Have you ever felt like it’s still impossible to save money no matter how hard you try? You mean well, but life gets in the way. The moment you save some money, an emergency occurs—your car breaks down, your child breaks an arm, or your roof begins to leak—and just like that, saving money takes a back seat. Does that sound familiar?
Don’t worry too much! You don’t need everything to be perfectly aligned before saving money. Don’t wait for the right time; it may never come. Follow this guide to start saving now.
Let’s get started.
1. Find ways to cut spending
The first step to cutting your expenditure is to separate your wants from needs. Do you need that 42-inch flat-screen television? Do you need that extra pair of shoes or clothes? If you can’t save as much as you want, it is time to cut back on expenses. Spend your money only when necessary. Identify nonessentials, such as entertainment and dining out and spending.
2. Automate your savings
Did you know that you can save money without thinking about it? Yes—you can give a standing order for your bank to automatically transfer funds from your checking account into a savings account every month. You can start with 10% of your pay-check in your savings account.
Automatic savings are an effective way to save and put extra cash out of sight. When it comes to where to save, then the ideal option is Fluid Finance. They have the best returns, and you have the freedom to choose which currency serves you better. With Fluid, you earn up to 4% on your savings and you can choose the currency that performs better against inflation for you.
3. Learn to DIY everything
Think about doing it yourself before you pay for new things. A simple Google or YouTube search will save you a ton of money on your latest home project, beauty treatment, or shopping spree. You won’t have to pay someone to do something you can do yourself. However, if you’re the type that can’t hit the nail on the head, ask a friend or neighbour for assistance. Feel free to borrow tools from a friend or neighbour when you need them.
4. Say goodbye to debt
Monthly debt payments are your biggest enemy when it comes to savings, and if you’d like to know more, read our latest post about becoming debt free. Bad debt robs you of your income! And it’s time to get rid of them. The trick is to pay off your debts from the smallest to the largest. Is it kind of difficult? Don’t be afraid. You will appreciate it when you become debt free.
5. Cancel automatic subscriptions and memberships
It’s time to cancel any subscriptions you don’t use regularly. You may pay for multiple subscriptions: Netflix, DStv, Spotify or gym memberships. If you barely ever attend the gym, get some dumbbells and start working out at home. The next thing is to turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but it MUST fit into your budget.
Think about sharing membership costs with some family or friends for those subscriptions you want to keep around. Streaming services like Netflix allow you to watch your favourite movies from two or more screens (with an upgraded account). That way, everyone wins and saves!
6. Be a tourist in your city or country
Finally, try a staycation instead of a vacation. A vacation isn’t financially wise when your goal is to save money now. Be a tourist on your own instead of jetting off to faraway lands. There are hidden vacation paradises in your country you haven’t explored. Do your research about hidden vacation spots near you. It will not only save you thousands of dollars, but you can also explore your immediate surroundings, and become more familiar with your local area
Learning healthy money habits is the key to helping you save money. It will be challenging, but you can do it! You can stop the cycle of living pay-check to pay-check and step into financial freedom.
