Greetings folks! Chris Lee here! Today, we are going to cut the BS and discuss the ultimate best money saving tips you need to know about. These tips come from my extensive research regarding money management, all of which are approved by money saving experts and financial gurus out there in the blogosphere.
I’d also like to mention that the reason I’m blogging these tips is because I have applied them to how I go about my money and have seen significant positive results. So I am very confident they will be of great benefit to the readers of GetToSaving.
Some of these tips you may have heard of before and some will come as complete surprise but I do believe these money saving RULES are the foundation that will lead to a healthy financial state in the future.
The 7 Best Money Saving Tips You Need To Know
Evaluate Your Lifestyle
If you’re having trouble managing your money, you need to evaluate your current lifestyle.
What are your expenses each month? How much of that money is for things you need rather than want? Do you have any expensive habits you should cut down on? Watch out for everyday things that may be draining your budget without you realising!
Sit down, pen in hand and be honest with yourself. Find out what “triggers” you to make certain purchases. Get to the root of the problem!
What You Want vs What You Need
I want an iPad Air but I need to pay the rent this month LOL! When faced with a dilemma like this one, the answer should be obvious.
Again; evaluate your expenses and see if your “want” is justified. Keep in mind that if you want it and you can afford it, then by all means go for it. If on the other hand it might be a bit a strain on your budget, I suggest you wait it out, see if you still want it in a few weeks time!
Keep To A Budget
After evaluating your lifestyle and your expenses, create a budget and STICK with it. Creating it is very easy, all you need is a simple money managing app. Sticking to it however is way more difficult than you might think.
Set Visible Reminders
If you have a goal in mind for the money you’re saving. Make visible reminders to keep you focused. If you’re saving for a car, print out a picture and hang it somewhere, if you want to save up for a vacation, make your destination desktop background. Anything to keep you focused!!
Look for Bargains
It’s Not a Bargain If You Don’t Need it
Speaking of bargains, remember that if you don’t need it, it’s not a bargain. If somebody offers me a car half price it wouldn’t be a wise decision for me to buy it because I already got a car. It is a great bargain, but I do not need it. It would be money wasted. Remember this golden rule next time you’re going for a “bargain”!
Save Loose Change
One of the most underrated and fun tips there is: Save loose change! Say you go out with $20, spend $14.50 and come back in with $5.50. Save that $5.50. Get a cool piggy bank and drop it in there. Do this for a few months then bust it open. You’ll be surprised how much change you’ll find!
An Emergency Fund
Be prepared for the worst, always set some money aside for the “what ifs” of life; Accidents, medical emergencies, property damage, etc.. are all things we face. These types of events can completely crash your finances if you’re not prepared for them.. An emergency fund will give you “the peace of mind” that if the worst is to happen, you’ll be prepared.
Check out: What Is An Emergency Fund?
Thank you very much for reading folks, I hope you have found this enjoyable. If so, feel free to share this post on your social networks, we always welcome extra exposure. 🙂
Also drop us any comment you’d like to share your ideas, give me your best money saving tips! 🙂
Till next time…