People & CultureLifestyle

Tips: How to Save More

From social media ads and influencer marketing, to online shopping and instant payments – in today’s day and age, we have endless enticement that allow us to fall prey to ploys and temptation. These excessive expenses can potentially rob you of your monthly revenues.

Here are 5 tips to help you spend less and save more:

Dedicate a fixed portion of your income to savings

This would include recording and analysing your monthly income and planning out every day expenditures. A portion of the income left should be dedicated wholly to savings, which is to only be used when extremely necessary. This could help you save a fortune over a period of time.

Monitor expenses and look for alternatives

Monitor your recurring expenses such as mobile phone bills or vehicle insurance and switched to an economical plan if possible. Cancel auto-renewing subscriptions that you no longer use. Choose to eat at home rather than pay two times the amount for the same meal at a fast food restaurant.

Rule out non-essential purchases

When tempted by a product, give it some time and evaluate whether it is a want or a need. Once that is established, you will automatically invest solely in essential goods that offer utility rather than spending money on things that will prove to be futile.

Take informed economic steps

Assess carefully all the options and consider balance minimums, fees, interest rates, risk and how soon you’ll need the money so you can choose the mix that will help you best save for your goals. For short term goals, consider a savings account or a certificate of deposit (CD), which locks in your money for a fixed period of time at a profitable rate.

For long term goals, look at investing in securities, such as stocks or mutual funds.

Set goals and plan purchases

It is always beneficial to plan extravagant purchases, mostly when buying assets, ahead of time. This way, you can start putting off a required sum of money for the same overtime. Along with this, set a goal for saving a certain amount of money over a period of time and managing expenses accordingly for its facilitation.


Back to top button