Money saving tips

 

Hello! I hope you are doing well! In this post I am going to tell you how I managed to save some money. I know that's not a lot of money for some people, but considering that the average Millennial invests about 7.5 percent of their total income, I think this is a step in the right direction and I want to share with you some tips and tricks and some strategies that I have used to save more money because I know that it can be very difficult to actually save money - thinking about it can be easy, but actually doing it and seeing the money accumulate in your account can be much more difficult - easier said than done. Making money so they are happier or just have more freedom and ability to spend the money the way they want to spend it. So let us jump into this post. 

 There are three first things that we need to do before we even think about saving money, and the first one is we need to set general goals to understand where we want to be in 12 months, in 5 years, and in 20 years. Do you want to be a millionaire, or do you just want to have enough money to pay for that family holiday, or do you just want to have a nice cushion of cash or investments so that you do not have to struggle to pay your bills? So decide where you want to be, do you want to be a billionaire or do you not want to set your goals that high, because it's important to know that, so you can plan for the future and know how seriously you need to take saving to achieve those goals. The second step is really important too in order to achieve financial success and save money effectively, and that is by creating a very simple personal budget, a monthly budget. You can create your own budget using Microsoft Excel or you can take a pen and a piece of paper and just start creating a budget. If you do not measure and calculate your money inflows and outflows, you'll have a lot of problems saving money. If  you do not know how much money you spend on groceries and how much you spend on all the other expenses in your life- it can really pile up and overwhelm you, so you should get ahead of it and create a budget. A lot of people neglect this step and do not do it because they are just too lazy or feel like they do not have to. But I'll tell you, if you are trying to save as much money as possible, I have managed to save almost nothing and save a lot more money by creating a budget. The third step is to set more specific goals. Set short-term goals where you can say, "You know, if I look at my budget that I just calculated here, I want to save 50 a month or maybe 100 a month, whatever you can afford, maybe a thousand dollars a month or maybe ten thousand dollars a month, it depends on your income, and that's totally understandable. maybe start with small amounts and expand them over time as you get more experienced with budgeting and making smart financial decisions, but figure out where you can meet the monthly and annual savings goals with your budget. There are really five different, I would say, essential needs that people have. The first is food, then we have housing, then we have transportation, clothing and health. Those are really the five that we will go into in a minute, but really one of the biggest keys to saving money for yourself regardless of anything else. Regardless of all the other ideas that people have mentioned in the past, the most effective one for me has been implementing this super simple but very effective strategy, and that's setting up automatic withdrawals at my bank. 

You see, what I have set up now is I have money going into a master account, but I do not actually use it. It's kind of a shell account, because after that money comes in, my income goes into that one account and then it's distributed through automatic withdrawals to various other accounts, uh, so automatically 30 of my income goes directly into investments, uh, and savings accounts, so 30 goes there.

Health care costs, other expenses that you might have, that's the other 70 percent, and you can decide for yourself if you want to automatically withdraw 10 or 20 or more from your budget that you calculated beforehand, whatever you can afford personally, then you can decide how much you can do, but I am telling you this is incredibly important, because you should set up these automatic withdrawals on the day that you get your paycheck, so that the day that money is transferred into your account, you automatically withdraw 30 of it, or whatever percentage you can afford, and the withdrawals automatically go into savings accounts or investment accounts or whatever your heart desires, and then you are left with a certain percentage that you can live on. I do not want to say you are fooling yourself into thinking you have a certain income, but the way I do it is I tell myself, you know what, I do not make x amount of dollars, I only make I only make 70 of them and I tell myself I have to live on that and I do not take into account the other 30 percent. That's a great way to really save money and in many cases it's hard to go wrong with that strategy. The reason is that food is one of the most valuable commodities you can think of. I mean, if you spend 20 euros on a meal, you eat the meal and there is nothing left on your plate and there is no value left. You could have just eaten the 20 because that's the effect it has on your wallet. So it can be really effective to cut down on food costs. There are several ways to do this. Stop eating out so often, cook your own food, and also consider buying products that are not name brand products, but rather store brand products. or more, depending on how much you are spending on food right now, but I love being able to save on food without depriving yourself of nutrients. Make sure you are feeding your body good nutrition, and that is very important. one of the best ways to cut the cost of your apartment or house in half is to get a roommate or rent out a room in your house through airbnb to literally cut the cost of living in half for yourself there are other ways too, if you are not interested in getting a roommate or if you already have a roommate you could consider saving on utilities, for example wifi or electricity.fi or for electricity there are ways to cut those costs. Most people think there is only one electricity provider or one Wi-Fi provider.Most people think there is only one electricity provider or one Wi-Fi provider, but in reality you could look at different companies that offer similar products and store around. Just because you have been using the same provider for 10 years does not mean you should not look for a different one, because that happens, and it happens with other utilities, for example, waste management companies, for example, raise prices over time without people really noticing until you look around and say, wait a minute, this bill is three times what the competition is charging, so switch to the competition. to use your money as effectively as possible. Number three is traffic. Again, it's hard to avoid, but the Bureau of Labor Statistics estimates that the average cost of operating and owning a vehicle is about nine thousand dollars a year, but the cost of owning and operating a vehicle is very expensive, especially if you drive a lot of miles in it. People do not always consider that You pay for car insurance You pay for vehicle expenses You pay for gas You pay for all the different problems that can come up with the vehicle. You need new tires, you need to have it inspected, you need a new alternator, and that costs a lot of money. So if you live in a city or even a suburb where there's public transportation or even Uber, you should think about whether it's really worth it for you to own a vehicle and how much you use the vehicle versus public transportation. these numbers i strongly recommend you do because cars are a money pit they are hard to avoid especially if you live in rural areas like me it is hard not to have a vehicle i did for a while but eventually had to get a vehicle but look if you can cut down on these it will help you a lot now there are two more here that are very important clothing this is one that is very easy to cut down the best way to cut down the cost of clothing What i have found is to unsubscribe from all the different emails from clothing vendors. They offer you sales and discounts, and that's it. Email marketers are paid to do something they are very good at, and they are very effective at it. That's why they are still making money and sending these emails because they are effective. See, when you get these emails that say, "40 off at this clothing store So I unsubscribed from all these different email providers and emails so that I would not be tempted to buy something just because I got an email about a special sale on something that I did not really need or want but then bought, so I unsubscribed from those emails. If you are really in a situation where you need to start saving more money, if you are on a tight budget, I would consider going to a thrift store or Goodwill or the Salvation Army because there's no shame in that. I have done that in the past and I think it's really effective and helpful to society because I feel like people are very wasteful. But in thrift stores you can recycle clothes and it's also a lot cheaper, so you should consider that too if you are on a tight budget. If not, then maybe you do not have to worry about that, but another item on that list is health and health is incredibly important. because they are not eating healthy and they are adding toxins to their body and because they are not exercising. That's costing them a lot of money, maybe not now, but believe me, if you treat your body like crap now and 20 years from now, you are going to have a lot of medical problems 20 years from now, so make sure you address that and consider that for the future. because without your body you probably would not be alive, no you definitely would not be alive.

So  that's was for today's post, hopefully I was able to give you some ideas on how to save some money. Please write in the comment section your personal financial tips or any other thought.

xo