For a consumer-oriented society, we sure do get a lot of advice on how to save money. Articles about budgeting and saving money, same-topic videos on YouTube, and even documentary-style stories on TV, all of these are used to teach us how to keep our money in the wallet. But, if it was so easy, and if these tips are so practical, why are we still unable to save money. Sure, some people have managed to do that, but the percentage is quite low. The inability to actually save money is sometimes pervasive, which begs the question; is there anything you can do to save money?
Short answer: yes. There are definitely multiple ways you can save your precious money. However, if you want to know how and what you can do, you’ll have to read the article for the long answer. But, before you actually do, make sure to look at examples of a case study in case you’re looking for excellent writing services or examples of a case study.
Practice Self-Discipline
I bet you’ve read a fair share of money-saving articles, but I would guess none of them showed self-discipline as the starting point of the money-saving adventure. Either way, everyone should know that self-discipline is the key to reducing debts and increasing the possibility of actually growing your savings. So, the first step is to practice self-discipline, and here’s how to do precisely that:
- Make a list/a plan: by making a plan or a list of things that are necessary for your everyday life, you’re helping your thoughts stay organized and on track before actually achieving a fulfilling outcome. You can also make a list of the things you wish you could buy or the places you could visit, which will furthermore keep you motivated to save money and spend it later on something meaningful.
- Become self-aware: this step is hard but more than helpful in the long run. By becoming aware of yourself, your actions and the events that trigger your money-spending sprees, there is a higher chance you’ll find an efficient way to save money. Self-awareness is the key in recognizing the mistakes you make while saving money and the key to figuring out how to keep the money in the wallet.
- Be realistic about your goals: it is essential to set your financial goals; self-discipline, as well as self-awareness, will help you stay realistic in the creation of those goals.
Change Your Lifestyle
Before even trying to save money, it is crucial to address the lifestyle you’re leading. If you’re anything like millions of other people, chances are you’re leading a financially demanding lifestyle. So, if you want to keep the money, change the way you live. Start with small things, like making your own coffee instead of buying overly expensive coffee at Starbucks. Or, instead of going out every weekend and spending money on drinks, try staying home once in a while. By taking these baby steps in your money-saving adventure, you can be sure to reach financial maturity quite fast.
According to Discover, there are some lifestyle changes you can make that will not only save you money but also make you healthier in the process:
- Get moving; try outdoors exercising or instead of taking a cab or a car, walk to your destinations.
- Ditch at least one bad habit, like cigarettes or alcohol.
- Stay in for dinner; eating out can cause serious harm for your budget. So, next time you want to eat your dinner out, stay in and cook for yourself.
- Plan your meals and eat fresh.
- Take advantage of employee health benefits for a healthy lifestyle that will save you a lot of money.
Think Ahead
This may sound tiresome, but changing your mentality into being less focused on the present and a slightly bit more on the future can do wonders for your bank account. Sure, we need to enjoy the present moments of our lives, but by thinking ahead, you can ensure to enjoy the moments of your life in the future as well.
This actually means that you need to change your mentality on saving for the future instead of earning for the present. For example, you can make the effort of putting away a single dollar every day for the future self. This may not accumulate you a fortune, but it will help you get into a mindset where your future is just as important as your present. You never know what life brings, so by thinking ahead regarding your money, you can also be prepared for any financial situation.
Start a Savings account
Business Insider is advising that now is the right time to start a savings account, even if you don’t have anything to spare. The key is to choose the right bank, to choose between a traditional account or high-yield savings, as well as to be careful about banks that charge extra fees. Once you are sure about your choices, you can start saving money quite quickly.
When starting a saving account, it is essential to make a budget you’re actually going to follow. For example, a good plan would be the 50-30-20 plan; this means that 50% of your incomes goes to basic necessities, 30% goes to other, less necessary activities and things, and finally, 20% goes directly into your savings account. You should also consider separating your savings and checking account, as well as set up automatic deposits to your savings account. However, if you find it hard to put money away in such a manner, or you simply cannot afford to put money away at all, then you should consider increasing your income. It can be hard to balance between earning and saving, but you can look for multiple ways to increase your income until you have at least saved enough money that can enable you to work less.
