Updated: Sep 19, 2018
Growing up, parents tend to tell their children to save money.
“The earlier the better”
“You should start saving now.”
“It’s for your future.”
As we grow older, graduate from college and get a job we realise that money is hardly earned and even harder to save.
Even after our very first pay, the first that comes in mind are the bills and the daily expenditures. Electricity, water and internet bills are piling up but these are commodities that you have to pay for because they are essential in our day-to-day living. So how can we still save money despite having these expenses? Here are some useful tips that might help you.
Know your weekly expenses.
Try writing down your weekly expenses on a notebook or even use a spreadsheet. Take note of everything that you spend money on. After seven days, you’ll see how much money you have used and where that was going. You will be surprised at how much you’re spending on coffee or carbonated drinks or say, ‘petrol snacks’ – that aren't really necessary anyway!
Now that you’re aware of where your money is going, cut back on unnecessary expenses. Keep on tracking your money until it becomes a habit. Soon you’ll find yourself not needing a notebook anymore as you also adjust your spending habits.
Budgeting is really important. It doesn’t matter how much your salary is. It’s about how YOU budget how much you have. It might be difficult at first, but once you get the hang of it, a budget will always be handy and it will give you peace of mind, knowing that you are in control of your expenses.
You can start with your weekly expenses record and note everything that you NEED, rather than what you WANT.
Let’s say you’re in a grocery store: It would really help if you list down the things that you need the most. Try writing them down and add an estimated amount and calculate the estimated total.
If you have an extra cash, don’t spend it yet! Save it for any unforeseen emergencies or add it to a travel fund that you’d been wanting to start.
Unless you’re REALLY hungry, then go buy yourself something that will make you feel full for hours. This may sound too harsh but don’t spend it on snacks that don’t even have any nutritional value because that is still considered a waste of money.
Learn from Successful People with successful Stories
There’s a reason why successful people are ‘successful’. Most of them weren’t even born to riches and yet we wonder, how did they do that? Well, Rich people are rich because they know when and how much to spend. And often times, their expenses aren’t expenses at all, but investments on different assets and income streams that will bring them more profits. Learn from their spending habits and watch what they’re investing in because it’s not just how much money you’re making, it’s also about how much money your money is creating for you.
I hope these tips will help you the way that it helped me too!
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