Tips to Save Money in 2019

Managing finances is a cumbersome task for a lot of people. Many don't know how best to handle their expenditures, as well as savings. Saving money is a simple process that can save you a huge chunk of money if done well. All you need is saving whatever little amounts you can spare and slowly build up on the savings. Here are a few ways to begin saving.

Live within your means

Overspending can lead to debts that will ruin your financial status within a month. Living within your means doesn't mean you should deny yourself the necessities of life. Living within your means entails buying things you need for your day-to-day activities. One way of doing this is by making a budget for your overall spending within a month, and then compare it with your salary. Once done, the next step is to cut on luxury and maintain the basic needs. The budget will also help you know your regular expenses and further help you stick to your saving plans.

Make savings a habit

A sure way of making saving a tradition in your life is to apply for automatic deductions of your savings from your monthly salary through your bank. The latter will deduct the amount and forward it to the specified accounts of your choice, be it an FDIC, certified deposit, or just saving accounts. 

Moreover, you can make your deposits go directly to making investments in securities such as mutual funds or stocks. Although the latter is subject to risks, it might be worth it once you get earnings from your initial investments. Through automatic deductions, you'll remain with the right amount of your monthly usage. Besides that, you can also make your monthly savings go directly to your savings account. Before making choices, analyze each account thoroughly.

Plan your shopping

While making your regular purchases for household items such as groceries, always stick to your list. Also, be always on the lookout for coupons. They are a great way of saving a buck or two from your shopping. Furthermore, cut on eating out and buying coffee and cookies out. Make it a tendency to cook food and eat at home.

Similarly, you can carry your lunch to work as it helps in cutting cost.

Sell things you're not using

Do you have baby cots, toys, or even clothes you don't use or your kids have outgrown? Instead of throwing them or keeping them in storage, gathering dust, use Craigslist or eBay to sell such items. Furthermore, you can organize a yard sale, decluttering your basement and storage, and at the same time, get some cash.

Trade in video games

Video games are the latest pieces of entertainment that consume a considerate amount of anyone's salary. Look for stores that accept trade in and save some few dollars when buying new games. You can also sell your old video games to friends or exchange some for new ones. Cut on your cable subscription to save some cash.

As mentioned above, there are tons of ways to save money while paying off your student loans, plus, there are great companies like Elfi that can help with student loan refinancing as well! Happy saving!

1 comment:

  1. Good tips there, Kelly. Time to kondomari my house and save more money! :D


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