How To Save Money
Saving money, especially this time and age when there are so many temptations calling out to you every second of the day, is very, very difficult. From loans which turns into college debt, to buying highly expensive smart phones which is said to be at the value of a person’s kidney, needless to say, millennials or anyone born in modern generation will and have a difficult time in preventing themselves from spending.
Now, the big question is how do you save money?
As stated before, there are so many temptations here and there; however, it is also important to take into account that due to inflation and increase in demand, prices even for some common goods have skyrocketed to the point that the marginalized part of society increased more than the capable ones or the middle class and above who are able to buy their daily life necessities. Thinking about this, it is almost an impossibility to even save money, especially for those living in cities or areas where taxes are high with very low income and some do not even reach minimum wage, or rent is high due to congestion but there are still many ways in order to save money, regardless of whether or not, you are saving a huge or small amount of cash per period.
The following are tips and tricks in order for you to efficiently save your dough:
I cannot put enough emphasis on how important it is to note down every expenses you make. Keep track of EVERYTHING – yes, that means even the cost you spent on toothpaste, newspaper, snacks, everything. You need to take into account every penny, every cent you spend, and you need to be able to efficiently organize those set of data so that once you need to consult your bank or in need of money to pull out, you are sure on how much money you have left and what you actually spent on instead of spending your money like there’s no tomorrow.
By this I mean, plan ahead. If for example, you want to save a million dollars in 4 years’ time, make a timetable on how much you should save per interval and restrict yourself to how any dollars you can only spend.
- Choose a Target to Save for
Once you have set an amount you want to target, you now have to choose on what you will do with your money after. You can either save money for material possessions such as a car or a house or you can simply put it in your savings account in the bank for retirement. The choice is up to you. Choose wisely.
- Efficiently Decide on your Priorities
Material possessions have a limited life span, especially for technology such as cars or phones. For sure, it is inevitable that your car must be replaced, say after 10 years or so. It is then important for you to save money, not only for long-term goals such as retirement but also for short-term goals such as replacing whatever it is in need to be replaced.
- Use Legitimate Means of Saving Money and Make it Automatic
Saving money in a piggy bank is good for pennies; however, saving money for many wads of cash should be saved in another place, particularly in a bank. You are free to choose which type of bank account you want to save your money in but I highly suggest you put your money in a savings account, make it a habit to never always do cash transactions by availing modes of payments such as cheque and credit/debit card. Another thing is you should have the habit of saving money automatically.
For security purposes, it is important that you watch your progress per month. This will help you and encourage you to continue saving money and be able to hit your goals quicker and easier.
A main concern of college life is getting, saving and spending money. These three factors run constantly in the minds of college students, especially when they lice away from their parents. Even though they send you some monthly or weekly money for your expenses, it is surely hard to meet all your expenses in that particular amount. One may call it unnecessary but for students it is necessary. So, if you are thinking how you can save some money so that you can tackle your expenses, then here are some ways you can spend your money wisely and save more.
Food and drinks always take up a lot of our budget. So this is one thing where you can actually cut down expense. What you can do is avoid going for regular dinners and lunches to expensive restaurants and pubs, instead eat at your rented homes or hostel. If you get lunch at your college then avail that. Fix one or two days in a month when you go out with friends to eat in restaurants. You can also learn to cook some basic meals if the place you live allow you to cook. In this way you can make your breakfast by yourself and avoid spending extra money in canteens or other places. This one way you can save a bit of money.
This is another factor that takes up a lot of your pocket-money. First and foremost avoid long duration phone calls with friends whom you meet daily in college. Whatever doubts you have regarding assignments or projects, clarify it when you meet them and not over long phone conversation. Choose a reasonable data plan for you as well so that you do not spend all your data in watching videos and downloading movies. Allocate a fixed amount for phone and data expenses and try stick to that amount every month. Another factor related to phone bills are that pay your bills on time so that you do not have to pay late fines.
While away from home you are a free person and you would want to always shop, shop garments, accessories, etc. Avoid this habit of yours if you want to save some money. Shop when necessary and not when you feel like to. This again will save a lot of your precious money.
Avoid making regular movie plans to theatres. Movie tickets costs a lot, and movie plans are not just movie plans. It always ends up becoming a plan where you watch movie, have popcorn, then go to a close-by restaurant for dinner and then come back home. And this surely means that you not just spend on movie tickets, but spend on a lot of other things. Now this doesn’t mean that you cannot go for movie watching at all. Select one best movie a month and make a plan for watching that. Avoid watching any movie that releases.
So if you do not want to compromise on food and movie then the only option for you is to find some good part-time job that will at least pay you for all these expenses of yours. There are many jobs available online and offline that pay reasonably. So start working and increase the amount of money you get every month and then spend the way you want to. The only concern in doing a part-time job is that you should have the time and energy to do the given work by your employer after attending lectures and doing your college assignments. If you can manage both your college work and a part-time job, then surely go for it. Most students can able to earn and save money by their writing skills too, for more details you can write papers for money with AdvancedWriters.
Avoid taking loans
While taking loans we do not realize that we also have to repay the money. And when we realize it we are already in a huge debt. It is not that in any money you would get more money, so when you have to repay the taken money; it is going to affect your monthly budget. So the best way to avoid paying debt is by not taking loans from anyone.