10 Tips you need know on how to save more money

Many people find it burdensome to save money and saving is still like a task many can’t perform. You may be intent on learning how to save money but always finding the wrong information; there are information littered everywhere on the web about tips to increase savings, some may be obsolete, some no longer effective and you may find some incompatible with your lifestyle.

The good news is everyone can save money if taught to do so; saving a huge sum from pennies is something you can achieve in no time if properly guided by the facts which savings borders on, the facts put together in this article are updated saving advice which really works according to live trials.

Draw a budget

You were expecting this weren’t you? I am not here to echo it again since you may have heard about it but drawing a budget and sticking to it can’t be left out when listing tips about saving. As a novice saver, you may draw up a budget and end up spending more than what is stated on the budget. You can learn how to easily stick to a budget if you are alerted by the challenges facing it.

Sticking to a budget may sound as something impossible to achieve by many but once everything is in place and you don’t try to fake anything it will be easily achieved, know yourself better and how much you spend on some stuffs. Mr. A may spend higher on food than Mr. B because he has more craving for food than Mr. B and Mr. B may spend more on clothes than Mr. A because he is fashion enthusiast.

 

save money

Know what comes in and what goes out

Yes, your income will determine your budget, you can’t be budgeting $500 for food when your income is $800, it will probably be $200 or so depending on your commitment to other responsibilities. When saving, take account of what comes in and what goes out to enable you draft a budget you can easily stick to, your income will still determine the type of house you live as well as clothes you wear etc.

Manage track of your expenses and always keep invoices and receipts to aid this activity. Know what you spend on and put them down, at the end you will be able to spot the unnecessary things you bought and save money next time instead.

Spot the priorities
It is advisable to draw a budget based on the priorities of what you are spending on if you are really intent on saving money, the priority of food for instance is always higher than that of entertainment. A typical budget of Mr. A may be:

Food 40%
Clothes 30%
Shelter 20%
Charity/donation 5%
Savings 5%

While the budget of Mr. B may be:

Clothes 40%
Shelter 20%
Food 20%
Charity/donation 5%
Saving 15%

Spotting priorities is essential when drawing a budget because some needs are reasonably higher than others e.g food is always higher than donation. When drawing a budget, always do your best to input the things with high priority such as food, clothes, shelter etc before the things like entertainment can come in and always remember to include everything you want in the budget.

Be determined to save more

Now you may love or wish to save money but if you aren’t determined and ready to work towards your saving goals then sorry you wouldn’t be accomplishing it. The determination to improve saving habits has to come from you as an individual. See saving as a lifestyle you should possess and not like you are punishing yourself for a crime.

You may learn all the ‘save money’ techniques to increase savings from the same income source which you have but when the determination is absent then expect nothing to work. The professionals can only teach you what you need to know and the action is going to come from you yourself.

Stick to the spellings of your budget

You will agree with me that this is where 80% fail. You always end up altering or spending more than the spellings of the budget. Sometimes when you have been used to spending habits or buying stuffs you don’t necessarily need, it becomes almost impossible to adapt to a saving or living according to a budget lifestyle. You may not be getting the required results but with time you will be more used to it since how to save money is one thing on your mind.

Try not shopping with friends

If you are intent on improving your saving habit, cut down shopping with friends. When on a tight budget, do not go shopping with friends or you may be tempted to go against the spelling of your budget by contest like buying competition amongst you as to who spend highest and other similar things that may arise.

You may have friend who are the big spenders and their lifestyle may influence you. You shouldn’t try to play cool by following them because your income may differ from theirs.

Mark out the stuffs you really need

This is important because when buying things randomly you are likely to spend more than budgeted. Get a note and write out the things you really need and see how much your budget permits to be spent on that item or thing, always remember to include what you need.

Don’t buy unnecessary things
You may sometimes buy stuffs which aren’t necessary at the time e.g buying a fancy raincoat in summer.

Set a credit card limit

Credit card isn’t a thing to move with. It is advisable to move with the cash you are intent on spending rather than a credit card because a credit card is likely to be misused for a service like paying for a lottery ticket when you never budgeted for gambling and thus spending more than what was budgeted. The misuse of credit cards is something found in most youngsters. Gambling with your credit is not advisable is saving money is one thing on your mind, card is like playing around a furnace, your whole funds may be lost in a twinkle of an eye.

Pay for only reasonable and warranted service while using a credit card, e.g paying the monthly electricity bill rather than paying for a cinema ticket.

Check for deals

Ha Ha! I myself really fit in here. This is one of my tricks to save money. Deals is what many people have failed to acknowledge, what most people don’t know is that deals can save you a whole lot of money if you are a spending enthusiast. Instead of buying items at the market price, some stores may offer coupons for as considerable as 70% off, so instead of patronizing the regular store, the deal store will be the best option. I will advise you always check out for latest deals as this is a wonderful option to save more.

Locating deals

You can easily locate deals when you watch out for new stores and save money from the discount from those deals. When a store is coming new into business, chances are that they will offer deals to attract customers, so this is an excellent method to locate deals. Sometimes when a store has some old stock, they may decide to offer a discount deal for the old stocks to enable them offset them fast. Also not forgetting festive periods such as Christmas, Easter as well as many other celebrations, this period are time to watch out for crazy deals and offers from different companies as there are always unveiled during this period. We do hope this article taught you how to save money .

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