Many people earn money but do not know how to save them. Due to which they remain immersed in the thought of how to save money. Saving money every month is easy if you follow a few simple tips: here are nine ways to save money.
Financial stability is a bit everyone’s dream; especially people who struggle to make ends meet. Although saving money every month may seem like an impossible feat, a little forethought is enough to succeed in the venture and put aside a small nest egg to touch only in an emergency. Here are some excellent tips on how to save money every month.
- Check your expenses
Keep all the receipts of what you purchased, then, at the end of the month, print the bank statement of your current account or credit card and divide the expenses by categories. After that, calculator in hand, start doing the math, look at how much you spent and evaluate if the costs you made were all necessary. This work is even more useful if you can do it for several consecutive months.
- Eliminate unnecessary expenses
Sometimes we spend money driven by a momentary impulse, which leads us to do unnecessary shopping. After carefully sifting through all the expense items, find out which ones you could do without and eliminate them.
- Draw up a plan and budget for each expense item
Now that you know in detail how much you spend each month, and what the extra expenses are, you can draw up a detailed plan of the costs to be faced during the month and set a budget for each expenditure item. It is easier to save money if you have a predetermined budget that cannot exceed.
- Be careful where you pick up
When we receive the contract for the ATM (which you should always read carefully) the commissions that are paid when you withdraw at the branches of other institutions specified on it. Avoid paying them; the best solution is to try to remove as often as possible from your bank’s counter.
- Watch out for commissions
If you are used to using your credit card, you should check your bank statement and check how much you spend on commissions. In some cases, they can be quite expensive. If you find that you are spending too much money on commissions, you can ask the finance company that issued the card for more favourable conditions, or you can choose to pay more often with the ATM, which has much fewer costs.
- Re-evaluate your contracts
Electricity, gas, telephone, insurance. Are you sure you have entered into contracts with the best quality/price ratio? If you need to save some money, review all these items of expense and, if you find you pay too much for a service, try to find a company that offers it to you at a cheaper price (without, of course, renouncing quality and guarantees).
- Learn how to save money
Saving on weekly shopping may seem like an impossible task; instead, it is quite easy if you prepare a list of things to buy in advance and be careful of offers in supermarkets. Furthermore, it is good never to purchase everything in one shop, but to differentiate the purchases: some products cost less in one shop than another.
Therefore it can be more convenient, for example, to buy meat in a shop and fruit and vegetables in another.
- Set aside the amount you intend to save immediately
A mistake many people make is to wait for the end of the month to put aside the money they intend to save. In reality, the best thing to do is to draw up the expense plan, including within it an item regarding savings, and immediately set aside the amount that you intend to save. In this way, there is no risk of giving in to the temptation to spend all that is available.
- Make your savings automatic
Another way to be sure of saving something every month is to take out an insurance policy, or a pension fund, through your bank and schedule the automatic monthly withdrawal of a certain amount, so saving money every month will be more tranquil!