3 Tips for Saving Money

June 14, 2019
Jess

Saving money is something we all have to do at some stage if we want to buy something a little bigger, such as a car or a house or to put some money into investment bonds such as these https://bondsexpress.com/performance-bonds/. Maybe you’re wanting to start saving so that you can head away for a vacation overseas, or to visit friends and family back home. Whatever your motivation, being able to save is a great life skill that’s bound to help you in so many ways throughout your life. Here are my top 3 tips for saving money and I hope they help you reach your saving goals.
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1. Make a Plan
You’re going to need to make a budget if you don’t already have one. If you do already have a budget, then you’re going to need to have a serious look at your budget to see whether it’s realistic and working for you at this stage in your life. I find that the best way to make a plan is to track your spending over the course of a month or two to see where the majority of your money is going. You can download some Apps to your smartphone that can help you track every single cent that you spend, ensuring that you know where your main spending is so you can see what you can cut down on. Making a plan will make it easier to save each month. I personally prefer a more aggressive saving plan as I feel it helps me reach my goals faster, so I’ll set a pretty high monthly target. You will need to find what works best for you, but having a plan is definitely the first step.

2. Cut Down on Eating Out
Eating out has become a normal part of day to day life. Instead of having friends over for a meal, we’ll meet them out somewhere and easily drop $30 upwards on a meal. If you still want to meet people out, meet them out for a drink – like a coffee or a beer, instead of a full meal. Take a packed lunch to work so you’re not tempted to spend your hard earned cash on eating dinner out. I like to ask myself whether I’d rather eat a nice meal in this restaurant in my local city, or whether I’d prefer to enjoy a rich stew in Morocco or some gelato in Italy.

3. Focus on Your Work
Whether you own your own business or are currently an employee, investing more time and energy in your work can be a great way to end up with extra cash to be able to put into savings. I’m self employed, so that means my income is directly related to my effort and how much work I do on a weekly basis. Investing more time into my work means I’ll have more available cash to put away into my savings account.

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