Last Updated on Mar 26, 2020 by James W
Saving money is a great way to invest, buy something you always wanted or simply put some cash away for a rainy day. However, saving is one of the biggest challenges that many people face when it comes to dealing with their finances. Saving is a commitment that requires a lot of discipline. If you are living from paycheck to paycheck and are always spending every last penny that you have, it is quite difficult to grow financially.
The following are some great ways to save if you are up for the challenge:
If you do not have a monthly budget then you are doing it wrong. Creating a monthly budget with all your incomes and expenditures shows you just how much money you need to use and how much you are currently wasting on unnecessary things. When creating a budget, be realistic, put your essential needs first and be very detailed. Whatever remains after deducting the essential expenditures from your salary is what you should be saving.
- Open a savings account
Using your current account to store your savings is the worst idea ever because you can end up using that money at any time. You should open a savings account with a fixed deposit and withdrawal schedule that prevents you from spending that money carelessly. You can create a deposit schedule that deducts the deposit amount from your current account at the end of every month when your salary checks in. This way, you pay yourself first before spending the money.
- Find new ways to save more money
The great thing about saving is once you start, it changes your mind frame and you will start challenging yourself to find new ways to save money. You can get rid of those monthly subscriptions for magazines that you never read, cut down on dining out, going green to save on utility bills and getting rid of high interest rate credit cards. You might be pleasantly surprised that you can achieve much more than you set out to.
- Track your spending
You will never know how much you have wasted until you track your spending. You should keep all the receipts of every purchase you make and do a daily recall of all the money you spent during the day. This will help you make a better budget for the next month since you know how much you need and how much you do not.
Leasing a vehicle can save you from all the trouble of buying a new one. If you like to change cars frequently, then leasequit is the best option for you. If you buy a new car, it is a guarantee that you will sell it at a lower value that the buying price after you have used it and this beats the purpose of saving. Use leasequit to find short term leases so you do not have to make extra losses selling a used car. You can also use leasequit to get out of the lease early if you cannot afford the payments anymore or do not need the vehicle.
Donnie Monty is a financial advisor and vehicle enthusiast who loved trying out new vehicles in the market. You can read more about getting short-term leases on vehicles at https://www.leasequit.com/.