By Matata Mercy
The skill of saving some money is very important in this day and age. Almost each and everyone should actually learn how to save money that can help them solve problems when uncertainities actually arise.
This time of the pandemic has affected very many people financially and most especially people who were not saving part of their income really were struggling during this time.
Today, i would like to share with you some of the tips that can help you to save money for the rainy day.
1. Endevour to pay yourself first
If you are going to be financially stable, then one thing that you should do is to ensure that you pay yourself first.
This simply means that when you get hold of your monthly income, save part of that income first before you even dream of using it.
Do not save what is left of your income but instead save first before you start spending and buying things.
You could decide to set up some automatic bank transfers from your bank account into your savings account.
2. Spend less and save more
One way in which you can be able to save is to ensure that you spend less than you earn.
You could reduce your spending by avoiding expensive hair saloons or avoiding that daily premium coffee or even the brand new clothing which are at very high retail prices.
After saving that amount of money, do not put those saving back into your pocket or into your wallet but instead you can use those savings to pay off your debt that day or simply just transfer those savings into your bank account.
3. Lose some habits so that you can gain some savings
You can be able to save a lot of money if you are able to kick out some of the habits that have been making you to spend alot of money.
Some habits like alcoholism will make you spend alot of money since you will most likely be spending money each and everyday on buying alcohol or if you are a smoker, you will be spending lots of money buying packets of cigarettes each and everyday.
How much money could you save, if you just stopped these habits.
I bet it would be alot of money.
You can redirect these savings to help pay off your debts or you can use these savings to start a new investement that could in the long run generate for you more money.
4. Get creative so that you can be able to earn more money
If you would like to improve your savings, then you should also figure out away in which you can be able to earn more money.
One way in which you can be able to earn more money is by selling off the things that you currently do not need.
Selling off those designer shoes and clothes that you nolonger wear will most likely earn you more money into your pocket.
You could also take up a part time job where you can be able to earn more money on the side.
This will enable you to save more since you will have more money to spare and put into your savings account.
Saving money is possible, i urge you to begin with the smallest step that you can-just start by saving that penny.
The skill of saving some money is very important in this day and age. Almost each and everyone should actually learn how to save money that can help them solve problems when uncertainities actually arise.
This time of the pandemic has affected very many people financially and most especially people who were not saving part of their income really were struggling during this time.
Today, i would like to share with you some of the tips that can help you to save money for the rainy day.
1. Endevour to pay yourself first
If you are going to be financially stable, then one thing that you should do is to ensure that you pay yourself first.
This simply means that when you get hold of your monthly income, save part of that income first before you even dream of using it.
Do not save what is left of your income but instead save first before you start spending and buying things.
You could decide to set up some automatic bank transfers from your bank account into your savings account.
2. Spend less and save more
One way in which you can be able to save is to ensure that you spend less than you earn.
You could reduce your spending by avoiding expensive hair saloons or avoiding that daily premium coffee or even the brand new clothing which are at very high retail prices.
After saving that amount of money, do not put those saving back into your pocket or into your wallet but instead you can use those savings to pay off your debt that day or simply just transfer those savings into your bank account.
3. Lose some habits so that you can gain some savings
You can be able to save a lot of money if you are able to kick out some of the habits that have been making you to spend alot of money.
Some habits like alcoholism will make you spend alot of money since you will most likely be spending money each and everyday on buying alcohol or if you are a smoker, you will be spending lots of money buying packets of cigarettes each and everyday.
How much money could you save, if you just stopped these habits.
I bet it would be alot of money.
You can redirect these savings to help pay off your debts or you can use these savings to start a new investement that could in the long run generate for you more money.
4. Get creative so that you can be able to earn more money
If you would like to improve your savings, then you should also figure out away in which you can be able to earn more money.
One way in which you can be able to earn more money is by selling off the things that you currently do not need.
Selling off those designer shoes and clothes that you nolonger wear will most likely earn you more money into your pocket.
You could also take up a part time job where you can be able to earn more money on the side.
This will enable you to save more since you will have more money to spare and put into your savings account.
Saving money is possible, i urge you to begin with the smallest step that you can-just start by saving that penny.
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