EASY WAYS TO SAVE MONEY FOR THE YEAR

Are you one of those who are struggling month to month to stretch their budget, pay bills and you have no idea how to save money for the year easily and quickly?

Then you came to the right place, because here I am going to share several tips that personally have helped me a lot to save more than 60% of my monthly income.

BEFORE ANYTHING, FOCUS ON REACHING SIMPLE AND SHORT-TERM SAVINGS OBJECTIVES

There are many ways to save money, but if you have never done it before or if you are currently in a tight financial situation, I advise you instead of setting a long-term savings goal (one that your mind can feel as something difficult to achieve and therefore you will leave it aside), start with easy-to-meet savings challenges.

APPLY THE 30 DAYS RULE

If you have an important purchase in mind and your goal is to save money, it would be very smart of you to consider giving yourself 30 days of reflection. Meanwhile, find out alternatives, compare prices and above all, ask yourself if this purchase is really necessary and how you could save money if you really have to make it.

If at the end of the 30 days you have convinced yourself that this is what you really need, then buy it.

PRACTICE THE RULE OF 24 HOURS

If the purchase is urgent and you have not up to 30 days to think about it, at least this other rule applies.

Personally, I was a compulsive shopper and this is one of the techniques that has helped me the most to save money since I started living traveling and opted for a minimalist lifestyle.

It basically consists of thinking well (in this case at least for 24 hours), before making any type of purchase.

INCREASE YOUR INCOME. THIS IS ESSENTIAL!


To save money for the year increase your income. Ahhhh … yes, of course, as if it is so easy … !! It is something you will surely tell me; but I swear that if you stop thinking and instead decide to take action, multilicar your income is easier to achieve than you think.

And, although it is true that reducing our expenses is a part of the equation on how to save money quickly and easily, I assure you that, to reach the goal of achieving my financial independence, the part of increasing my income has been the most important.

From experience I can tell you that the most radical and fastest way to achieve this is to start your own business. There are dozens of business ideas and work from home that, in addition to being made with an investment of less than $ 100 dollars, you can also start them today.

In my personal case, thanks to my different websites today I have several profitable businesses, for which I have been able to multiply my income to the point of generating my old salary of 1 year, in 1 month only, while I work from the comfort of my home or from anywhere in the world.

LIKE AND USE IT AS AN OPPORTUNITY TO SAVE MONEY


Here the idea is that, for every money you spend, you save another.

For example, if you buy a McDonald’s combo that costs $ 8 dollars (instead of bringing your homemade lunch, which would cost you much less), then you should also save $ 8 dollars.

If your goal is to save money, think about it this way: if you can’t afford to save that amount of money, you shouldn’t allow yourself to spend it either.

An ordinary girl, without money, scholarships, employment proposals abroad, rich parents, or anything that could make her dream of traveling the world something easy to achieve possible … But she still did it


FREEZE YOUR CREDIT


To save money for the year freeze your credit. If you have problems controlling the use of your credit card, but do not want to get rid of it, it would be good to consider calling the bank and requesting that the credit line be frozen until further notice.

This technique can help you save money, when you’re not very good at resisting temptations.

CREATE A LIMIT FOR GIFTS


If you want to save money but you are like me and you love giving gifts, do yourself a favor and create a limit on your budget, for all the gifts you think you will give in the next 12 months.

USE YOUR CREDIT CARDS AND SAVE MONEY


But, remember to pay them in full every month!

Yes, as you read it: by using my credit cards to pay most of my expenses (90% or more), I earn a lot of miles from airplanes and hotels (which allow me to save money on travel) and also cash-back .

Basically, I have become the worst customer of a bank: they give me money for the use of my cards, and I never pay interest.

CALCULATE THE MONEY YOU SPEND FOR HOURS WORKED


To save money for the year easily and quickly calculate the money you spend for worked hours. In the event that you earn $ 5 an hour and want to buy a $ 50 dress, it means that the dress will be costing you 10 hours of work.

Are you willing to work 10 hours for a dress, or do you think there are better things in which you could invest your work time? Apply for my course

In this course (valued at hundreds of dollars), I will teach you to define a business idea, choose the name of your project and create a professional website like this, in just 1 hour.


PLAN YOUR EXPENSES KNOWN WITH ANTICIPATION


To save for the year easily plan your expenses with anticipation. If you do this, it will give you time to save the money you need during the months before buying, for example, a new cell phone, going on vacation or buying your best friend’s wedding gift.

START SAVING FOR THE UNIVERSITY IMMEDIATELY THE BABY LEAVES THE HOSPITAL


As you read it! It is never too early to create a savings account for your son, grandson, or nephew and start saving money for their education, and this is something I consider with each birth of my family.

Generally, I consider the option of buying much more modest birthday or Christmas gifts and instead, I add the surplus of my gift budget to a savings account intended for the education of my nephews.

SAVE REMOVING THE CABLE TELEVISION


With so many alternatives that exist today (such as Netflix, YouTube, etc.), do you really think you need to pay, for example, triple play packages?

Communicate your cable company to find out if it is economically better to have only the internet package.

Among the advice I always give to my family and friends to save money, eliminating unnecessary expenses is the main one of them.

RELOCATE TO A PLACE NEAR YOUR WORK AND SAVE THE TRANSPORT FAIR EACH MONTH


To save money for the year easily, relocate to the place near your work. This is not always possible, but if you still do not have your own home, you live leased and work in a company where there is a good chance that you will stay for at least one more year, it would be good to evaluate moving close to the company where you work, since that you could save hundreds of dollars in transportation and time.

