How To: 4 Easy Steps to Save Money Faster

People nowadays are having a hard time in saving money especially with all the new stuffs that the markets are offering. These stuffs maybe products or services that most people want to try. With all these new trends, how can people save money faster? 

Here are my 4 easy steps on how to save money faster:

Know Your Budget and Expenses

When it comes to budget, we can be guided by its default meanings which are 

(n.) the amount of money needed or available for a purpose and (adj.) inexpensive.

When knowing your budget, you must always set a certain amount for your SAVINGS. Yes, savings, not expenses. A great business speaker had said so. The equation you must use is INCOME – SAVINGS = EXPENSES. With this, you can now create your own budget plan. From the answer you got, you must determine how much are for your daily expenses such as food, utility and lodging.

This is where the second meaning of budget comes. With the remaining amount left from your expenses (which can turn out to be really small), you would want to save a little of that as well, so I suggest that you buy something that is low-priced. To maximize the capacity of your expense money, eat and live somewhere affordable but at the same time delicious and comfortable.

SAVE WITH A PARTNER

It is always better to have someone.

In saving with a partner, make sure that both of you have different piggy banks. Before starting the saving process, make sure to switch the piggy banks with one another. I strongly suggest that if you are going to use this process, save with a partner whom you fully trust. Don’t worry because you should also provide a log book with the details of when and how much you put in your savings along with your signature as well as your partner’s. This could save you in case any misunderstandings arise in the future.

Why save with a partner? Since you both have a log book of your savings, you can monitor how much you and your partner are saving. This will create a healthy competition between the both of you with no chances of losing because at the end, both of you will save a great amount of money. Plus, this trick will save you from randomly getting money from your savings and of course you would not get money from your partner’s because that would be stealing from him/her.

If you are using the 52-weekschallenge, my advice is to save with a partner but make sure to start with the biggest amount/ increment. I have seen people do this challenge but fail because at the middle of saving they would say that it’s getting hard because the increment amount is getting bigger and bigger. Then they just stopped the challenge. If you start at the biggest amount then stopped at the middle of saving, at least you have a large amount on-hand.

There would be people who wouldn’t like the idea of saving with a partner. So if you don’t want to, I suggest that you put your money on a bank and apply for a savings account. There your money could grow.

STICK TO ROUTINE

If you want to save FAST, stick to whatever saving routine you are doing. Constant skipping of the saving process would not help you grow your money quickly. There are a lot of saving routines out there but this is one of the simplest but very effective. If you want to try these simple and easy steps, make sure to stick with it.

I also suggest that you get an inspiration while saving. It could be your family’s future, a house you wanted to build, a thing you’ve always wanted to buy and etc. This would help you to continue with your saving routine from time to time especially when you get to the point where you want to use the money on impulse.

START NOW

Starting a saving routine should be done NOW. The money you save today can make an astounding difference for your future. My last advice is

In saving, there’s NO CHEAT DAY!

So there you go. These are the 4 easy steps that can help you save money faster. If you want to try them, go ahead and start now. Good luck in your saving journey!

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