How much do you want to save? That is the question many people ask themselves when deciding what to do with their money. If the answer is “a lot,” then you should be focusing on saving strategies.
Many people spend time trying to make more money and fail to save once they get there. This is a huge mistake. In this blog post, we will discuss many ways that will help you save money!
1. Create a monthly budget to see where you can save money.
This is an essential step in understanding your money You might find that you’re spending too much on groceries, and it’s time to try out some of the cheaper alternatives like Aldi or Trader Joe’s! Or perhaps you can stop going to Starbucks every day for coffee and instead make your own at home with an inexpensive pot. The key here is being honest about how much you are really spending so that when you go through all these steps, they will actually work for YOU.
2. Cut out the extras – don’t buy that coffee, or get rid of cable TV.
Buying a coffee every day is like spending money. It will cost you money over time. Cable TV is a luxury that many people seem to have these days, but you can save some money and still stay entertained by using free streaming services like Hulu or Netflix.
It’s also important not to shop impulsively. That $70 shirt might be the perfect style for you at the moment, but it definitely won’t make a dent in any of those bigger savings goals we talked about earlier – so don’t give into temptation just because it feels good right now.
Instead, wait until tomorrow when all that shopping excitement has died down before making another purchase! You’ll thank yourself later 😉
- Use cash instead of credit cards to avoid paying interest on purchases.
Credit cards can be tempting when it comes to shopping, but they’re a pricey way of converting your money from one form into another. Interest rates on credit cards are notoriously high – for good reason!They require the lender (the bank) to take an extra risk by lending you all this cash that could disappear if you don’t pay them back.
So because we know how important saving is, why not avoid paying any interest at all? It’s easy with credit cards: just put everything on your debit card instead so that the funds come out of your checking account immediately as soon as you buy something. Then there won’t even be anything left in your wallet for impulse buys 😉
- Get an app for your phone that tracks how much money you’re spending on food each day
Get an app for your phone that tracks how much money you’re spending each day. They’ll aggregate the amount of purchases and show a running total, so it’s easy to see where your money is going (and what an awesome feeling when you get to see those numbers go down 😉 .
- Track your spending habits over time to find patterns in what you spend money on.
Keep a record of your spending habits in order to see where you’re spending more than necessary.Does it seem like there are certain times of the month when you’re more inclined to go out and buy things? Do any purchases always happen at a specific store (or gas station, for example)?
- Canceling memberships or subscriptions if they are unnecessary can save you money.
Cancel any subscriptions or memberships that aren’t worth the cost.
If you feel like there are a number of recurring costs that just aren’t worth it, cancel them!
- Use our Monthly Budget Planner to save money virtually.
Planning your finances is essential to success. is particularly apt when it comes to saving money. Designing a budget – and deciding how and where you want your savings – is necessary for long-term financial success. This may be difficult, but the task becomes easier once a person commits themselves.
Your Revolut account gives you access to our Budget Planner. You can customize your monthly spending limit, and we will calculate a daily spending limit for you in order to help you meet your goals. We’ll also keep it real-time by updating your card balance each time you make a purchase.
- Decide on your priorities.
If you want to reach your goals, when it comes to where you allocate your savings after all of the necessary expenses (bills and basic living needs), long-term goals are going to have a greater impact on how much money is available for other investments or activities.
- THROW AWAY YOUR BUDGET…TRACK YOUR EXPENSES INSTEAD!
But tracking one’s spending is the real key to saving money.
A budget is simply a plan for how you think your money should be spent.
It doesn’t account for the unpredictable expenses that inevitably come up in life. And because of this, it can cause us to consume more than necessary and dig ourselves deeper into debt.
The better option? Track your spending so you know when an unexpected expense pops up and have enough cash on hand to cover it without going further into debt or taking out another loan (i.e., credit card). Plus, tracking our expenses will help build good habits around saving money! 🙂
- USE TECHNOLOGY TO SAVE MORE MONEY
There are a number of apps out there that can help you save money.
Here is just one app called Digit: It uses an algorithm to figure out how much you can afford to save each day without impacting other aspects of life too much (i.e., food, rent). Once they determine what this amount should be, they take care of transferring that set amount from checking into savings every couple days or weeks. The cool thing about this is that if something comes up in life like car trouble – not only will your emergency fund cover it but any extra cash sitting in your checking account will, too!
Digit is free and easy to use. You don’t need any credit card information or anything like that – they just want your checking account login credentials in order to start the process of automating savings for you on a daily basis.
Saving money is an important part of any financial plan. We’ve highlighted 10 different ways that you can save some cash in a variety of areas, including your spending habits and the subscriptions or memberships you’re paying for. Figuring out how to cut back on expenses might seem hard at first – but with these tips it’s easier than ever before! What ways to you like saving money? If this post has sparked ideas about what more could be done to help improve your finances, we’re here to help you through every step of the process. Let us know if we can help by getting started today!