Yes, have you calculated how much it costs you to live far from your work? In addition to the time you lose in moving, add the expenses of gasoline or transportation, etc.

That you live near your work has the benefit of being able to spend less time in traffic and use the car less, which translates into double savings. Also, if you can go walking or cycling, you further maximize the advantages and add benefits to your health.

CONSIDER USING PUBLIC TRANSPORTATION


We all agreed that using our car can be more “comfortable”, but it is also a huge expense and therefore a luxury.

Evaluate how much you really spend when you use your car, taking into account that it is not only gasoline, but the normal wear and tear of a car. A quick calculation can be $ 0.34 cents per kilometer traveled.

It means that (for example), if you travel 20 km daily. To get to and from your job, the cost of transportation will be $ 6.80 per day, without even including the depreciation of your vehicle.

Now tell me: How much would it cost you to take the bus / subway and how much money could you save if you do? Yes, I know … it’s amazing, right?

DO NOT BUY CHEAP CLOTHES


I learned this after deciding that from now on I would live with less than 100 things, since by not having as many clothes as before and seeing myself in the need to wash the pieces more frequently, I have been able to notice how the pieces of good quality last me a lot more (I have pieces of clothing that have been with me for more than 2 years and that I wash almost every week).

It might sounds crazy, but I assure you that buying good quality clothes is your best option. Yes, sure these are more expensive, is a very good strategy to save money, in addition that you look well dressed.

RENT A ROOM FROM YOUR APARTMENT OR HOUSE


Probably the one that you live close to your work could be more expensive. In that case you can try to reduce the cost of leasing or mortgage, or even earn some extra money, if you rent a room.

SAVE MONEY PREPARING YOUR LUNCH AT HOME


If you are one of those who always go to restaurants at lunch time, evaluate the expense you are incurring. Consider bringing your home-made lunch to work, as it would surprise you how much you can save quickly.

CANCEL THE UNNECESSARY SUBSCRIPTIONS


To save money for the year easily cancel the unnecessary subscriptions. I am sure that we all have a subscription that we use little or never.

Do you have a gym subscription, but do you go once in a month? It would be better to cancel it and when you can go to a park for a walk, run or exercise. Have you subscribed to a magazine that you almost never read? Then cancel it.

These money-saving tips may seem irrelevant, but I assure you that they will make a big difference in the long run.

EXCHANGE ITEMS OR MAKE A PATIO SALE

It brings together a group of people (be it family, friends, neighbors or co-workers) who are interested in the topic of saving and agree to exchange items in good condition.

You can also organize a yard sale to get rid of those things that you no longer use and save, or use that money to finance others that you really need to buy.

In the case of exchange, depending on the items that the person offers, you can also carry things for a similar value. For example, if someone carries 1 set of trays to serve in good condition, they could take 1 set of pots brought in return by another person.

DO A DOWNGRADE TO YOUR CELLPHONE PLAN

Do you really need that unlimited data plan? Currently, in most public places we have access to free WiFi, so with a little planning you probably only need a 1 or 2 GB plan.

MAKE A MARKET LIST BEFORE LEAVING HOME

To save money for the year quickly make a market list before leaving home. Many times we go to the supermarket to look for just a couple of things that we need and we end up buying much more than we originally need. Make a list before leaving, and save money by staying true to it.

EVERY MONTH, PAY WITHOUT MISSING AND COMPLETE THE BALANCE OF YOUR CREDIT CARD

If you have a balance on your credit card, put this as priority number one and eliminate that debt as soon as possible. Interest on credit cards is very high and any savings capacity you have will be eaten quickly.

RADICALLY DECREASE YOUR OUTPUTS TO EAT

To eat home is very much cheaper, healthier, helps you to save and can be fun too. Organize a meal at home with family or friends where everyone brings something, and so you will spend time with the people you want, in an economical way.

ONLINE STUDY

Do you think you need a master’s degree to advance professionally? Or do you simply want to train yourself to do your current job better? If so, consider taking online courses.

Nowadays it is not necessary that we spend hundreds or even thousands of dollars to obtain training, since online platforms such as Coursera or Edx allow us to take free courses.

We can also obtain certificates from the most prestigious universities in the world at a fraction of the cost, if we choose to study virtually.

Do it for a couple of months in a row and you can see where your money is going.

CREATE A BUDGET


To save money for the year easily create a budget. Hence you have idea of ​​where your money is going, the next step is to make a budget. Keep in mind that you must include irregular expenses, such as a movie trip, a vacation etc.

Be sure to create a category for savings and ideally you should budget at least 10% to 20% of your salary there. I know that at first it will not be easy, but as you discover new ways to save, you will increase this percentage.

During the month, frequently monitor your budget and make adjustments as necessary. At the end of each month make an evaluation and reallocate priorities.

AND WHEN CAN WE ALLOW US TO SPEND, INSTEAD OF SAVING?


As my financial advisor explained, we can spend when our basic needs are covered and we don’t have to incur debts to maintain our current lifestyle.

When we have a capable business of generating extra money,we can now spend, also as an emergency fund with a sum of at least 6 months of our monthly income, and when in addition to all that we have a secure retirement fund.

Then, that extra money can be allocated to live experiences that are memorable.

Dominic

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