5 Ways to Save
I know what you are thinking... and yes, mind reading is my side job. You're thinking how easy and simple it sounds. You are thinking that there must be more hardcore ways to save. Well, there are… but believe me when I tell you these 5 are the simplest things that people struggle with the most! These 5 ways increased my savings in a short time to finance my international travels. Saving must become a part of your lifestyle.
Let's dig deeper:
Stop Borrowing. Just. Stop. You may think that you are fixing a problem by getting a quick loan but it's cheaper to be patient; to SAVE. You borrowed $5,000, that you have to pay back plus interest! Now you have to pay back $6,500 (just an example: varies per interest rate), when you could have just saved the $5,000 and kept the $1,500 that you spent on interest to put towards a breathtaking vacation that you've been waiting for, or an investment that could bring in more money! I get it, borrowing sometimes may be inevitable in some cases but if you save a bit more it will lessen your cost and bare more fruit.
Pay yourself first
While planning for your monthly expenses, make sure that your savings account is first one on your list! I know it sounds strange but do it. I don't care if it's only $20 a check, start an automatic transfer to your savings account then forget about it. You have to start somewhere! You will always have bills so don't let that be your excuse as to why you're not saving. Actually, you could write your savings account down as if it's a bill, that's what helped me. Paying yourself first is simply saving before you do anything else. It's power in saving.
Reduce living expenses
You know that moment when you look at your utility bill and you wonder, how. Yes, I have been a victim of forgetting simple costs like how much it takes to cool down your house from summertime heat during the day or all night. Try using a fan. Just think about the little things that you could do to save on monthly on living expenses. Let me know if you need more ideas.
Cut back on eating out
Let's take a moment to say good bye to buying lunch every day for work or going out to eat every weekend. Now that we have that out of the way, just think of all the money you'll save. Imagine spending $25 dollars on a meal at a restaurant. Not that bad you say? Well, imagine going to the grocery store and spending that same $25 in which you could buy a number of things, to make a number of ways, and for a number of days! You'll save a number of dollars! Add up your receipts for going out to eat a month, you'll be surprised at how much you have. Then add up all of the important things you could've saved up for with that. Just think twice.
Never shop for entertainment
Now we all know what this mean.... No more shopping because it was nothing else to do.
Saving is a lifestyle. Challenge yourself to do more with less.
Written by: Jennifer Montgomery