We live in a capitalist society, that is, a society where everything is determined by money. Money is essential for us. In this age it is not easy to live without earning money. We should be careful in earning money as well as spending it. Also, savings is a must at this time.
The wealth you earn grows only through savings and investments. For example, imagine what happens if you spend all the wealth you earn. Under this competitive social system, we cannot live without money and we cannot live without spending.
So what we should do is to use the money with good management. In this article, I am going to tell you some measures that you can take to save the money you have.
Record Your Spending
We spend on various things every day. Among them there may be essential things like food and clothing as well as non-essential things. However, first you start tracking your expenses. Keep a note of every single thing you do on a daily basis in a small notebook. In this way, by studying the notes of one month, you can find out the gross monthly expenses for your basic needs. You can also find out what non-essential expenses you are incurring. It is easy to plan your savings.
Make an auto transfer
Auto transfer is a service provided by banks. This is also known as standing order. What happens here is to notify the bank to automatically credit a certain amount of money from your account to another account on a certain date. There you don't need to save money separately and your respective other bank account will work with time.
Cut Unessential Expenses
Above, I first told you to record your expenses for a month. From that, you can sort your essential expenses and what are non-essential expenses. Cut your non-essential expenses as much as possible. For example, if you are someone who buys alcohol several times a month, reduce the money spent on it as much as possible. If you are someone who regularly buys gadgets, then reduce them enough for you. What is more important to you someday is the money you have saved.
Minimize the use of physical cash as much as possible
In the past, we used physical notes and coins extensively. But with the rapid development of technology, the use of credit cards and debit cards became popular all over the world. Also, the market and network that can be paid through them was very wide. Now it is very easy to get a debit card for a bank account.
The biggest problem with using physical money is the difficulty of carrying it and the possibility of misappropriation, but the use of cards offers a solution to both of these. Not only that, it is also very easy to keep notes because you can check the summary of the transactions done through your online banking facility at any time.
Make a saving goal
Goals motivate us. A goal is very important for us to do something successfully. Set a goal for your savings as well. Calculate your financial situation and other expenses and set your savings goal. For example, "in the last quarter of 2022, I will keep $500 as savings" . One can set a savings goal, but the achievement is achieving that goal.
Trace the savings growth
As well as saving money, it is a good self-satisfaction to see how it grows. Periodically monitor how your savings have grown. Find out about new ways to save. Not only that, but also find reliable ways to invest your existing savings better. Before long this will even become a hobby for you.
Use a Jar
Never underestimate the coins or undervalued currency notes you have. If you are throwing it around without much desire, stop it. Keep a small bottle in your house or room. Put coins or notes that are less than the value you get into it. Over time, you can use the money collected in it for other useful purposes.
Target card offers
Various banks issue offers for credit and debit cards issued by those banks from time to time. That is with the accepted trade institutions. Then you can buy goods with your bank card under various rebate offers. Buying goods under rebates is also a way of saving. But you should consider excessive shopping here.
Find a Good Investment Method
This is even more important once you have accumulated a significant amount of money. You cannot grow your savings by simply depositing the money you have accumulated in a savings account. For that, look for better and less risky investment options. That's when you will get a good return on the wealth you have accumulated. Examples include bank fixed deposits and treasury bills. I hope to present more details about this in another article.
All the methods mentioned above are savings methods that you can follow successfully in your practical life. If you are satisfied with this article, don't forget to share it with others.
