop less often and save yourself some cash in the process.

By the way, water is still the most affordable and clean drink with many health benefits.

Cancel your subscription services is the simplest way to save money

Stop wasting your hard-earned money on things you don’t use. Cancel subscriptions, streaming services and accounts that are unnecessary to your life, such as Netflix, Hulu, Amazon Prime Video or Spotify. It may be time to cut the cord if you spend more than $100 a month without a good reason.

If you have a cable TV, I recommend cutting it off as soon as possible. It will give you more time to do something useful instead of just consuming the content.

The best substitute for you will be YouTube. You can learn something new there and improve your skills. Most important, it is free.

Open savings account (savings plan)

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so that a portion of every paycheck goes directly into your savings account from your checking account.

Use your memberships, loyalty, rewards or cash back programs

The modern world is wholly based on consumer attention. Almost all companies compete for the next customer and try to keep the existing one. That's why you should check what your current programs can offer you to save money.

It can be discounts, gifts, earning points or special promotions where you get cash back by buying your regular products. You still need to purchase food and cloth, so why pay more?

A couple of things you should remember with this money-saving tip:

  • Think twice before you want to buy something on sales or promotion. Do you need it, or are you under an advertising impression but you can live without it?

  • Always check the quality of the product or service. You should not buy products or services of low quality only because it's cheap

Sell items that you don't need anymore.

We all have many clothes that we don't wear anymore. If you think it is still in good condition, you should try selling it. There are many online marketplaces to do it. Once you sell your things, use this money wisely and put money into your savings plan.

Find ways to cut your monthly bills.

You could save even more money if you regularly check your suppliers' bills. Usually, competitors offer more interesting plans if you switch the provider for the next year or more. This can work with your cell phone bills and internet bills. Sometimes you can save money on your electric bill too.

The bottom line for tips on how to save money

Once you start saving money each month, your balance will improve, and you will allow yourself more essential things in your life than you could get before. Here are several tips on how to keep on track

1. Find a job you like

2. Don’t buy things you don't need

3. Evaluate your spending habits

4. Make a budget

5. Learn how to save money

Sources

Financial Loss and Suicide: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3431736/

FAQs

5 tips on how to save money?

1. Find a job you like 2. Don’t buy things you don't need 3. Evaluate your spending habits 4. Make a budget 5. Learn how to save money


Tips on how to save money as a student?

- Start saving by planning your budget. - Set your savings goals - Drop your coffee habit - Cancel your subscription services is the simplest way to save money - Open savings account (savings plan) - Use your memberships, loyalty, rewards or cash back programs


Quick tips on how to save money?

Start planning your budget.


Tips on how to save money in college?

Plan your budget and start a blog


Tips on how to save money for high school students?

Learn how money works. Start planning your budget and start a side hustle while you are still at school.


Good tips on how to save money?

1. Don’t buy things you don't need 2. Evaluate your spending habits 3. Make a budget


Tips on how to save money for a house?

Open savings account, Stop drinking too much coffee and plan your budget.