Saving money is probably one of the things everyone in this world wishes for, but it ain’t that easy! We all know that. But saving is important so that we can make better utilization of our hard money, and so in this following article, we are giving you 6 fun and easy tips to save more money.
6 easy tips to save more money:
1. The best and most basic way to save money is to create a budget, if you have a budget it would help you understand your expenses better. If you better understand your income and expenses, you would slowly start to understand that there are a lot of unwanted expenses that you can cut down. Also, a budget would stop you from overspending. so making a budget is a no-brainer.
2. Cryptocurrency and NFT – This is one of the buzzing investment options out there, which has gained popularity in recent times. For those who don’t know what cryptocurrency is? It is a kind of digital currency, which is based on blockchain technology and protected through cryptography. One can basically buy and sell cryptocurrency-like stocks from apps such as Wazirx, Cryptocurrency is a very volatile investment, there are no assured returns, similar to stocks. One of the drawbacks of cryptocurrency is there is no source of passive income that comes with cryptocurrency. Also, there are scam cryptocurrencies out there that one should be aware of. But if you’re looking to diversify your portfolio then cryptocurrency can be a great option.
3. Set card limits – Also setting card limits can be one of the best things to do, if you stop yourself from overspending, then you’re saving after all. You can limit your card to 50 or 60% of their actual limit by putting a request in a bank. If you do this you won’t have to convince yourself every time to not buy a thing, you would be automatically limited by your card. This is one of the best to save yourself from overspending.
4. Use a jar to collect your changes – You can make it a habit to put all your change in a jar at the end of the day. If you do this you won’t realize it, but you would end up saving a huge amount. You can have a jar or a kind of piggy bank in which you can collect your money, but make sure that you don’t take the money out of the jar once it is deposited. So having a piggy bank would be a better option, and at the end of the year, you can deposit that money to the bank or use it to buy yourself some gifts.
5. Learn to pay yourself first – The first thing to do with your hard-earned money is to pay yourself. You can pay yourself 10% of your income per month, and make sure you don’t break this rule and in a year you would have 120% of your monthly income at your disposal. But for this to work you would require discipline, and make sure that money Is invested properly so that you can earn returns upon it.
6. Automate transfer system – It is a process, where a certain amount is deducted from your bank account, automatically on a given date. If you do this you can automatically transfer 20% of your income to some investment plan such as a mutual fund. If you do this your money would be invested before you even realize it. You can set this date to one which falls 2-3 days after you usually receive your salary. Once you’re done with saving you can spend it on your needs and wants, but make sure that saving is your priority.
Conclusion – We have in this article discussed some easy ways that can help you with saving more money, You can adapt this method in your day-to-day life. But make sure once you start saving you invest this money in a proper place because investing and growing your money is as important as saving it in the first place.