Do you want to know how you can save more money?
This step-by-step guide for how to save more money can help you develop a simple and realistic strategy, so you can save for all your short, medium and long-term savings goals.
The toughest thing about saving money or doing anything worthwhile is getting started.
We all want to save money. Whether it’s denying yourself that $4 coffee or putting off a family vacation, everyone has their own way to save.
Use these simple money-saving tips to generate some ideas about how to save more money in your everyday life.
Eliminate your debt
If you’re trying to save money but still carry a large debt burden, start with getting out of the debt.
Once you’re free from paying interest on your debt, that money can easily be put into savings.
A personal line of credit is just one option for consolidating debt so you can better pay it off. This is also a good reason to save money.
It’s certainly not easy to quit smoking. If you smoke one and a half packs every day, that’s nearly $3000 a year you can realize in saving if you quit smoking.
The money you spend on smoking can go into your emergency fund or can be used to start a side business.
Don’t eat out
Eating out can really dip into your cash and stop you from having enough cash to save.
Start making your own food at home. Pack your own lunch instead of buying food from the office cafeteria.
Pay yourself first
Save every 10% from your paycheck. Arrange with your company or set up an auto debit to have some percentage of your income go into your emergency fund every payday.
This is so you won’t be tempted to spend it when you see the money in your bank account.
Know how much you spend
Figure out how much you spend. Keep track of all your expenses.
Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Use your credit card and bank statements to make sure you’re accurate—and don’t forget any.
Watch your savings grow
Keep an eye on your savings and watch it grow. It will be a major source of encouragement to you when you see how much you have.
Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly.
Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.
It’s easy to get overwhelmed and that’s why you should start small.
The truth is, people save more successfully when they set a short-term goal.
For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year.
Once you reach the short-term goal, you’ll have created a habit of saving you can be proud of! You’ll be able to keep going strong with a new goal.
Let’s add more value. Do you have any other tip?
If you have other tips on how you can save more money let us know in the comment section below and I will include it among the tips in this post with a shout out to the contributor. You can include one of your social media handles to gain exposure.
Manage Your Money Better
Below are some personal finance books I recommend to help you save more money. They have helped me a lot and I'm sure they'll help you in your journey to financial freedom.
- The Compound Effect by Darren Hardy
- Total Money Makeover by Dave Ramsey
- I Will Teach You to Be Rich by Ramit Sethi
- Master Your Money (Super Bundle)
- Need an extra $2,500? Get loans up to $5000
- Are you in debt? Get free debt consultation and find a solution to your debt
- Unshakable: Your financial freedom blueprint
- The New Money Masters
- Tools to make money in tough economic times
I have read about 5 out of the 7 books and I can boldly say they have helped me handle my finances better. I believe in them because they have helped me in my financial journey and I think they’ll help you too.