Do you always wish that it would have been great if you could save more money? Most of us feel the need of having more amount of savings in our daily lives. But at times you see that there is nothing left to save from your monthly income or even side income. So what should you do to save some part of your hard earned money every month despite the fact that you have to spend every penny for your daily and monthly expenses? Here are some of the simple ways which ensure that you can save every month.
1. Analyze your expenses: If you want to save money, then you have to make sure that you don’t have any loopholes in your monthly spending. For this, you have to be smart enough to scan your budget and spending like an accountant. Yes, like an accountant. See whether you are wasting some money on a resource which you can get for free or at low prices. Even if you can reduce the expenses by $1 then congrats! You are doing great. Just keep looking for such areas and convert your spending into savings. It sounds simple, but you need to create a strategic plan to do it. Start small. But make sure you surely do it.
2. Reverse your savings habit: Sounds quite different, isn’t it? Yeah. It is. Most of us have a habit of spending on all the essential stuff in the particular month. Then at the end of the month, you start thinking of how much you can save from your monthly income. But that’s just not something which will help you out in saving despite low income or in debt situation. The best way to deal with this is to ensure that you separate some part of the revenue on the day when you get paid or get your pay cheque. You can then manage from the left money for your monthly and daily expenses.
3. Cook food at home: Do you feel it lazy to cook food everyday morning? And so you buy your favorite meal and snack at your workplace canteen or study place (school or college). Here is one of the major ways which drain your finances. Surprised? Let me explain you. You cook food at home, and it will cost you $5. And at the same time when you buy outside then you shell out at least $10-$15 every time you buy your favorite snack or meal. Do you see the difference? Yes, you do. I am not saying that you don’t eat out, but you need to reduce the frequency of eating outside. At the end of the month, you will be surprised to see that you have saved hundreds of dollars just in the meal costs of your entire family.
4. Use cheap transport: Most of the individuals who make decent money feel lazy to travel in the public transport. I can understand. Traveling in public transport is challenging. So what should you do now? Simple. If you want to save money, then you need to start traveling in public transport. You will be able to see a big and significant change in your finances every month. Though you will be traveling in a hectic manner at the end of the month, you will be happy to see your savings graph rise much higher than ever imagined.
5. Stay fit: Sounds weird right? It’s not actually. Many types of research have shown that health issues consume a significant part of our finances. Just because a particular individual is not fit, he has to pay to get fine once he has acquired a disease. So why to bring yourself to such situation where you have to pay to get fine. If you want to save money and avoid spending on your health in the coming years, then start taking care of yourself. Combine self-care with self-compassion to get the best results. Try this, and you can save tons of money in your coming months and years.
6. Go for cheaper alternatives: Yes, this is one of the effective ways which will help you save money even if you feel suffocated having no cash left with you. If you buy groceries from a costly shop then start opting for the field fresh vegetables will ensure savings on the money. Also if you buy on a weekly basis, you won’t be struggling to go to the supermarket every other day. Don’t need that extra car? Sell it off. In this way, you will be able to have less but the most valuable resources at your home. It will help you save money as well as energy.
These are some of the most valuable yet useful ways to save money even if you are facing debt or cash-strapped. In this way, save money even if you feel that you will never be able to save money with your particular monthly income.
So, how did you manage to save money despite your contradicting financial situation? Share your creative ideas below.