Hey guys! I’m looking to share some tips on how to save more money. It doesn't take a miracle to save money, it is as simple as figuring out how to spend less than you earn. But before cutting your spending, you need to know where your money is going and this can be achieved by keeping a log of your daily, weekly and monthly expenditures so grab a notebook and start taking note. You’ll be amazed at what you spend most of your money on.
Experts advise to always have a goal in mind when you save because it keeps you focus so the next exercise is to pinpoint what you want to buy and what it will cost e.g. a new sofa or TV then set a realistic goal such as giving yourself six months to save for it. Every time the temptation arises to spend on some other thing, ask yourself whether you want or need it as much as what you're saving for.
If you are saving for a bigger purchase, such as the down payment on a house or car then it’s advisable to put chunks of your savings into certificates or fixed deposits until you have finally saved enough. This ensures that you earn some interest on your savings at maturity rather than keeping it in a regular savings account
Lastly, anytime you get an unexpected windfall e.g a tax rebate, holiday bonus, or cash gift, resist the temptation to go on a shopping spree. You weren't counting on this money so why should you be so quick to spend it? Instead use it to pay down debts, make an equity down payment for a purchase or better still increase your savings.
If you’ve ever tried to maintain a strict savings culture, you will agree that saving money takes a lot of DISCIPLINE so surround yourself with people who challenge you to save more rather than spend more.
All the best !!!!
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