They say the only way to Financial Freedom is Investment, starting with Investing in one-self. But how do you Invest if you don’t have enough? The answer is ‘Save‘, Save more to keep calm, to raise capital, to spend more.
So, lets discuss how to save more –
1. Stop using Credit Card
Debt on credit card is one of the worst to accumulate with Interest up to whooping 25%. So throw away your credit card, or if you can control yourself pay only the amount you have in your bank account with your credit card, and pay your credit card bill fully every month.
2. Sell Unnecessary TV
One not so obvious way to save, can be selling out what you don’t need, or maybe just flipping some items. You sell that extra refrigerator that you never use, or maybe that furniture that is depreciating its value, and later put the money you got into Savings.
3. Avoid Impulsive Purchases
- Don’t shop when you are hungry.
- Wait for 7 to 30 days before purchasing a luxury or an expensive item.
- Think before you make the purchase if you really need it, or you just think you need it.
- Stick to your Shopping list. (No Extra Cheese)
4. Keep your Emergency Fund Separate
Always keep your Emergency Fund in a Separate account, so that you can make sure not to mess with it, with any impulsive behavior or mistake. This is your most import savings, and is a must!
5. Use Budgeting Apps
You may like to use, budget apps like PocketGuard, Mint to help budget well your expenditure, so that you can save a little more in the end of every month! Here is a list of 7 budgeting apps that you may like to look.
6. Start Piggy banking
Well, every penny counts. In case you are really short on Saving, than Piggy Bank may not be the bad idea at all. You can also use it to develop the habit of saving in the younger ones.
7. Subscription Cancelled!
Change is permanent, and with your changing lifestyle you may no longer need that Netflix, Prime or that Music Subscription. Chances are you maybe subscribed to some services that you may not even remember. Perhaps that Gym membership or that magazine may not be required anymore. So go ahead cancel it and add that to your monthly Savings, unless you are using it!
Bonus : Automate thy Savings
yes! you need to Automate this. As they say out of sight is out of mind, every 1st of month or whenever your Income gets credited Automate a recurring deposit to another account that you can’t / won’t access for your expenses. Even if its just 10% of your Income, over time it can grow to a substantial amount which you can later Invest. Remember Save first spend later.
Also remember there is no certain specific amount that you need to need to save, it can be as little as few hundred dollars or few thousand rupees to as much as a million. It really depends on your goal, see what you desire, plan and then stick to it.
Thanks for reading. Come back for more. Have a nice weekend!