To save or to spend is a decision you'd have to make. We are all aware that tomorrow is not promised hence, we cannot pretend to be blind to the fact that the future needs to be planned for.
Whether you make it into that future or not, plan for it and leave it for "life" to decide. Learning to save is easy if you understand the basic reasons why you should and what you should save for. It all comes back to how you budget your finances. Here are the top secrets that will help you save for a stress free future;
1. Say No To Overdraft
We are not suppose to spend more than we earn but this has become the trend in recent time. We see banks giving us money we don't own asking us to spend and pay later. If you care about your money, don't do this! Stay within your circle, don't live a life you can't afford. Don't accept debit cards that offer overdraft protection and this will help you reduce your expenses.
2. Have a budget
Budget is mainly an amount set aside to spend over a period of time. They're more like guidelines that help you control expenses or expenditure.
Come to think of it, why should you spend if you don't know what you're spending on! Got me? If you know what you're spending on then budget for it, write it down, and follow it accordingly.
3. Eschew impulse buying (purchase)
One other way you spend so much money is when you buy on impulse. Its good to have an eye that sees beauty but that eye could be your devil in disguise. If you don't plan to buy it before stepping out, don't buy it even when you find it cheap. Here's why! You didn't include it in your budget because it wasn't needed so why buy it? Don't do that! Save it.
4. Don't work far from home.
If your work is not close to your home, think twice. I won't ask you to stop work but you should consider what goes into it. Forget about the stress and lets talk about the cost. Even if you have your own car, what's the price of fuel? Well, the choice is yours.
5. Choose quality over quantity
Yes quality is expensive but what about quantity? Well, that's expensive too. I know what you're thinking so let me make this clear. For instance, you buy an earpiece worth $10 and you're cool because you had it cheaper than lets say a quality earpiece which costs about $15. If the quality earpiece should last for a year, the other worth $10 might not even last for 4months. Do the maths here, you'd have to buy same earpiece twice or thrice a year. So tell me, which is better! Quality or quantity?
6. Spend after you save
If you're serious about saving, then it should be your topmost priority. You should always save when you get your hands on the money. What remains after saving is yours, decide on how to spend it. The best way to abide to this principle or rule is when you see your savings as bills- you just have to pay, its a responsibility.
7. Shop online
Have you been buying online, you're doing well! Buying online reduces cost. Here's why; Things are slightly cheaper when you buy them online. You also prevent impulse buying and above all, online purchases are way too convenient.
If you're concerned about saving for the future, try these tips to save more money.