One of the hardest things to do on Earth is save money! Not to say you shouldn’t do it, but you know, saving is hard, and it’s especially challenging for people who don't have a regular paycheck.
Pexels | Managing finances can be rough especially if you don't have a regular paycheck
If you’re stuck in an uncomfortable financial situation and want to start saving but don’t know-how, this article should be your rule-book. It contains some of the best go-to advice for your saving needs, as suggested by a top saving expert. Read through, and we promise you won’t be disappointed.
Monitor your expenses
The first rule of saving money – don’t spend all your income! Start calculating your income and your expenses per month. You might easily be able to spot one-time expenses and recurring ones. And if you’re moderately sane, you would also be able to distinguish between what you really need and what you can easily live without. Start filtering out the expenses that aren’t really necessary. Simply doing this would be a big step towards starting your savings.
Read – How to Track Your Expenses
Pexels | Carefully monitoring expenses can help filter out the unnecessary ones
Start budgeting
If you’re one of those people that go to a store and buy any and everything, you’re quite far from saving my friend! To keep your pennies in your pocket, you need to plan how to spend your hard-earned money. After cutting and blocking unnecessary expenses, you can expect to have sufficient funds, but if you don't plan what you want to do with them, you will end up wasting them.
So, here’s what you need to do – on the first day of the month, jot down how you want to spend your cash over the next 30 days. Note all the important things that you must buy. Check your pantry and fridge, what are the things you need? And once you’ve made a list, revisit every item on there and ask yourself, is it really important to buy at present? That’s a great strategy to stick to what you can afford.
Read – Creating a budget
Set goals
Now that we’ve introduced you to smart ways in which you can block unnecessary spending, you need to actually start saving. One of the ways to do this is by setting goals. You goal should be to save a particular amount every month so that you can have a pre-set great amount at the end of the year. When you have such a system in place, your savings can actually work to achieve your purpose of saving. It could be anything – an event, a lavish purchase, or even retirement!
Pexels | Setting saving goals can help accumulate a good amount in a year
To sum it up
Don't let anybody discourage you from saving, and having said that, don't get too hard on yourself when you want to save. Spend on the necessary things and eventually, if you follow those tips above, you will still be able to enjoy a few low-key parties in your home!
