Simple Tips to Save Money

Simple Tips to Save Money

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Money, money, money! Always funny if you have them. So how come that you have a decent income but no money saved at all?

Today we will share a few small but powerful tips on saving money and becoming a true master of your budget.

Set realistic but ambitious goals

Everything needs to have a purpose, and your savings needs it too. It is so much easier to cut off some part of your monthly income if you have a goal ahead of you.

Maybe you want to buy a new car, make a trip to Greece next summer, or save for a down payment for a house? This can be your goal.

However, you can also just define a sum of money you want to save every month: for example, 20% of your income, but not less than 500$ a month. If you stick to it, your savings account will thank you later.

Pay off your debts

Before you start saving, you need to stop overspending. If you have any kind of debt, you need to pay it off as soon as possible.

It needs to be done before you start making any big savings because you lose a lot of money on interest and debt payments every month.

Important note: even if you have a huge debt (student loan or medical expenses), you can save some money for an emergency fund.

Accidents happen all the time, and if this unfortunate event has happened to you, it is not good to create more debt to fix it. It is better to use some money from the emergency fund.

It's always good to create a personal and family budget.

Revisit your expenses

Do you buy a cup of coffee every day? Do you go out more than three times a week? Does your grocery bill look appalling to you?

If you answered yes to these questions, you need to reconsider your spending. It can look very innocent when you go for lunch with coworkers, but it can be a danger for your savings if you do it five times a week.

Firstly, make going out a special occasion: it must be a special social event, not just a Tuesday-evening-and-don’t-know-what-to-do. Laziness and boredom should not be your excuse for take-out.

Learn how to cook to create delicious and healthy meals at home. Same for coffee! You will be shocked to learn how talented you really are and how tasty your meals can be.

Buy more now, pay less later.

We are talking here about long-time expenses and savings. In this case, all extra spending is more than welcome!

First of all, buy local foods that are in season, to spend less money on fruits and vegetables. If you can, buy in bulks or family-size packages to save even more!

Secondly, make as many energy-efficient improvements to your home as you can. You will get a reduced bill on electricity (all the saved money should go straight away to a savings account) and a happy green soul.

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