Save Me: Tips On Effectively Saving Money

Considering the state of the economy nowadays, it is not that easy to save money. You have to budget your monthly salary to pay for the bills and purchase basic household needs. But what if you come across an emergency? With your budget already stretched thin, where are you going to get funds for such a situation? Listed below are doable and stress-free tips to save money:

  • Be debt-free – It would be very challenging for you to move forward if you need to settle multiple debts. If you do have multiple debts, there are financial institutions that consolidate debts. Look for the one nearest you, and inquire. This way, it is easier to pay technically one debt than pay debts all over the place.  Try to pay sooner, as this will give you a lower interest rate.

 

  • Set a specific amount for your savings and a corresponding timeframe – This will be suited for both long and short-term goals. You need to know your target amount of savings and how much time you need to save that much. Remember that the amount depends on how much you get from your paycheck or from your business earnings (if you have one). One tip to make it easier for you to reach your goals: set aside a specific amount for your savings on a daily, weekly, and/or monthly basis.

 

  • Get organized – List down all your expenses. Categorize all of your payments: rent, gas, food, utilities, etc. This way, you can have more control over your spending. Do not leave out “petty” amounts, such as an occasional pizza treat for your friends. Make your list as detailed as possible.

 

  • Ask for rate reduction – For a lot of people, it’s hard to stop using credit cards. With that said, instead of NOT using credit cards, you can just call your credit card provider and ask for a lower rate. Banks never run out of promotional rates, especially for their long-time customers.

 

  • Establish consistency – To successfully save up, you need discipline. Never assume that because you were able to save for a particular item, you have proven that you can save anytime. The answer is NO. Being consistent and diligent are the keys to saving money. Read financial blogs if you’re having a difficult time saving. You can also enlist the help of someone close to you to keep you in check.

Every penny saved is worth it, especially if you are able to shell out money for emergencies. You will be amazed once you see your bank account sky-rocket from zero. If you mess up the first time, don’t be too hard on yourself. You can try again until you perfect the way of saving money. With perseverance, you will never have to suffer from financial difficulty again.

About the Author: Elston Marcelo is a Marketing Consultant

Follow him at twitter @SamariaKurt

 

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