HOW TO START SAVING THIS 2020

Saving money may just be as hard as dieting and losing weight. Because of different temptations and distractions, we often fail to achieve our goals.

However, taking small steps is essential than not taking any step at all. The following are simple and doable tips to start saving money for future uses.

CREATE A BUDGET LIST.

First things first, the reason why we do not have any savings is because we fail to allocate a savings portion in our budgeting sessions. It does not have to be a huge slice in our circle of expenses. What’s important is that there is a savings part in it.  

KEEP TRACK OF YOUR EXPENSES.

Being aware with our cash flows is a good skill to have. We must be conscious of the money that goes in and out–make sure our expenses will never exceed our income. Otherwise, we might end up having debts to pay.

Having a planner in a form of notebook could be the simplest way to start doing this.

NEEDS OVER WANTS.

We now live in a time where we do not know anymore what are our needs and wants. This is because everything seems like an important thing to have. Let us go back to the basics and only buy things that you need in order to avoid unnecessary expenses. The best decision-making question is, “do I need this as of this moment?”.

CREATE A SAVINGS PLAN.

This could be a personal strategy and a case-to-case basis. No one knows ourselves more than us. It would be a good thing to examine our lifestyle and create a plan that is doable and achievable without compromising our daily routines.

A savings plan could be in the form of scheduled deposits (bank or not will do), or anything flexible for yourself.

DO LESS OF YOUR EXPENSIVE DAYS.

This could be one of the most difficult things to do. We all have those days of hangouts and parties. We meet with our friends or relatives, and sometimes saying no is hard for us.

Remember that everyday should be a savings day. Allocate any amount each day rather than spend it on various unnecessary things. You are not here to party, you are here to save!

There is nothing wrong with socialization. However, doing it in a regular and often manner is definitely not healthy to your pocket.

BE A WISE BUYER.

When we buy things or go shopping, let us make it a habit to examine brands and their prices. It is a matter of comparing quantity and quality that will give us a cut in our shopping list.

Remember, saving is your main goal. You can go with brands that you think have the same description as the one that is more expensive.

LIVE FOR THE PRESENT BUT SAVE FOR THE FUTURE.

This is an attitude that some finds inappropriate because of the primary reason that “we only live once” and that we must life to the fullest. It is a matter of mindset and attitude that will make our savings possible.

Nothing is wrong with purchase as long as we think of future events and be prepared for it financially. 

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