Money saving could possibly be the most discouraging and heartbreaking attempts in life. Everyone wants to save money for their own reasons either for a future use of for use in a project.
Money saving however is considered harder that earning the money and so someone needs to make sure that they decide to save in the first place then put in practice the suggestions below to save money.
Have a financial plan
A financial plan is simply an indication of how much you intent to spend, how much you are planning to save and how you intent to spend the stated amount. A financial plan is simply a breakdown of the expenses and savings considering your earnings per a specified period of time. You would trust me if I told you that a financial plan will definitely keep you on the right track when it comes to savings since it gives you a breakdown of your finances.
Have a savings frequency
A savings frequency can be defined as an explanation of how you intent to save. This is more about how often you save depending on how often you earn. A savings frequency decision will definitely help you in knowing the amounts you need to save, how long you need to do it and thus be able to decide on the total amounts to save per single earning.
Cut of unnecessary expenditure
High expenditures are the number one limitations that stop us from achieving our savings desires. In a case where you think that your savings amounts greatly depend on how much you spend then you should consider reducing the expenditures by stopping the unnecessary ones and focusing on the needs but not the wants.
Extra money sourcing
There are thousands of side hustles that may be able to suit our needs. A side hustle helps you earn an extra coin and thus save more. You can decide to spend the amount you earn from your side hustle because I am sure that most side hustles pay more than 9 – 5 jobs and thus save the money you earn from your normal job.
Downgrading your expenditure
Downgrading your expenditure means that you find alternatives of what you buy. An alternative buying is considered to be one of the best ways to save money. This is because you find cheaper alternatives of your daily purchases which will motivate you to save the extra coin.
Savings accounts
Savings accounts can be divided into fixed savings accounts and target savings accounts. Fixed savings accounts are applicable where you want to save money and use it at a future date and you are not able to access the funds until the set dates. A target savings account is an account that lets you save money with a target of withdrawing the funds after a certain amount is achieved.
Avoid credits
Debts always keep us on the negative side of a savings line. If you could start living within your standards then you could achieve a lot rather than using credit to meet your needs.
wow,very interesting
Everyone wants to save money, but it mostly becomes hard when the income is minimal , hence becoming difficult to save.
Nice article.