19+ Ways To Save Money

Saving money is most important and best way to live life in this world. It does not matter from where you belong and what your job is, it should be part of your life to make your future better.

Saving money looks difficult but you are not alone in this race.

This only requires patience, dedication and mindfulness. Having greater awareness not just on your spending habits but also on your relationship with money can give you greater control and help you save more money.

Personal finance is one of the most important life skills to master, but it is rarely taught in schools.
When you start earning money, you're expected to know how to successfully manage your finances despite never being taught in schools. So, Every major financial decision you will make will be directly influenced by your ability to manage your spending. How you decide could impact the rest of your life.

These points will help you in your finances no matter at what stage you are in,

Steps To Follow For Saving Money :

1. Pay Yourself First

Whether it's 2$, 5$ or 100$, automate your savings by having a portion of your paycheck automatically deposited into your saving account on every pay day before paying bills. I do this every month with at least 5$, you can do this with bigger minimum value. Taking this approach will help you prioritize your saving plan.

2. Create Saving Goals

You can set some rules for saving money. I have learned a rule name S.M.A.R.T. Setting S.M.A.R.T. ( Specific, Measurable, Achievable, Relevant and Time) savings goals will allow you to plan how much you should need for your down payment of new home, bike, vacations, wedding or any big purchase.

Building an emergency fund of up to six month's worth of living expenses will help you plan for rainy day and should be your goal.

3. Track Your Income

Knowing how much money you are making is the first step in raising financial awareness. Without knowing how much money you're bringing home, it will be difficult to efficiently managing your household finances.

4. Track Your Expenses

Make a note or register or download any application to enter needs and wants, so that you can understand where your money is going. After a week or month you will understand where your money is going. In my case, i love to eat outside food everyday like burger, etc. It didn't cost much but it really hurts my money. When i realized

5. Create A Budget

Create a budget to avoid overspending so that you always have enough money for things which are important to you.

6. Practice Financial Mindfulness

Being aware of your financial habits will help you reduce financial stress and improve your relationship with money. Reflect on your progress regularly.

7. Have Multiple Savings

A great way to track your progress towards your savings is to have separate savings accounts for each goal like home, bike, weeding, retirement, etc. for easier automation.

8. Cancel Unwanted Subscriptions

Cancel your gym membership if you are not going or cancel your streaming plans if you are not using them. It will save your money and help in other expenses.

9. Downgrade Your Plans

Maybe you are using expensive plans for data, cables or stuff, you might be spending more than you consume. Downgrade your plan to save money or switch to a provider that offers a cheaper rate.

10. Make a List for Grocery

Making a list for commodities with intention would let you understand what is important what is not. With the help of grocery list you will stick your budget and won't spend more.

11. Cook Food At Home

Home made is not only healthier but also helps in saving lots of money. Outside food costs more money than home made food, i know it takes time to cook but it will save your thousands and heath.

12. Avoid Debt

Having a credit card is advantage, you should only use credit card wisely. Using credit cards irresponsibly can lead to bigger debts and can also take you to years of paying off debts.

13. Avoid Impulsive Spending

Impulsive buying can lead you to poor financial habits and can prevent you from saving goals. For any big purchase follow 20 days waiting and after this time you are still thinking then buy that stuff.

For smaller purchase, you can use 24 hours to think before buying.

14. Design No Spending Days

Challenge yourself to go one day or week or more than week without buying anything. This will not only reduce your spending, but you will also become more aware of how mindlessly you make small purchases.

15. Buy in Bulk

Some items like toothpaste, Wheat, Oil etc. is used in whole year. If you buy these items in bulk you will get huge discount and it help in reduction of expenses in that year. I recommend this rule because i do this regularly. I buy some items in bulk which will be used in my next six months.

16. Buy Used Item

Apps like Olx, and other can help you buying used items which will cost. We want that item but new will cost more so go for used items, it will save your money and solve your purpose also.

17. Sell Your Extra Stuff

We have items which we don't use now and are covering space in our houses then sell those items. This will make extra cash and extra space for other stuff.

18. Rent Your Extra Space

You can rent your extra room to make extra cash. There are app where you can list your room for rent.

19. Create Side Hustle

There are many ways to start side hustle. Like starting youtube channel, freelancing, etc. This will help in adding extra cash in your pocket.

These are steps you can follow to save money. If you like this blog comment your thoughts.
If you have any point on saving money let me know in comments.