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5 Quick Tips For People Who Are Struggling To Save Money

A lot of people are struggling to save up some money these days. Some of it is due to lack of financial awareness and education but some are just the fault of plain bad habits. But, no matter what the issue is, the problem is real. If the lack of saving continues well into someone’s old age, they will have nothing to fall back on when the time comes for retirement.

But once you start having financial difficulties, it never seems to end.

Rather than wallowing about it, you should start taking saving seriously with some of these tips:

 

Spend less

This is such a simple rule yet so hard to use. The concept is simple – limit your spending as much as possible. For this, you’ll need a rough cm draft of all your expenses within a month – an honest rough draft which contains all those tiny expenses which amount to what could be the start of your savings.

Account for everything – from basic bills to drunken taxi rides.

See where you could save more.

Maybe you could watch less TV or charge your phone only when necessary. Or you could turn off the lights, forget about air conditioning for a while as well as limit your showers or your shower duration.

All of this can bring you lower bills which gives you more money to spare. Once you start with this, move on to little expenses that you could live without – cook at home, make your coffee, limit drinking and try to walk or bike instead of drive.

 

Pay off and limit debts

“Pay off as much of your debt as you possibly can and build a plan to pay off the rest. If you already don’t have debts, do your best not to make any. Interest rates are high and it can only set you back. Look at tip number one to limit your expenses and thus make money to repay debts or stay away from them”, – says Catherine Moore, a personal lifestyle coach at Writinity and Researchpapersuk.

 

Budget

A crucial part of any savings attempt is a budget plan. See how much you earn and spend. Set aside money you need for essentials – rent or mortgage, bills, debt and so on. Set aside more money for food and other house essentials – make sure that they are essentials and not just something you buy for fun. The rest of the money can be split between savings and some pocket money for additional stuff that you need. If your heart is set on saving as much as possible as soon as possible, leave all the remaining money for savings.

 

Limit shopping

Shopping is a problem. Most of us just go to the nearest store to get something quickly without stopping to think if it might be cheaper somewhere else. We also never withdraw money from our credit cards before shopping – this is a mistake. If you take in your credit card, you’ll have unlimited access to all of the money and you’ll end up buying the stuff that you don’t need. However, if you take out the exact amount you need for necessities, you’ll spend only that much and nothing more.

“Find a good and cheap store for essentials – food and home supplies. Restrain from buying clothes and shoes unless you need it. If you do, find the cheapest solution. The same goes for technology and entertainment things. For a while, you’ll have to be happy with what you have”, says John Blair, a financial adviser at Draft Beyond and Last minute writing.

 

Save money

This is a bit obvious but it’s true. You need to save money. You can’t use it for anything else. Put it on a savings account and see what your bank or country has to offer when it comes to withdrawal limitations

This way the money will be safe and you’ll be restricted from getting it unless it’s a real emergency.

 

Bottom line

Saving money takes time. It’s hard and tedious and there never seems to be enough money for you to stop. However, it can be rewarding and teach you to live in a simpler, more sustainable lifestyle that will come in handy during your retirement.

 

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