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Spending more than you earn, lack of planning and lack of financial education are some of the main reasons for not being able to save money.

Saving and managing your finances well is important not only to have financial reserves, but to improve your quality of life – including emotional life.

If you have difficulty saving money, know that you are not alone.

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Next, you’ll learn 10 tips for saving money and staying at peace!

The best money-saving tips and strategies

1. Set goals and deadlines for yourself to start working on

When it comes to your finances, it’s important to list your plans for the future and what’s most important right now.

For example, it is a fact that you will always need to pay important bills such as electricity, water and internet. Therefore, this must take priority over all other obligations.

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So, think about the financial goals you’ve set for yourself and rank them according to how long it will take you to achieve each of them:

  • Short term (1 year) – example: travel funds.
  • Medium term (5 years) – example: buying a long car.
  • Long term (10 years) – example: buy the house Now you can.

Make a monthly plan by thinking about how much money you want to spend to implement these plans.

If there is more left than expected, all the best and you can exceed the goal.

→ SEE ALSO: What Is a Millionaire? Unveiling the Path to Wealth

2. Restrict your spending

As difficult as it may seem, it is possible to have money for basic expenses and keep your account in the black, even if you set yourself a maximum spending limit.

This becomes even easier if you know your financial situation and know how to manage money.

Many people worry about saving half of their salary. But the desire to set aside 50% of your monthly income can end in frustration because in most cases it’s not feasible.

Economists and financial educators advise sticking to the 50-30-20 rule. The idea behind it is to better distribute what you get and prioritise what you should pay from it.

For this purpose, your salary is divided into three parts:

  1. 50% for essential expenses such as water, electricity, school bills, etc;
  2. 30% for non-essential expenses such as leisure, hairdresser, manicure, etc;
  3. 20% for investments to realise dreams, such as travel, car, etc.

For someone who receives US$ 1.5 thousand per month, these must be divided:

  • 50% for essential expenses such as water, electricity, school bills, etc;
  • 30% for non-essential expenses such as leisure, hairdressing, manicure, etc;
  • 20% for investments to achieve dreams, such as travel, car, etc.

For someone who receives US$1.5 thousand per month, these must be divided:

  • US$ 500 for basic accounts.
  • US$ 300 for leisure expenses.
  • US$ 1.000 for saving and investing.

But, of course, this is only the ideal case and must be adjusted to each reality.

Someone who is married and has children has different financial obligations than someone who is single and lives alone.

In fact, you can also opt for the 70-20-10 model if you have more essential expenses than non-essential ones. Every moment in life requires a new adjustment.

The important thing is to make and keep a habit of saving, even if you can’t reach the exact percentage suggested.

You can adjust it over time. It’s best to set aside this amount at the beginning of the month to avoid spending it again at the end of the month.

3. Organize your budget with tools to save money

It is very useful to use tools that help you control your budget. The best way to start is to list all your expenses, no matter how small they may seem.

Every time you spend money, you should write it down, even if it’s just on a piece of paper.

→ SEE ALSO: Dealing with a Cloned Card: Steps to Protect Your Finances

4. Refinance expensive debts

How can you save money and get out of the red? Is this your case? Want to save money to pay off debt?

You know that special checks, revolving credit cards and even personal loans have very high interest rates and result in debt that’s hard to pay off.

That’s why waiting to save to pay off old debt may not be the best path for you.

If you make this decision, you run the risk of not getting closer to your goal of saving money and getting deeper and deeper into debt because you could be drawing on an unhealthy line of credit in an emergency.

Therefore, if you already have debt and feel that you are paying too much, it is important to look for better payment terms at another institution or modality.

This way, you can save by refinancing. In this case, you’ll exchange the high-interest loan for one that has cheaper rates and a fairer final value.

The real estate secured loan and the vehicle secured loan that have the lowest interest rates.

5. Invest your money to save money

When personal finances reach a certain level, they’re ordered so that there are still funds left for investment.

In other words, the level where no debts are accumulated and you already know how to spend less than you take in.

But it’s important to learn how to invest so you don’t lose money. That’s why you need to find a guy who fits your financial profile.

Specialized companies and brokers can help you with this, or you can do your own research and take care of your own investments by studying on your own.

6. Plan your expenses

You know those predictable dates that have been marked on your calendar for a long time? For example, birthdays, Christmas, vacations, trips on the next vacation.

It’s a good idea to plan in advance how much you want to spend on each date, depending on what you get each month.

The earlier you book a hotel and buy tickets, the bigger the discount.

This way you won’t run the risk of being surprised, forgetting the date and paying more than you want to.

For this purpose, it is worthwhile to enter the respective dates together with the suggested values in a table.

7. Live with less than you earn

This tip seems obvious, but not everyone can follow it, mainly because they don’t have the same opportunities to save money.

However, try to spend less than you take in whenever possible, even if you only save a very small amount.

Once you get into a habit, it’ll be easier for you to repeat this every month and gradually have more money for your dreams. This is another strategy to know how to save money.

8. Take care of your health and retirement by saving money

Life expectancy is increasing more and more, which means that we will live a very long time.

Therefore, it is ideal to take care of your physical and mental health as early as possible.

This increases the quality of your life, avoids illnesses and high medication costs.

9. Discover the 52-week challenge and earn up to US$ 1.360 at the end of a year

Want to know how to save money in 1 year? There is a well-known chart that can be a good ally in saving money.

The strategy is to encourage the habit of saving, so that later the new saver will even be able to invest and see his money grow.

You can start saving at any time of the year. However, at the beginning of a new year, people usually feel more motivated to take on the challenge.

If you save small amounts each week, it is possible to accumulate almost US$ 1.382 after 52 weeks.

The amounts are increased week by week, which helps savers get used to planning ahead to reach the goal of saving that week’s amount.

10. Invest in permanent Financial Education to save money and develop more skills

Financial Education is not just for young people. It is an extraordinary tool for people of all ages.

It must be constant. We always have something to learn. Therefore, if you want or have difficulty saving money, invest in developing your financial skills.

→ SEE ALSO: The Power of Compound Interest: Multiplying Your Money Smartly