4 ways to save more money to achieve your goals

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I personally feel that most people are not well prepared financially. They may have a good education but they don’t really bother much about their financial knowledge. I believe that developing the right saving habits are vital to ensure that you will have cash for a rainy day and to be able to spend within your means. Habits are best started when young, and the second best time to start is right now! Here are 4 ways to start saving.  

 

piggy-bank-1595992_1920The first way is to pay yourself first. 

 

I think this is one of the best advice I’ve ever gotten on how to help my savings grow. Every time I get my salary, I always set aside a portion, about 10%, into my savings immediately. Then I look to use the rest on my bills, transport and other needs. 

I think the majority of people tend to spend first and try to save what they have left. However, at the end of the month, there is always some bills or unexpected expenses that has to be paid. This always causes most of us to save less than we want to or even worse, not save anything at all! 

But by “paying myself first” I ensure that I save every month.  

 

write-593333_1920The second way is to have a budget. 

 

All good savings plans have a budget. It is almost impossible to keep track of your spending if you don’t have a budget. Here’s what I suggest, there are 4 key areas to consider. You should set aside a portion for savings, for transport, for your meals and lastly for bills. 

This is a good way to keep track on which area you are spending the most and to see where to cut down. For example, if you are spending a lot on meals, maybe you could try to have more meals at home. Or perhaps you could look to bring your own food or eat at cheaper places. If transport costs a lot, maybe you could cycle to work if possible, or try to carpool with your colleagues. 

 

After budgeting for these 4 areas, you can spend the remainder on anything you wish. It could mainly be your own entertainment budget, where you use the money to buy whatever catches your fancy or to pay for when you go out. 

 

What I like to do is to include another area on top of the 4 key areas. I call it the “Venture” area. Basically every month I save a portion of my income into a “Venture” fund. I’ll spend the money on new ideas or skills that caught my interest or can help grow my income. For example, taking new online courses at Udemy, paying for this website or investing in the stock market.  

 

sale-1149344_1920The third habit is to buy when it’s cheap! 

 

You know whenever you’re at the supermarket or doing some shopping online. You see something you like but you might not necessarily need it urgently. Sometimes we just have to remind ourselves to wait for a sale or a discount before buying it. 

If it is something that you know will be on sale soon or there is a cheaper alternative available then it’s best to save your money. Tell yourself to wait or take the cheaper version. Oh, and remind yourself that you did a good job!

 

kermit-1651325_1920The fourth habit is to cut down on YOLOs 

 

This always happens on the Friday nights. It is especially strong when you’re out with a group of friends at 12midnight or 1ams. There seems to be a magically force that compels us to live free and go for it. Regardless of whatever the “it” is, everyone is just thinking YOLO.  

Well, I am all for YOLO. It creates memories worth remembering (not sure positive or negative memories though) and it really makes you enjoy life. But if you find that you are YOLO-ing every week and your wallet seems to be growing thinner every week than maybe it’s time to cut down on it. 

 

 

Here are 4 ways that I use to save more and control my spending. Save a little now, so you will have more later. I am sure we will all be thankful for our discipline one day. Hope you had a good time reading about it and please share with me any good methods you have! 

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