7 Personal Finance Tips That Can Help You Save Up Big
Small changes will make all the difference in helping you stash away some cash.
If the lyrics of the famous Abba song are to be believed, it's a rich man's world.
That may all be great for those of us born with a silver spoon in our mouths, but how does the rest of the world go about becoming rich? If you are a young person in your 20s or 30s in today's day and age, you probably find yourself dealing with constantly rising expenses, and struggling to budget your life, let alone being able to save.
It's true that all of us dream about having some money put aside, but the reality is that it doesn't seem to matter how much you earn, you find yourself running short of the dosh.
Well, you can make a difference to that by making just a few small changes in your daily life that transform into major savings over a period of time.
1. Order your alcohol and utilities in bulk.
This one is fun and easy to do.You can use a wholesaler and find deals that cut down on your costs tremendously. Many of your non-perishable utilities, like toilet paper or even cleaning liquids, can be much cheaper when bought by the carton. When it comes to alcohol, it might not seem like it at first, but it is definitely the cheaper option compared to buying bottles individually or ordering something when you’re out. Plus, you always have something to drink at home, so that’s a definite plus. :)
2. Take a deep breath and take a good hard look at your bank statement.
As annoying as it sounds, you need to be able to keep track of the money that’s coming in and going out. It’s easy to lose track of what you’re saving and spending when everything is done electronically. The more conscious you are of your spending habits, the more likely you will be to get on track with it. Be mindful.
3. Pick a cheat item and be sure to save on three others instead.
If you are cutting down significantly in a few areas, go ahead and let yourself order that gourmet coffee you like.The goal of saving is not to make your life stingy. When you keep track of your finances, you are able to identify exactly what you can and can’t afford. Don’t deny yourself everything because it will put you in a mindset of scarcity.
4. Plan in advance and try and stick to them.
Think of ALL the money that could be saved if you planned your life a little bit more. If you are going on a trip or even just a weekend night out, figure out where, when and how much everything will be. Making bookings in advance can help get you better prices and discounts and also help you avoid last minute stress.
5. Find the times that you can do without 'it'.
The 'it' in question can be anything, a late night delivery, a meal out, an Uber or even yet another LBD (we know you already own 20, FYI). Just take a minute to ask yourself, "Do I really need this?" Very often, we just need to fight the initial impulse to spend in order to save money.
6. Surround yourself with the right kind of friends.
If you feel financially depleted after spending time with someone, you might need to evaluate the foundation on which that friendship stands. It shouldn’t feel embarrassing to have to tell your close group of friends that you can’t afford to do something right now because you want to put your money elsewhere.Trust me, the right kind of friends always have your back.
7. Read more.
Not only is this an inexpensive hobby, it also increases your knowledge, brain function, and general life awareness. On the plus side, by reading books on personal budgeting, you can also find more ways to save money from people that have already done it.