Saving money for the future is a thought that comes to everyone's mind regardless of their age. If you are a kid, you might want to save your pocket money for your friend's birthday. If you are an adult, you might want to save money for your retirement.
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So let us look at some exciting secrets to saving money that will help you save a little more than usual.
1. A Part of Your Income Is Yours To Keep
This might seem confusing. You would have always believed everything you earn is yours. But is that true? Do you not pay rent to your landlord or the vendors for food. The money you spend to pay the people that make your life easier ultimately does not add to your wealth much. If you learn to look at your income this way, you will realize that what you earned is only the money you saved. Any money-saving expert will recommend you shift at least 20% of your income to a savings/investment account as soon as your salary comes. This will not only help you save money but also earn you interest on savings.
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2. Debt is Your Worst Enemy
It is ideal for earning money before you spend it. The idea of debt is the opposite of this concept. Unless you have an apparent reason to raise debt and plan to repay it on time and benefit from it, do not increase debt.
3. Do Not Use a Credit Card
If you are not sure that you can pay your bills before the month ends, do not use a credit card. The idea is to earn interest on savings and not pay attention to expenses. Saving money is all about controlling your spending habits, and a credit card enables you to spend money on impulsive buys with money you yet don't have.
4. Use Public Transport
Using public transport can be a great way to save money and the environment. If you care about the environment and your wallet, it is good to find the most suitable public transport as per your need and avail it as often as possible. You could also use a bicycle for shorter distances if the weather is not too harsh. A good idea to stay in shape while saving money and the environment.
5. Learn to Make a Budget
As we discussed, saving money is also about keeping your spending habits in check—what better way to do it than with a budget. A budget is a plan you make to estimate the amount of money you would ideally like to spend on different things like shopping, food, outings, etc. This way, you would know what you are spending on. Once you make a budget, you should also track your expenses to see if you are in sync with your plan.
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6. Avoid Addictions
Habits like drinking and smoking can make bigger holes in your pockets than you could have imagined. These habits are your worst enemy if you want to save money, they are also your worst enemy if you're going to live a healthy life. While I would refrain from attaching any moral issues to any such habits, it is super important to understand how much you are spending on any of these habits and rethink if it is worth it.
7. Use the 24-hour Rule
You might think you need that new music system for your car but do you need it. It is advisable to spend at least 24hrs thinking about a purchase before going ahead and making it.
8. Cook Your Meals
Eating out can be bad for your health as well as your savings plan. Learn to cook your favorite meals. Practice it often and save money at home.
9. Don't Indulge in Impulsive Buying
It is okay to crave chocolates and buy them whenever you go to the grocery store for something. Still, it is also essential to understand that if you want to save money, you will have to be focused and build the habit of avoiding impulsive buying.
10. Workout at Home
One thing that the recent lockdowns have taught us is that we do not need gyms to stay in shape as much as we thought. There are plenty of tutorials available on youtube for free that can help you find the right exercise to meet your workout goals at home—a great way to save money at home while staying in shape.
Saving money, however, is not an easy task. It is a habit that gets developed over time. You cannot just get up one day and be like, 'I'm going to save money from today.' You need to learn the tricks of the game.
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