My saving money journey

One of the things I have been trying to do lately is to have  better control of my money, and spend a lot less. I have also been trying to save money too, to have that bit extra for when I need it. Here are a few of the things I have discovered along the way.

 

It is stressful to be forever worrying about saving enough money for various needs in life. This constant worry can be alleviated by taking control of our spending habits which in turn means more money saved. There are a number of surprisingly easy ways that can ensure some cash is easily tucked away in your bank account.

 

One great way is using coupons and vouchers to save money on things you need to buy. You can get these for many of the big stores that have online shops, even including Amazon. One great place to find coupons is PrimaVouchers.com. You might want to check it out.

One of the easiest ways to save money is ensuring that you reduce the chance of handling it yourself. This means making arrangements with the bank so that a portion of your salary check is credited your savings account or a retirement package. This automatic saving arrangement saves you the trouble and effort of deciding how much money to save per month from your salary or earnings. If your are self-employed you can decide how much you will deposit each month, and ensure you have the discipline to stick to this. When saving it is advisable to start saving as early as possible to take advantage of compound interest. Small amounts can accumulate to healthy funds as time passes. Later on you can start –cautiously- investing some savings in the stock market.

Keeping a budget is also critical as you try to save money. This involves budgeting your income at the start of each month. You can then assign a portion of your income to all the large expenses ahead of time-which helps avoid money wastage. Each paycheck, as soon as you get it, will then be assigned according to the budget. Related to this is recording of expenses. Tracking of monthly expenses will help identify problematic areas and adjustments required in order to conform to the budget. Expense tracking should include both the large and small expenses. This can be done using notebooks and/or easily available expense tracking apps.It is also prudent to save every receipt to enhance expense tracking.

Tracking expenses will help you eliminate luxurious items from the budget. It is quite easy to do without items such as gas-guzzling motor vehicles or even cable TV television. Other prudent steps include buying clothing from thrift shops, selling unused electronic gadgets and unsubscribing from optional internet plans and television packages.

Housing expenses is one of the largest items in most people’s budgets. Tips for reducing this expense include negotiating with your landlord, mortgage refinancing (if you are paying a mortgage) and moving to cheaper areas.

Food expenses also take a large chunk of most peoples’ budgets. Buying food in bulk is generally less costly than making small purchases. You can consider joining warehouse retailers that sell in bulk. In addition buying nutritious foods is cheaper.for instance, brown rice-bought at the local grocery- is cheaper than canned or processed foods .There are also stores that offer discounts and coupons.You should take advantage of such offers.

Other expense-reducing solutions include cutting down on energy costs. This includes switching off the heat, air-conditioner and lights when not in use. you can also consider installing and using solar energy panels for uses such as water heating.

Another way to save money is reducing travel expenses. This may mean walking or using public transport instead of driving. Carpooling has also gained popularity as a way of reducing costs and saving money.

Leisure activities can also be managed to cut costs and save money. Instead of buying video games and movies, you can read books or play board games and go hiking with friends.

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My saving money journey