Here at the trendy business, we talk a lot about getting into the habit of spending less than you make. The sooner you start more you can plan to save money.
Sometimes the hardest thing about saving money is just getting started. Here are some things you can do to boost your chances of successfully saving money.
If you also want to earn some extra income from online work and save your money read our this article: 10 ways to earn money from online jobs without investment
#1 Record your Expenses
The first step to start saving money is to figure out how much you spend Because This helps you see where you can cut back and save.
Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Your bank statement will tell you how much money is going into your bank account and how much is going out.
Then you can compare it with expenses to make sure it’s accurate — and don’t forget any. You can track and organize your expenses by many saving and budgeting t ools. For example : Smart Money App.
#2 Make a Budget
Once you know how you’re spending your money, you can set a budget. Making Budget is a heart of any money saving plan.
Your budget should show how your expenses measure up to your income so you can plan spending and stop overspending. This should include regular expenses such as home loan, electricity, insurance, transport etc.
” If you’re spending more than you earn, ask yourself what you could cut out or cut back. “
Here is an advise for you – Revisese your budget at least once a year.
#3 Set Goals for future
It is one of the best way to save money. You can set Long term or short term goals it can be very helpful to you in future. Start thinking what you might to save money for — children education, getting married, retirement, planning a trip etc.
Then figure out how much money you’ll need and how much time it take to save it. You should open saving or fixed deposit (F.D.) account in bank so that you can earn interest from your deposit and it is very useful to track your expenses also.
Review your budget and check your progress every month or week. Not only will this help in your saving, but it also helps you find and fix problems quickly.
#4 Use Coupons & Cashback to save money
Services like Amazon’s Prime Pantry and Subscribe and Save services could save you tons of money on everyday essentials. There are tons of other newer services available.
Related post : Business with Amazon to make money in low investment
If you’re a frequent online shopper, you can save a fortune with coupon-finding extensions for your browser. So most of use coupons to save money easily.
You can also earn cashback from your orders on offers. For that you would have to look regularly for offers. Must visit every shopping site before ordering any product and find the lowest price and order it. This will help you very much.
You can track offers from different platforms like telegram channels, groups, social media, apps and many more. Many companies gives additional cashback when you pay through credit cards or specific debit cards. So i advise you to find that it from your neighbour, friends, relatives etc and pay from it.
#5 Round up your transactions
Some savings accounts let you round-up your daily transactions to the nearest $1 or $5. The change then goes directly into your savings account.
For example, If you buy tea or coffee each morning and it costs $2.20 and your account is debited $3 then, 80 cents goes directly to your savings account And you can save up to $200 per year.
You’ll avoid this at the first time (80 cents) but when you see it in long term ($200) the saving is much better than you think.
#6 Some small ideas that might be helpful
Here are some small ideas that can be very helpful to you.
1. Save Electricity
One big way to save electricity is to turn off television or lights when you leave house or room even for some time. Turn off the switch after use to avoid power usage. Another good idea is to cut down the amount.
Turning off lights when you have plenty of natural sunlight can also help keep your electric bill down over time. Use solar equipment as much you can that will reduce your bills nearly zero.
2. Reduce Fuel Cost
If public transport is available in your City then use it to go to office or work place instead of driving a car. It is very cheaper as you don’t have to give extra expenses for parking space. You can buy annual transport pass to reduce it more and get away from daily payments.
If you live near anyone you work with, you might be able to get benefit of carpooling. It also provides you a company to go to work place and reduces fuel cost to 50% or more.
3. Grow your own Vegetables
If you have a yard or garden at home then plant some plants, keep them weeded and grow them up. One of the main benefit from this is you can get fresh and healthy vegetables at home. This can reduce your food cost very much.
4. Pay bills on time
Auto-payment helps you avoid late fees, and you save on envelopes and postage. If you pay late you’ll have to pay interest on it so avoid late payments. Pay bills online if possible as you can get some discount and saves your time from paper and stamp work.
5. Buy in Bulk
Always buy Items in bulk that we use a lot like soap, grocery, shampoos, detergent, etc. This can cut down your cost per usage by quite a bit and adds more savings.
That is all for today ! I hope this post will be useful for you to save money. Please comment below for queries and do not forget to give review. Subscribe us and enjoy your day !
For Further Reading :
- Best Online Earning Apps without Investment in India
- How to use Xcel Online Survey – Earn Extra Income from Home
My name is Dhruv Vagadiya. I am an Indian blogger and pursuing the computer science field in L.D. College of Engineering.
I am the CEO of thetrendybusiness.com website. I like to write and aware you about different business ideas.