It is not an easy task to save the money especially whose expenses are a lot, and they cannot stop spending more and more. But sometimes, the situation arises that we need to buy some necessary items, and it will be nice to have some savings.
We are going to tell you the basic three tips to save your money more quickly.
You Save In stages
It is the method to save your money in stages week by week. It would take 52 weeks or a year to save your money. In this method, you need to keep a more considerable amount next week than the amount you save in the last week.
For example, if you save $5 in the first week, then you have to save $10 in the next week. Exceed the limit of your saving by $5 every week. At the end of the year or in the last week of the year you will put $260 to save. Moreover, the total amount that you would save for a year is $6890.
This method works if you put your savings regularly without spending this money on anything. If you feel hard to put $5 then decreases this limit according to your income and start saving.
Buy And save
It is the second method to save your money. This method also keeps track of your expenses along with saving your money. In this method, you will save the money according to the expenses you make every day. Fix a percentage and save the money on a fixed percentage of your purchases of every day. You can do it month wise or days wise.
For example, you have decided to save 10% of your purchases. Moreover, in the first month, you buy a new sweater costs $30 then you have to put aside $3 for your saving. Furthermore, if on an average you spend $150 in a month then you will save $180 a year. So this way, you will also track your expenses.
It’s your own decision either you want to do it days wise or monthly. It’s your wish when you want to put money aside or when you don’t. You can also fix the percentage according to you. You can also set that either you save money considering all your purchases or only the purchases with significant amounts.
This method is easy if you have the credit card. Many banks facilitate you to save a certain amount of money from every purchase you make through your credit cards.
Turning Bad Habits Into savings
It is the third method to save your money. In this method, you will put the fixed amount of money aside for saving for every bad habit you have. Whenever you will do something bad or wrong, you have to set aside some amount of money for saving.
For example, you have the bad habit of constantly late for your job or missing your gym constantly; then you will put aside a fixed amount of money for these bad habits. As, you can set $3, $5, or $20 for these accordingly. It is in the form of a fine that you have to pay it to yourself for your bad habits.
In this way, you can also work on your bad habits along with saving your money. The most critical point of this method is that do not decrease the fixed amount that you have set initially for your bad habits.
For example, if you miss the gym twice every month and you put aside $20 every month, then you will save $240 a year.
Now it’s your choice that which of these three methods you want to choose at you feel it is the best. According to me, the second and the third method will give you other benefits along with your savings. Moreover, the first method will only save your money. Now the choice is yours.