Saving money is the “mantra” of the day in most financial blogs but a more telling fact is most people don’t have in depth knowledge on how to save money despite the continuously raining mantra of saving money. So in this article I would love to address simple yet effective ways to save money without unnecessary complexities or needing a financial expert or a financial analyst.
Below is an outline of a small tips to saving money without any fuss or complexity that anyone could follow and improve financial stability;
1. Start With A Proper Financial Budget
Keeping a proper financial budget containing a plan of potential expenses and revenue that are accrued to you is the first step in the right direction.
To this effect you could start by making a weekly budget then gradually proceed to make monthly budget, with time you would be able to calculate how much money leaves and/or comes into your pocket then subsequently know how much is available for saving
2. Create A Savings Plan
Alongside a proper financial budget, creating a savings plan would help guide you when making decisions around you’re spending, a properly defined saving plan is essential if you intend to save money.
Your saving plan should not be too stringent such that you would not be able to comply with neither should it be too lax that you do not end up saving anything.
3. Choose A Saving Target
One good tip to bolster your money saving culture is to set a target to save money for. This could a be a vacation, a small trip, a shopping spree or to buy an asset e.g. a landed property. By setting this target, your subconscious would be triggered to save more money.
It also helps to always constantly visualize your target so that you can fuel yourself to save more.
4.Create A List Of Priorities
Creating a list of priorities would have you create a scale of preference would allow make better judgement when it comes to your spending and savings. By creating a list of priorities you can curtail unnecessary expenses and only focus on the things you need as compared to the things you feel you want.
5. Automate Your Money Saving Process
A quick way to bolster your money saving capabilities is to automate the process of money saving. This takes away all the need and rigor required to manually craft a process to save your money. There are so many money saving automation tools nowadays available on Mobile (Android or iPhone) as well as PC that would help streamline this process. A good example is CowryRise , PiggyBank.
By following these simple yet effective tips, you can easily build a money bank from your saving. I hope you give this a try today.