If you have been thinking for a long time that you want to have a savings reserve but you never get it, in the following lines you can find a list of tricks to save money and tips so that you can achieve it.
Be careful where you keep your money
You may have been in your bank for many years and it is comfortable to continue there, but many banks charge very expensive and sometimes abusive fees and interest. Research and analyze other banks to see if there are better options for saving money.
Make it a goal to save money
The first step to saving money is putting your mind to it. Many times we can indeed propose things and then halfway we can throw in the towel. But you start with something: you have to set goals.
Save a fixed amount each month (even a small amount)
Once you decide that you want to save money, you need to move from thought to action, that is, start saving. You may save if you save some money every month, even a little, and if you schedule your expenses in advance weekly.
Don’t use a card
The card can be a useful tool when shopping, but it can also cause us to have an unrealistic perception of the money we have and spend. It’s better to leave home with just enough money than to overspend on the card.
Think about what you spend
Do not buy to buy, but you must buy useful things. It’s okay to buy some shoes, but use them and don’t buy them on a whim. By the way, if possible, avoid shopping hungry.
Wait to make the decision
A good strategy to avoid buying unnecessary things is to wait to make a decision, that is, to think with a cool head. Analyze the pros and cons of your purchase, do not get carried away by the aesthetic packaging of the products (television ads, marketing campaigns, street maps, etc.)
Put the money in an envelope
It is always good that you calculate more or less what to spend per month. While I have already mentioned that it is better not to use the card, it is also good to have the money you think you will spend in a month tucked into an envelope.
Do not spend to spend, but it is better that you compare offers. For example, if you are going to go on a trip, many websites compare prices for you.
Use the card
Many banks offer discounts and gifts to their customers. It is always good to have this type of card, especially if you go often to that place. But be careful, this card might lead you to buy more than you need.
Pay low or no fee for streaming
Used free streaming services to watch movies and tv shows. Many platforms provide these services free of cost like kissanime .
Think about old age
It may cost you to save if you think in the short term, but it will be easier if you think in the long term, to reach that age without financial problems. The elderly is a stage in life in which we no longer work, and everything we can save throughout our lives will be of great use to us.
Ever since I got my budgeting house in order – and automated my regular transfers into my MM/emergency fund and Investment accounts –
I revised them with rather silly ‘adjuncts’.
I.e., when I did my budgeting - I used whole dollar and 0/5 amounts… I.e., $25 a week into my MM; $100 a month into several investment accounts.
Once I set my budget - and let it run for a few months to make sure I didn’t overshoot - I started bumping the automated transfers up by a dollar or 2 + change (I use family birthdays).
In other words – a $100 regular transfer into my taxable investment account becomes $106.20 (Bday used 6/20). My $25 a week into my money market becomes 26.31 (+1/31 or 1.31).
Of course, do the budgeting first – and make sure your budgeting math works out, but during this trial period… Pay attention to what you have “left over” every month. So long as you were leaving some cushion? Well - I used to then allocate manually, but it becomes easy to just treat yourself… By all means, don’t push the cushion back to zero - hey, still worth it to treat yourself.
But - I found that once I adjust upwards the round numbers, it becomes easy to simply tack on another $30-40 a month without noticing.
Even relative pennies compound, so an extra $300-400 into an interest/investment account? It adds up.
Do not keep unused stuff, and only buy things you need. Do not throw away things you do not need. Instead, you can re-sell them online or on the local market. Meanwhile, if the condition does not matter to you, you may purchase used items for some situations. As a game lover, I always upgrade my game equipment, but I do some kind of exchange. I sell my used GPU to a local shop, and buy used computer parts online sometimes.
My son is a game lover, and likes to upgrade, so I have him sell what he has first to help pay for the next. We also have a local shop that will do trades sometimes. Great ideas, all of them! I love thrift shops and buying used, and not just for electronics. It definitely saves me money.
I bought my own cable modem/router and stopped renting it. You can buy them for $100 or less and in 10 months you break even and save after that. The only downside is if it breaks, you have to buy another or go back to renting. But generally speaking you will save money in the long run.
I bought a vacuum sealer and bags and buy large packages of meat and lightly season then vacuum seal and freeze it in normal portions I prepare. No waste and less trips to the store.
I also use my Walmart card for order pickups to get 5% cash back. It adds up over the months.