***This post may contain affiliate links. Please see my disclaimer here***

We all know the importance of saving money and want to learn how to save money but when it comes to actually doing it, there’s always something that stops us from getting it done.

Maybe emergencies come up and you have to spend any extra money you have or you are like me, you say you’re going to save money, you budget that money and put it aside and by the end of the month you have no idea how that money you kept aside disappeared.

If you’re with me raise your hand and say Amen because you’re not alone.

That’s why I have written down a list of things you can do to save money fast.

They are practical as well as theoretical ways you can save money because it is important you attach a feeling to anything you do to make sure you get it done.

Below is a list showing you how to save money;

1. Know why you want to save money

There must be a reason behind doing anything and knowing why you want to save money is an important start.

If you save money just because someone said you should, whenever something else comes up where you will have to dip into your savings you won’t think twice about it.

Someone once asked me why he should save.

It is important to know why you save because once you know your why, nothing short of an emergency can make you dip into your savings.

Even with that, once you start saving and you have reasons to save, you will have a different savings account for emergencies you can dip into in case of emergencies, so you don’t have to touch other savings you might have for other reasons.

2. Be determined to save more money

When it comes to doing something worthwhile, you can be pretty much motivated to do it.

If you have a strong why, you can be motivated to save more money.

But there are many times when you will need the help of something superior to help you do what you have planned to do.

This is where your determination and willpower will have to save you.

Are you looking at the sweet shoe placed beautifully at the window of your favorite shoe store?

You will have to fight the urge to go in there.

I know it can be tempting but you will have to.

To help with your determination so you don’t buy anything with your savings, try not to take your credit cards out with you whenever you go out.

Try taking just enough cash to cover the basics you may need and not more so you don’t get tempted enough.

You may want to go home to get your credit card and in some cases, before you get home the urge to buy it would have gone plus on your way home you would be questioning yourself if it is worth dipping into your savings for.

And by the time you get home you would have dismissed the idea of buying that thing.

Recommended Article:  Reasons to Save Money

Try it, you’ll see it works.

Only take cash you’ll need when going out.

3. Train yourself to be disciplined when spending money

I have this weakness myself when it comes to buying books.

I can’t go to a bookstore and buy only the one book I want.

As soon as I see another book that catches my fancy and realize I want it, I add to cart.

Now I may see this as not being disciplined enough with spending money but seeing that the books I buy are mostly self improvement books, I’m cool with this.

But what if I have this compulsion in other areas when it comes to spending money?

Imagine you walk into a shoe store and you buy a black shoe you love and while walking to the cashier you notice the same shoes in red and you MUST have it.

In this case you should try to discipline yourself to get what you came to the store to get.

If you are grocery shopping with a list, which is highly recommended so you don’t overspend, stick to your list.

Basically, disciplining yourself when it comes to spending money means you should not spend more than you plan on spending.

Trust me, the money you save will add up in the long run.

4. Say bye to debts

Debts can be a major reason you don’t have any money to save.

From credit card debt to student debt you can be so deep you don’t even think about saving money in any form.

Are you in this category?

Are you so deep in debts that you can’t even think about saving money right now?

Obviously the first thing you should do is figure out how to get rid of your debts.

Then as soon as you have paid a huge chunk of your debt you’ll have to learn how to get your debt under control by managing how you live and spend money.

What if you are in so much debt and it will take you years to pay it all off, should you not save then?

You must save still.

But you’ll have to save little by little until you are able to pay off your debts.

And as soon as you pay off your debts you can start saving large chunks of money.

But you will have to realize that while you’re trying to pay off your debt you will have to live below your means and cut out any unnecessary spending.

5. Save money automatically

Have you ever been in this situation before;

You get some money, maybe your paycheck and your plan is to save some of it.

But as soon as you cash the check and you have the money in your hands all your “money saving” plans go out the window.

I’ve been there severally.

What should you do instead?

Make saving money automatic.

Let’s look at it this way, when you get your money you spend it because that’s what is in your hands right there and then.

But what if you get your money but before the money gets in your hands a percentage of the money has gone into your emergency fund or your savings account?

Then whatever is currently in your hand is what you spend as you wish.

Don’t save whatever is left after spending, rather spend whatever is left after saving.

That’s an advice from a billionaire and I think it’s something we should all imbibe.

What you should do is make an arrangement with your employers to send a percentage of your paycheck to a separate savings account before your check gets to you so you won’t tamper with it.

Recommended Article:  Find Out 5 Benefits of Buying In Bulk

6. Spend unexpected income wisely

Have you ever gotten an unexpected sum of money and for the life of you, you have no idea how that money vanished and there’s nothing to show that you had that sum?

I’ve been there.

The thing is when we get an unexpected amount of money there’s this rush of I need this and I need that.

And before we know it, the money is almost gone.

Next time you get an unexpected sum of money, instead of using the acclaimed 50/30/20 rule, where you save only 20 percent of the money, why not save at least 50 percent and spend the remaining 50 percent?

