5 Clever Tips For Saving Money
Money is necessary as it pays for the things that you need to survive. You pay for your food, clothing, and shelter. Without money, it’ll be challenging to live a comfortable life. Apart from providing your daily necessities, you also need money in case of emergency when you need to spend a hefty amount of cash right on the spot.
Saving money can be difficult for some people, mainly if they’re in the habit of living a comfortable life. While life is short, you need to save money for an emergency or build your own dream home. With that, listed below are the clever tips for people to save money:
- Participate in Online Surveys
To save more money, you need to earn more money. Apart from your usual day job or business, you should also try other ways to make more income. One easy way to earn money while enjoying it is by participating in online surveys.
Taking online surveys will only grab a few minutes of your time, and all you need to do is answer a few basic questions asking about your opinion on a specific topic. After completing every survey, you can earn points which you can use to redeem as a gift card, which you can use at any local retail store. You can have a peek here for more information.
- Eliminate Unnecessary Expenses
If you usually eat out at expensive restaurants every day during your lunch break, you may want to cut the habit and go for a cheaper alternative instead. If you could bring your lunch, the better. However, if you don’t have much time to prepare your lunch early in the morning, you may want to consider buying lunch at a cheaper restaurant near your office.
Apart from your lunch, you may also want to skip going to a coffee shop for your daily cup of coffee in the morning. One way to save money is by brewing your coffee at home and learning how you can make your unique signature taste. In this way, not only can you save money, but you can also improve your barista skills.
- Create A Money Challenge
You can save money without even noticing it by giving yourself a money challenge in which you need to keep a certain amount of cash every week. This is best to do at the start of each year to see your progress at the end. But, don’t worry, you can always start at any time of the year; just ensure that you stick to the challenge.
You can start the week one challenge by saving USD1 a day, and you can add one more in the next week. For example, on week one, you save USD1, on week two, USD2, on week three, USD3, and so forth. At the end of the year, you can save USD 1,596 without even you noticing it! For the best result, keep your challenges consistent, and never skip.
- Leave Your Credit Cards At Home
If you have more than one credit card, you should leave the rest at home and only bring one with you in case of an emergency. While it can be tempting to use your emergency credit card, you need to be strict about it. You need to keep restrain yourself from using your emergency credit card and avoid looking at shops where you know you’re most likely to purchase something.
As you pay using your credit card, you don’t feel the price is deducted from your account as your money’s all in there. However, you’d just be surprised with your monthly bill once it arrives and you need to pay for it.
- Give Yourself A Strict Budget
The most effective way to save money is by giving yourself a strict budget that you need to follow.
First, you need to look at your monthly income. After getting a rough estimate of your monthly earnings, deduct your unavoidable expenses such as rent or mortgage, utility bills, transportation, and food. When it comes to costs that you can control, try to keep the prices at a minimum. You can skip expensive purchasing food and use electricity sparingly.
After setting aside your expenses, you should give a good percent to your savings account and a few allowances for you to spend for the whole month. You must be firm that you don’t touch your savings account and stick within your budget.
Saving money can be challenging, primarily when you’re used to the luxurious and comfortable lifestyle. Still, once you’re able to be smart about your money, you’d be surprised and proud of what you’re capable of doing.
As you save money, don’t forget to leave yourself some space to have fun. After all, you still need to enjoy life a little, right? Just don’t overspend.