Brilliant Money Saving Tips

Top 10 Brilliant Money Saving Tips

Posted on

Brilliant Money Saving Tips? The economy can be tough, but saving goes on. By having savings, at least we have a bailout if unexpected things happen. Mary Rowland, a financial advisor who is also a contributor to the site has some tips to help us.

10 Best Ways to Save Money

what strategies are most effective for saving money

Little by little

Save at least 10 percent of your income. But do not despair if you can not run it. The most important thing is his determination.

Start setting aside a small amount of your income. The amount depends on your assessment. How much can you save without disturbing your ‘economy’. Make it a habit and save consistently. Promise yourself you’ll save every weekend, for example. In fact, it is much better than saving a lot of money at once.

Also Read: How to Save Money for a House in One Year

Tighten money withdrawal

Automatic Teller Machine (ATM) technology is indeed very helpful, but don’t take the convenience of transacting with that ‘generous’ machine. Limit your spending. Determine how much rupiah will be taken through the ATM. Slowly, try to reduce the number. If then there are leftovers, save them.

Pay off credit card bills and other loans

Sort your credit card bills starting with the largest number. Leave the bottom two numbers. Concentrate on paying the bills with the greatest interest. Then, when everything has been paid off, try increasing the amount of your savings.

Prepare investment plans automatically

Save some money from your savings in the form of investments. You can use the help of automatic calculators to find the type of investment that is most profitable for you, such as deposits or stocks.

Increase your repayment amount

When you still have to repay anything for household purposes, try to pay more in the following months. No need to set a specific number. It is enough to round the number to the nearest hundreds.

Also Read: How to Save Money From Salary

Pay off your car loan

The interest from the car loan will not decrease. It will increase your installment amount. Therefore, pay off immediately and try to save.

Pension fund

By joining a pension plan, you will enjoy the results when you retire.

Evaluate your long term life insurance policy

If you have multiple life insurances that have the same term, you can actually cut your premiums dramatically. The method is quite easy. Just change the policy that you have been living for.

Record your income and expenses

You can put more money into savings when you know what your income is being spent on. So, don’t forget to take notes.

Also Read: How to Save Bitcoin on PayPal

Discipline with Yourself

The key to all that is self-discipline. Forget the desire to not be enslaved to money if you can not control the desire to spend money.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.