Ways of saving your money - saving tricks
As we all know, saving money is not always easy. Especially when we don't manage our spending. But, their is a lot of different ways to save our money. For example, instead of owning money in cash, it's possible to put it in a saving account. This ways, the money will earn interests overtime, will be in a safe place and if you ever need it it's always accessible. Another trick if you have a lot of money that is not used, is to simply invest money your money. This money will be blocked but the return on your investment will be greater.
Another question that people always ask, is how much money should I save to be good. Their is no perfect answer to this question, but we can say that 20-25% of your total income should be enough. Of course at first it sounds like a lot of money but with the little tricks we have, it will be easier that you think. Also, having money on the side get you closer to financial freedom and can make your plans become a reality.
How to save money :
The first thing to do to be able to save some money will be to make a budget. This will help you keep an eye on all your expenses. Also, having a budget can help you figure out where all your expenses are going and what expenses could be reduced or simply not done anymore. This could also let you potentially know how much money you can save per month.
Another great thing to do is stop to eat outside. Indeed, for some people eating outside on lunch breaks, going to starbucks or ordering food every day represent up to 15% of there income. Now simply by cutting this and instead making a lunch, could make a huge difference in your wallet. Also, this will help you get more disciplined and help out in other aspects of your life like nutrition since the food at restaurants is not always very healthy.
What could also be done is reducing or completely eliminating bad habits. when we talk about bad habits here it could be alcohol, cigarettes or gambling. those things don't bring any good to your life and nothing good to your wallet neither. Also, those things are expensive and if you use them on a regular basis it can be one of the sources of your financials problems.
The next thing will be taking the public transport, not only it will save you from a lot of headache (parking tickets, traffic, many others..) it will also help you save money. Indeed, simply the gas money saved per month is way more than the cost of the monthly public transport. Plus, you will save a lot of time since you will no longer spend hours in the traffic.
This could all be some tricks that can be used to reduce your expenses and help reach your financial freedom. But once again the best way for you to be able to take back your fiances is to set a clear objective of how much you want to save or what you want to achieve this will help you stay on track and those tricks will definitely be useful.