7 Realistic Money Saving Tips
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7 Realistic Money Saving Tips
Create a budget
Pay yourself first
Cut unnecessary expenses
List your goals
Do what works
Make saving fun
Commit to your goals
I've created a list of Realistic Money Saving Tips that I know from experience works. I'm currently using these tips to save my money and I have used them multiple times, successfully in the past.
1. Create a budget:
In order to get anywhere in life, we must recognize where we are at. Because taking a step in any direction without being aware of your surroundings could spell out disaster. By creating a budget, you’re bringing awareness to where you are financially in life. With a budget, you can see exactly who you owe, who owes you and what moves you’ll be able to safely take financially.
2. Pay Yourself First:
We make sure that the bill collectors are paid on time, our cars have all that they need to continue running and Uncle Sam takes his portion with or without our consent. No one ever thinks to give themselves a paycheck. Let’s keep it real, for most of us, our paychecks don’t even belong to us because its spent before we get the chance to cash it. This is why we must make sure that we dedicate a portion of everything we earn to ourselves. It can be as little as 10% or as much as 50% the idea is to pay yourself what you believe that you deserve. After all, how can you expect to save anything if all the money that you make is being spent on everyone and everything else. The Richest Man In Babylon is the perfect book for this topic and I suggest everyone reading this blog to check it out for themselves.
3. Cut Unnecessary Expenses:
It’s hard to give up the things we enjoy and love to do, but without sacrifice, nothing great can be obtained. There are many expenses that we put on ourselves without thinking about how unnecessary they are. Get rid of the gym memberships and work out at home, watch YouTube for exercise videos to get new workout ideas. Cancel the cable subscription, less T.V. time gives you more time to research new ways to save money. Downgrade your housing situation to something more cost efficient. These are just a few things that you can cut to save a butt load of cash.
4. List Your Goals:
Before we set out on the road to success, we have to know where success is located. By writing our goals down; what we are saving for, helps us to keep our eyes on the prize. After you write down your major goals, create a list of smaller goals and celebration points. Make sure you’re setting yourself up for success and not failure. It’s not a good Idea to create unobtainable goals. Make sure you pat yourself on the back after you accomplish each small goal. This will help keep you motivated to reach your major goals with ease.
5. Do What Works:
There’s a bunch of methods out there that can get you where you are trying to go financially but every method isn’t the right fit for everyone. Let’s face it, not all of us are as disciplined as a drill sergeant, so saving, can at times be a really challenging task. So here are a few methods that work but I know aren’t for everyone.
Envelope Method - Because of the convenience, this could be the most difficult way, out of all the ways to save. You can easily touch your savings that could temp you to dig into your stash of cash that you’ve worked so hard to save.
The Piggy Bank – much like the envelope method, but ounce you put the money in, it’s a bit more difficult to take it out unless you smash the poor little piggy to pieces. The drawback is you don’t know how much you have in there unless you’ve been keeping count on a note pad or something.
Open A Savings Account - Creating a savings account can help you save allot easier than the methods listed above. Unlike the piggy bank, with a savings account, you can visually track your savings but like the envelope method it’s very easy to withdraw the money.
Saving App – I’ve found this method, personally the best way to save for me. The app that I use to save is Qapital . Qapital allows me to set up a savings rule to remind me of what exactly it is that I’m saving for. You can make your savings automated or you can make direct deposits. It’s free to use and easy to withdraw your savings once you’ve hit your goal. Learn more about the saving app Qapital here: http://get.qapital.com/bzAc/uB39p4ZPfG
6. Make Saving Fun: Turn your saving goals into a game. Whenever you buy something and have change leftover, save it. The collection of those coins from everyday purchases over time can add up to big bucks. You can also consider saving a little from each paycheck and rewarding yourself every time you hit a new mark in your saving goals. Get a bulletin board and create a collage of pictures to keep you excited about what it is that you are saving for. Make yourself notes and stick them in all the common places that you visit every morning to help keep your eyes on the prize. For example, I have post-its in my drawer so when I get my clothes out, I can see what I’m working for. I also put a note on my phone’s alarm, so every morning, I can be reminded of what I’m working for. I have a post-it on my bathroom mirror to help me stay reminded of my saving goal too. The bulletin board is my favorite visual reminder because it’s fun to pin the images up and look at them every day. When you make saving fun, saving becomes easy.
7. Commit To Your Goals:
Make a commitment and stick to it. We can never become good at anything if we never make a committed effort to do so. Why should saving be any different, in order to become good at it, you have to become committed to it. You have to make saving apart of your daily livelihood. The more committed you are to saving for your goals and if you implement the methods that I’ve listed above, saving will become fun and allot easier for you. Commit to these Realistic Money Saving Tips and Be Legendary.
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