11 Money Habits that will Help you Build your Savings
Everything matters whether big or small.
Normally, many people want to save money regardless of their income, marital status, number of children, or debt to pay. However, others may find it quite challenging because of their spending habits that affect their savings.
Let me share to you some tips to consider for you to save money:
1. Money jar or Piggy Bank
This might sound ridiculous for some adults, but this is really effective when taken seriously. Every big amount starts with small. Start to collect your change from groceries or coins in your pocket.
At the end of the day, your money accumulates little by little.
2. Get a grip from your finances
Stop your “impulsive buying attitude”. Be responsible and think twice before spending on something you want to acquire.
3. Follow a budget
Have a budget plan. You can download an application from the internet or budgeting app on your phone to help you allocate and monitor your income and expenses.
4. Be alert
Be alert especially when you are using a credit card. If you spot something unusual purchase from your account, report it immediately. Don’t forget to check your bill always.
5. Save electricity and water
One way to minimize spending is to save water and electricity. Turn off the lights when not in use, do your laundry in big loads and don’t forget to check your pipes and faucets.
Take advantage of the promos and discounts being offered, look for great deals!
7. Get savvy with coupons
Make use of the coupons given by grocery stores, restaurants, and even drugstores. This is another way to save money.
You may already know those toxic behaviors that can derail your finances. But just as important as breaking bad money habits is forming good ones.
Below, CNBC Make It rounds up seven simple money habits you can adopt today that will help make 2018 a more lucrative year.
8. Invest your ‘spare change.’
One of the most effective ways to build wealth is by investing your money especially your spare change. Save all your spare money and start investing it in business or other things that can give you extra income, with this strategy you can double your income and savings.
9. Save, don’t spend, unexpected cash
Pretend that extra money, such as a bonus, birthday check or any windfall, doesn’t exist.
Get in the habit of putting any surprise cash, even if it’s just that $20 bill you found in your coat pocket, to work. Apply it to student loans, credit card debt, your emergency fund or an investment account. It’ll add up.
Plus, establishing this habit early on will help you avoid lifestyle inflation when you get more surprise cash in the form of a raise.
10. Regularly review your expenses.
To avoid overspending on recurring bills, conscious consumers know to regularly review rates on everything from loan interest to insurance policies to service plans. Keeping an eye on these expenses and making a change when lower rates are available ensures that you keep more of your hard-earned money to use toward savings goals or to pay down debts.
11. Set separate savings for emergencies
Emergencies are inherently unexpected and almost always emotionally and financially jarring. Emergency funds are a key component in the arsenal of a successful saver because they not only mitigate the financial burden of unexpected expenses, they also help reduce the stress which often accompanies them.
Saving money for future purposes is quite hard for most of the people that’s why many people who work hard to earn and save big still ended up nothing to pull in their pocket especially when they needed money for emergencies because of the daily spending habit they usually do.
So start to change your lifestyle with these simple and easy habits so that you can save big and have a financially stable life.