Saving money can sometimes be a daunting task. And making sure your savings are untouched, notwithstanding emergencies, makes it harder.
If you think saving money is limited to fighting the urge to splurge, think again. In reality, it’s more about spending wisely than spending less. Here are a few useful tips on how you can save more money.
Automate your savings. Set up an automatic transfer from your salary account to your savings account. Talk to your bank about how they can automatically transfer a percentage of your salary to your savings account. Automating your savings ensures that your money will be instantly set aside and minimizes the urge to spend it.
Don’t spend on impulse. Delay gratification. This will give you more time to think clearly about your intentions on buying an expensive item. If you don’t urgently need it, wait until you do before purchasing. If it’s something you really don’t need, walk away altogether.
Record your goals and cash flow. Set a reasonable goal and divide it into smaller goals. This way, you’ll be able to slowly follow each step. Keep a copy of your goals inside your wallet as a daily reminder. Next, compute your expenses then compare it with your salary. The next time you feel like buying something over your budget, think about how much time it will take you to earn that money.
Plan and prepare your own meals. Dining out means spending more. It may be more convenient if you whipped up your own meals instead. Plan your meals and set up a healthy diet. You can also prepare and pack your lunch. You’ll save time from long lines at the cafeteria.
Take advantage of discounts and coupons. Be the person who actually takes and uses coupons. Coupons and discounts are great, especially if you’re buying products in bulk. No discount is too small and any amount you save is a great addition to your fund.
Car pool. Instead of bringing your car to work, try carpooling with officemates. You’ll save a lot from gas, toll, and parking fee. You can divide the expenses and you’ll have company during the misery of rush hour traffic.
Save your loose change. Don’t neglect your 50-cent change on the jeepney. Added up, you never know when these loose coins will be enough to pay for your jeepney or bus ride.
What’s your technique in saving? Share your thoughts with us in the comments.