Saving money is as important as earning it. It takes a lot of hard work to make money but just a few seconds to spend it all. But it takes a lot more effort to save money by refraining yourself from buying things.
I always stress on saving money. No one is asking you to kill your desires but you should spend what is needed. Save money so you can achieve your bigger goals. Saving money is like an investment because it keeps adding to your pile of already saved money and could come handy whenever needed.
A note to the youngsters
Many youngsters think that they have to be an adult to start saving money. But I recommend that you develop the habit of saving money right from an early age. It doesn’t matters if you are not earning, save from whatever monthly allowance you get. Maybe only 5% of it but save your money. In fact if there are parents reading this article make sure that you stress the importance of saving money to your children.
Top 5 hacks to save money:
Save a little every month
As soon as you get your monthly allowance each month or receive your salary, deduct a fixed percentage of it to add to your savings. If you are not into the habit of doing this, start with 5% and increase it slowly. Believe me it will make a huge difference.
Have a list of your monthly requirements
At the start of every month make a list of stuffs you’d really need to buy. Estimate their costs so you would know how much you will really be spending. This will help you limit yourself from buying only what is needed.
Is it your requirement, or is it your desire?
This is a very important question to ask yourself when you are out shopping. Of course it is not wrong to satisfy our desires of purchasing stuffs we really like. But one should have certain control over their desire. If you are out shopping and you liked a dress even though you don’t need one but you think your budget can handle it, purchase it. But if you feel like buying 2 or 3 more dresses because you simply can’t decide which one to really get then that is sheer waste of money.
Store your savings with a loved one
Many people find it difficult to stop themselves from using their savings. For those people I recommend that you ask a close trusted person to keep your save money with themselves. Also, give them instructions as to when they can only give the money. For instance, you can instruct your friend to only give you the money when you will have to use for your university notes but not when you want spend on a shopping trip to the mall.
Keep a bigger goal
Something I have noticed in people who don’t have a habit of saving their money is that they don’t have any big goals in their life. I just see them enjoying their moment. They sure have dreams but they haven’t really started planning as to how they would achieve them. You can motivate yourself to save money by keeping a bigger goal in life. It could be your dream of moving abroad. A dream to get your parents their dream house or becoming more independent by investing that money in a business (please be clear that with investment I don’t mean interest).
Saving money will require you to limit your purchases but in the long run it will benefit you.