The latest savings tips everybody ought to know about – Essential guide to riches

How to get rich by saving
How to get rich by saving

With the festive period fast approaching, now is a good time to start clearing all your debt and start saving for the holiday. Here are some tips to keep your spending on track

Make a budget.  Your budget should list-out how your expenses for the month so that you don’t overspend. Try to get the receipt for everything you bought at the restaurant, market or personal care. At the end of the month, you will be able to figure out where your money is going into.

Choose something to save for. The best way to save is to set a goal or save for a reason. There is a huge difference between saving money for something and just saving money. There are a lot of things you can save for, perhaps your retirement, wedding, schooling or saving for a vacation.

Have short-term and Long-term savings goals. Research shows that people save better for short-term goals than long-term. Short-term saving might be for emergencies, living expenses or car servicing while long-term saving would be for your child’s education, payment for a home or retirement. It is best to start saving early for retirement don’t wait until it’s too late.

Use only the ATMs of your bank.  Using the ATMs of another financial institution might not look like so serious when they collect their small transaction fee but when you accumulate the transaction fee collected from the banks over the year then you will know it’s a serious loss on your side.

Pay all of you bills immediately.  Make sure you pay all of you bills on time to avoid late charges.

Build an emergency fund. You don’t want to be caught off guard by something. Always save money for the unexpected.

Decide on your priorities. Do not go around buying what catches your eyes. Spend on only the important thing like foodstuff for the month, transportation and stuff like that. Stick to shopping once a week, plan ahead and write a weekly menu so you can get all the ingredient needed at once.

Say no and don’t feel pressured to do what everyone else is doing. Don’t feel pressured by friends, kids or colleagues into spending money you don’t have. It’s okay to say “no” now and then!

Reduce your vices. If you smoke or drink or you’re a coffee addict, make a conscious effort to cut back. Health is wealth, right?

Make use of leftovers. When cooking, cook larger portions of your meal and place the rest in the freezer or fridge for later use. Pizzas, curries, bolognese sauce, lasagne and soup all freeze well and can also be handy lunch options.

Taking a cut lunch to work. Making and packing you lunch made from home from time to time will save you a great deal of money. Not just saving money, you’ll make healthier choices when you prepare your lunch yourself.

Designate one day a week a “no spend day.” Reserve one night a week for free family fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.

 

 

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