8 TIPS TO SAVING YOUR MONEY

What do you think about when you hear the term saving? Many people find it difficult to start saving. I will share some tips for saving, see below.

1.      RECORD YOUR EXPENSES 

The first step to start saving is to record your needs. Record all your expenses in one week or one month. This includes mandatory fees such as food or other personal needs.

2.      MAKE A BUDGET

Once you have a record of what you spend in a month, you can start managing your recorded expenses into a workable budget. Your budget must explain how your expenses are in line with your income, so you can plan expenses and limit excessive spending. Apart from your monthly expenses, be sure to take into account expenses that occur regularly but not every month, such as car / motorcycle maintenance or sudden needs.

3.      PLANT TO SAVING MONEY

Try to reduce unnecessary expenses such as holidays or eating in expensive places. Tips consider the money you put into routine expenses, similar to shopping, to strengthen good saving habits.

4.      CHOOSE SOMETHING TO SAVE FOR

One of the best ways to save money is to set goals. Start by thinking about what you might want to achieve with your savings. Maybe you will get married, plan a vacation, or save for retirement. Then find out how much money you need and how long you might have to save it.

5.      DECIDE ON YOUR PRIORITY

Learn how to prioritize your savings goals so that you have a clear idea of ​​where to start saving. For example, if you know you will need to replace your car in the near future, you can start setting aside money for cars now.

6.      PICK THE RIGHT TOOLS

If you save for the long term or in large quantities, use the bank of your choice. You don't have to choose only one bank. Look carefully at all your options and consider things like minimum balance, fees, and interest rates so you can choose a mix that will help you save the best for your goals.

7.      MAKE SAVING AUTOMATIC

Almost all banks offer automatic transfers between your checking account and your savings. You can choose when, how much and where to transfer money or even share your direct deposit so that part of each salary goes directly to your savings account. Sharing direct deposits and setting up automatic transfers is a simple way to save money because you don't need to think about it, and that usually reduces the temptation to spend money instead.

8.      WATCH YOUR SAVING GROW

Review your budget and check your progress every month. This will not only help you stick to your personal savings plan, but also help you identify and correct problems quickly. These simple ways to save can even inspire you to save more every day and reach your goals faster.

Those are some tips on how to save easily, hopefully it helps J

Source: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money

Picture: Google