Saving money is currently a necessity for many people as the economy shows signs of difficulty. However, saving money is not easy for everyone. Many people struggle with cutting expenses and find saving money to be challenging. Here are three tips from responsible individuals:
We need to create a clear saving plan
To save money, you need to create a plan and stick to it. For example, you can calculate your monthly income and set a goal to save 10-20% of it as a monthly fixed deposit to build up your savings. You should prioritize putting this amount into your savings before spending the rest on other expenses.
By following this approach, you will ensure that you have consistent savings. If you spend first and then save, you are more likely to fall short and your saving plan may be easily disrupted.
In addition to determining how much you need to save, you should have a plan for cutting other expenses to combat inflation and maintain additional surplus, such as:
– Cooking at home instead of dining out to save money each month
– If you have financial knowledge, you can consider investing in financial management to increase the return on your savings. However, this activity carries risks, so you need to be confident in your own experience.
Be proactive by seeking additional work
Aside from saving money, during difficult times, you should seek additional work. Nowadays, many people are engaged in online selling, and the e-commerce industry is booming. Therefore, you can also participate in these activities to generate additional income. Producing online sales videos is also a great way to create additional income for yourself.
Alternatively, based on your field, you can find additional work to ensure an increase in income.
Encourage your friends to make joint purchases and limit online shopping
Online shopping often leads to excessive shopping, which can disrupt your saving plan.
Therefore, actively work and refrain from browsing e-commerce information. This will help you reduce unnecessary spending.
Maintaining a lazy attitude towards shopping can also help limit excessive and unreasonable expenses.
Pooling resources with friends to make joint purchases will also help you save on shipping fees, enjoy discounts, and purchase goods directly from the source.
Reduce visits to shopping malls and supermarkets on weekends
Even if you have no intention of buying anything, visiting shopping malls or supermarkets often leads to unnecessary spending. Sometimes, you end up buying things that are inconvenient or even harmful to you, such as fast food, soft drinks, snacks, etc. These items not only contribute to weight gain, but also drain a significant amount of money from your wallet.
Therefore, plan your trips to supermarkets and shopping malls. You will notice a significant reduction in unnecessary expenses.
Use cash more often
Spending cash makes you think twice and feel more regretful. When you spend money from your account without seeing physical cash, it is easier to overspend. However, when you directly withdraw cash to make a purchase, you feel the impact on your wallet and are less likely to continue spending.
2024 is a year in which many people set savings goals. Therefore, apply these tips and you will see a change in your personal spending habits. By the end of the year, you will certainly have surplus.
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