Savvy Finance Tips: How to live well with Low-Middle income?
Saving money is not easy but it is an integral part of everyone’s life. Without money, there isn’t much you can do. Therefore, it is essential for everyone to save money if they want to survive.
Money tends to have a way of escaping our pockets. However, with the given savvy finance tips in mind, you can easily save money and live a peaceful life.
#1 - Be realistic!
One of the main things to note for everyone is to be realistic when it comes to saving money. Time spent developing a budget is a time very well spent. A common error that people make when they are planning their budgets is to set unrealistic dollar amounts- for instance, if they are looking to save $200 from a $300 pay, it is pretty much unattainable. Therefore, it is essential to be realistic when it comes to saving money. Setting proper targets will allow you to actually save money.
#2 - Think before you act!
It is also important to make wise buying decisions. It is very important for people to make certain decisions based upon thinking therefore, it is essential for people to think before they act. It is not wise to over extend thinking before one acts as well. Rather than going berserk about spending money instantly on something you like, it is better to plan out your options well and then make a fair decision.
#3 - Set a fund elsewhere!
Another important saving tip is to set a fund elsewhere. Money escapes your pocket sooner than later and it is therefore very crucial for setting a fund somewhere else. Don’t just have one account rather have another account to set a fund somewhere else that you can tap into when necessary.
#4 - Eat well for less!
One of the major things we tend to spend our money on is eating. Therefore, eating out takes up most of our budget and is something that should be avoided at all costs. Instead of spending major chunks of money on bigger restaurants, it is important to eat well for less. Eating out at restaurants take up a huge toll on your income and therefore, there are many ways to reduce food costs. You can use various websites such as Tripadvisor and others to get discount coupons on various eateries or discount coupons. You can even visit local markets and buy and cook your own food- there are many hotel rooms that are equipped with fridges and microwaves so you can prepare a simple meal yourself.
#5 - Save money on entertainment!
On the other hand, you can even save money on entertainment. There are many options available that can help you reduce time on entertainment. There are museums etc. that let you visit for free. You can easily buy tickets on the last minute to save money up. The idea is to save money and that can easily be done by saving money on things you tend to spend most of your money on such as food and entertainment.
#6 - Don’t use credit cards often!
Another important thing that you have to do is to remove your credit cards numbers from your online accounts. It is very easy to spend online when you have your card information stored in an account- just go, click and buy. The best way to break the habit of removing your credit cards is to delete your cards from the account- it is as simple as that. Credit cards take up a huge portion of your spending and therefore, it is important to note use credit cards. You are more likely to spend a lot of money and go for high spending when you are using credit cards than when you are not.
#7 - Use loyalty cards!
People are using their loyalty cards less but using a supermarket loyalty schedule can save you a lot of money on your weekly shop. There are many supermarkets that offer loyalty cards that can help you save money on your weekly purchases. Therefore, you should try to use these loyalty cards for every item you purchase in a store.
#8 - Avoid spending money on addictions!
There are certain bad habits that must be avoided if you want to save money. These include smoking and spending on alcohol. Avoid spending too much money on these addictions. These addictions are not just hazardous for your life but they are also good for your health. Try to save your wallet the trouble of going through these addictions by avoiding spending too much on them in the first place. Don’t smoke, don’t drink too much, don’t do addictive drugs and if you need any help, try to come up with something that helps you overcome the addiction.
#9 - Spend on luxuries that last!
Last but not the least, you should try to spend on luxurious that last. Saving money isn’t all about living hard and lean. When you have paid off all the debt, establish an emergency fund and spend money on smart purchases that pay off in the long term. It is good to spend money on things that last therefore, go for healthy luxuries.
#10 - Consolidate debt to save money!
When done in the right manner, debt consolidation is one of the easiest ways to save money. The trouble is that there are a lot of sharks there that can take people’s money and it can be really difficult.
#11 - Create a retirement account early!
During the years when you are healthy and energetic, you should try to save up for retirement even when you think it is not necessary. By the time you get older, you will realize how much it is important to save money for retirement. Every person’s situation is different so it is important to save for retirement irrespective of what the circumstance might be.
Conclusion: Saving money is one of the key ingredients of a successful life and you can easily save money if you are a bit harder on yourself and are mindful of a certain things, some of which are mentioned above.
Made by Marina Kingston