Doing this will take your further in your money saving journey and put more money in your savings account faster than you would have if you only depended on your paycheck to save money.

You can also use the unexpected sum to pay off some of your debts.

It ill push you forward towards paying your debt faster.

7. Start an emergency fund

An emergency fund in this case is what it means. Emergencies. And how much you should put in an emergency fund is completely up to you.

Although some say you should have $1000 in your emergency fund to cover emergencies that come up.

This emergency fund is completely different from a savings account and it should only be used for emergencies like when your tire bursts or deflates on the road.

It is pretty simple, have an account where you put $1000 dollars in for emergencies only.

And replace any amount you take out of the emergency fund as soon as you can.

8. Reduce eating out

You have no idea how much eating out takes out of your wallet every month.

Take a second off right now, get a pen and paper and try to figure out how much on average you spend eating out and calculate how much that is every month.

Shocking right?

You can let us know how much you spend in the comment section below.

When you notice the amount you spend monthly eating out, you suddenly realize what you have to do.

Cut down on eating out.

You don’t have to stop it completely but reduce it by more than half and put the remaining money in your savings account.

Learn to cook your own food and if you can’t cook right now, invest in a cooking class.

It may seem like spending money when you can just go eat out.

But think about it for a minute.

You spend $800 learning to cook and you know how to cook for a lifetime, saving you thousands of dollars from eating out.

Or,

You don’t learn how to cook and you spend thousands of dollars every year on food you could have made by yourself, exactly how you would like it.

Cooking on its own is fun.

And if you cook you can be my witness, right?

It’s creative.

I like to play with stuff when cooking and I’m usually keen to know what the outcome tastes like.

It’s fun. Try it.

It’s especially more fun if you try it with your family and/or spouse.

9. Reduce Utility cost

A leaky faucet is literally money going down the drain.

It may not look like it but being careless with light and water in your house can add up to a huge utility bill at the end of the month.

Recommended Article:  How To Save Money Infographic

From the cost of cooling and heating your home to occasionally leaving the lights on, your energy bill can really rack up very quickly.

Finding ways to save on energy bills is great for both your wallet and the environment. (1)

You can reduce your light bill by using energy saving bulbs like the Bright LED Bulbs.

Other energy saving bulbs you can get are:

  1. Frosted light bulbs and
  2. Soft White LED Light bulb

This also includes water and other utilities.

Turn off the light when you leave a room.

If your tap leaks, fix it immediately.

10. Cut ties with cable/automatic subscriptions and memberships

Do you really need cable?

Instead you could use that time to start a new business or read a book on personal finance and building wealth.

These will help you in the future than cheap entertainment.

Pay off debt. Budget like a boss. Reach your financial goals.

How about those automatic subscriptions and memberships. Do you really need them?

Take a look at all your subscriptions and memberships and find out the ones you can do without, then cancel them.

These will stop unnecessary withdrawals from your account on a monthly basis.

And you can put that money in your emergency fund or your savings account.

The psychology of having money in your savings account

How do you feel when you look at your savings account and see money in there month after month?

Great I guess.

If you haven’t started a savings account and you have no money saved up, think about how you will feel when you look at your account and see money in there piling up gradually.

I bet you will feel great, happy and safe.

Right?

This particular section should be a complete post on its own. And I will try to do that. But I just couldn’t resist telling you a little about the psychology of having money.

Money gives you options and it helps you deal with problems more easily than when you don’t have money.

Can you tell us a time when you were in a bind and wished you had some money saved up in the comment section?

Those that tell you money isn’t everything usually don’t have any.

How about those that tell you that money won’t buy you happiness?

I mean, I don’t know about you but I would rather cry in a Ferrari than in a bus.

How about you?

Look, having money gives you an awesome feeling and don’t let anyone guilt you into thinking you don’t need money.

via GIPHY

Even the Bible said it, “money answereth all things”.

If the bible says that, who the hell is that person telling you otherwise?

Resources to help you save more money

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.

  1. The Compound Effect by Darren Hardy
  2. Total Money Makeover by Dave Ramsey
  3. I Will Teach You to Be Rich by Ramit Sethi
  4. Master Your Money (Super Bundle)

I have read these books; and I believe in them because they have helped me in my financial journey and I think they’ll help you too.

Conclusion: How to Save Money

The 10 things listed above are just some of the ways you can save money.

There are many ways you can save money, you just have to be creative about it.

How have you tried to save money recently? Let us know in the comment section.

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.

  1. The Compound Effect by Darren Hardy
  2. Total Money Makeover by Dave Ramsey
  3. I Will Teach You to Be Rich by Ramit Sethi
  4. Master Your Money (Super Bundle)
  5. Need an extra $2,500? Get loans up to $5000
  6. Are you in debt? Get free debt consultation and find a solution to your debt
  7. Unshakable: Your financial freedom blueprint
  8. The New Money Masters
  9. 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.

Categories: Save Money

0 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.