Money saving is the most difficult task to do. No matter what we do, money always vanishes. From a recent article in SBS, here are some tips, which will 100% help you to save money.
Set a budget
- Make a budget and make sure you stick to it.
- Distribute your payroll into different accounts. For example one for saving and other to be used, this way you will save money every time you receive a paycheck.
- Use an app to record every dollar you spend. It will keep a record of where your money goes and will help you set realistic goals.
- Cancel unneeded direct debits; re-channel funds with regular payments into investment vehicles and high interest savings accounts.
Change your lifestyle accordingly
- Do not pay for tings which has alternative. Instead of going to the gym, run outside, instead of taking out food every day, learn how to cook.
- Buying one less coffee per day will save you $700 per year and one less night out per month will save you about $2,500!
- Ride your pushbike! Avoid car running costs and even (mostly) public transport. It will help you stay fit and save extra bucks too.
- Learn the art of bargaining. Do not shy away from asking for discounts.
- Contact your bank and ask for a better mortgage rate. Remember everything is negotiable. All you have to do is ask.
- Use a credit card for day to day expenses to earn points and use those points in exchange for flights/services and save money
- Sometimes spending a little bit extra on quality will prove to be better in the long run.
- Remember the three most important R’s: refuse, reduce and reuse.
- Analyse whether what you are about to buy is truly needed or not. Learn to differentiate between what you want and what you need.
There are many different ways by which you can save money, but in the end it is upon your will power which will stop you from buying unnecessary things.