Everybody wants to live the good life, but money can be a little fleeting especially if you don’t know how to handle it properly so in order to help you, we have come up with random money saving tips that you can apply to your everyday life. While it’s true that money should never be the focus of our lives, it cannot be denied that we need money to survive in this world. Every thing costs money these days even clean water and oxygen. To get education, we need money. To buy food, we need money. If we get sick, we need money to get ourselves checked out by the doctor and to buy medicines to help us get better. Indeed, money makes the world go round.
But how can you save if the money that you are making is just ‘enough’ to pay the bills and buy food for everyday? A friend once said something that really stuck to me… he said that our goal in making money shouldn’t not be limited to get us by daily but it should also be to be able to enjoy the little luxuries in life. All work and no play will make us dull and lifeless. As you continue reading through this article, you will discover exciting ways that will help you save money and maybe finally allow you to go on that cruise that you have been dreaming of for months now.
- “Do not save what is left after spending but spend what is left after saving.” – Warren Buffett. This is a great tip that we should all keep in mind. It’s important that we set aside a fixed percentage of money and keep it in a safe place that we can’t easily take it out from. An additional tip would be to consider the money that you have set aside to be gone so that you will stop thinking about it and won’t be tempted to use it. You will then be forced to just deal with the amount of money that you have left which you will have to budget for bills, rent, gas, and groceries.
- Pay your debts first. It would be easier for you to save up if you aren’t thinking of your increasing interests with regards to your debts. The longer you take to pay for your debts, the higher the interests could get which means that you will have to pay for more in the long run. When you are already done paying and securing your debts, then you will have a peace of mimd and it will be much easier for you to save up.
- You can try the 52 week money saving challenge. How does this work? I’ve seen some people start with one dollar on week one, but really you can start with any amount that you want to then gradually increase it. For example, on week one you start setting aside 10 dollars then on week two, you increase this to 15 dollars, on week three it goes up to 20 dollars and so on until you reach week 52. If you think it will be too much for your budget, then there are some who gradually decrease the amount that they set aside to save in the middle of the challenge. That is on week 26, so by week 52, they go back down to 10 dollars. This is a great way to challenge yourself! It will develop your budgeting skills.
- If you can, avoid signing up for a credit card. Credit card could equal a debt that needs to be paid. Live life according to what you can afford. What’s the point of looking rich when your wallet is empty? If possible, try to live below your means as this allows you more space to save money when the rainy days come.
- Speaking of rainy days, prepare an emergency plan or fund. You can invest in life insurances. There is a kind of insurance out there that allows you to make an investment of it as well. Contact an insurance provider of your choice and inquire about it if you are interested. If you don’t think you can afford an insurance just yet, you can always go back to budgeting. How much will go to the emergency fund? This is different from your savings. Do not think of your savings as emergency funds, but of course if the situation calls for it, you may have to use your savings. The purpose of an emergency fund is to prevent that from happening. If you have an emergency fund, you won’t have to use the money you have set aside for your savings. For example you have been admitted to the hospital due to appendicitis. That’s not a part of your budgeting plan but you will have to shell out cash for it. If you don’t have an emergency fund, the money you have set aside for saving will be what you will spend depending on your insurance if you have any. When you get out from the hospital, all that money you have been saving are gone. If you have an emergency fund, when you get discharged from the hospital, you will still have your savings! The latter sounds better doesn’t it?
- Find another source of income. Depending on only one source of income can be disasterous especially if you are unexpectedly fired or if your business goes bankrupt. Do not depend on one source of income. It is always better if you have another source to take money from so that you will have some kind of back up. One tip I’ve overheard with regards to this would be to save all your income from one job and just spend what you earn from the other job. This will help grow your savings faster plus it will give you some kind of back up when your primary source of income gets cut off.
If you want to know about more money saving tips, be sure to subscribe to us here at kendrickksuperstsrryoungg for more. We understand that saving money can be a challenge but you are not alone. We are here to help you out. You can leave a comment below or send us a message. Let us know what works for you! How do you save money? Any techniques that you would like to share? Don’t forget to let your friends and family know about us! Have an awesome weekend! See you next week!