Top 5 Best Ways To Save Money.

I’m always asked, ‘how come it is easy for you to save money?’’ My reply to that is always the same, ‘saving money is about sacrifice.’’ The truth is, people who successfully manage to let their money accumulate are people who, simply put, are good at sacrificing. Saving money is about ‘denying’ yourself instant gratification in order to get something better for yourself in future.

Some of the best financial advice I ever received was this, ‘if you want to be wealthy, play defense rather than offense.’ Simply, it is easier to cultivate and grow the wealth you already have rather than accumulating new wealth.

In this article, I will share my top 5 tips to save money-(including a SpentMoneyApp that has worked wonders for me in the past.) These are the tips I live and abide by. Often, the hardest part to saving money is HOW to get started- I will advise you on that too!

5 best ways to save money.

1.  Label your saving accounts.

The easiest way to start saving is to get excited about something. Just stop and think for a second, what are you excited about that you are unable to currently afford?

Whether it’s a vacation trip, a new car, or a new phone, allow yourself to get excited to save up for it. This becomes the label of your new savings account.

What this simple trick does is- firstly, it makes you associate the money with the goal to be acquired. This will ensure you try harder at attaining it. Secondly, this simple trick will act as a tiny slap to your hand any time you try to skim a few bucks to spend on something that was not the intended goal.

2.   Budget

Budgeting your money is simply telling your money what to do.

A budget is a visual plan of how exactly you intend to spend your money. If you do not have such a plan, chances are you will find yourself straying and falling into the same old destructive financial patterns.

I love the quote by warren buffet that says, 

‘don’t save what is left over after spending, spend what is left over after saving.’’

I craft my budget around this quote and as you can probably guess, the first column on my budget always reads- SAVINGS (yes, in all caps). When it comes to saving your money, you need to intentional about it.

One of my favorite apps on my phone is my SpentMoneyApp. This is a handy app that has worked wonders for me when it comes to managing my money. It is incredibly easy to use and works like magic when it comes to making sure you do not stray from your money goals. I always recommend this app for people who are starting to get a lid on their finances because it worked out perfectly for me.

3.   Pay down your debt.

The age-old question has always been, ‘should I save or pay down my debt first?’

The truth is, there really is no correct way to go about it. Whether you decide to pay down your debts first, save your money first or do both at the same time (which I recommend), the bottom line is sooner or later, you will have to pay back money owed.

Include your debts in your budgeting. Be intentional about paying down your debts even if it’s a few bucks a month. The key is just get started on it.

4.     Get healthy.

This is my favorite part when it comes to saving money. It entails cutting off bad spending habits such as eating out unnecessarily and drinking overpriced coffee. This part entails giving your lifestyle a long hard look and cutting off unhealthy habits and saving on every corner. If you are going somewhere close by, walk. If you are feeling hungry, cook. If you feel like company, entertain at home. Eventually, you find yourself saving up on costs that you ordinarily wouldn’t have noticed.

5.     Spending versus saving.

A financial tip I was given a long time ago is, ‘be aware of every coin you spend.’

Oftentimes, our spending habits are subconscious. We spend a bit here a bit there and at the end of the day, we can’t really tell where exactly our money has gone. You need to be conscious of the money you spend. Track and note it down if you can.

I bet you will be surprised by all the unnecessary things you buy!

So that’s it! My best tips when it comes to saving money. If it all feels a bit too much to process at once, I recommend getting the SpentMoneyApp app to get you started on the right track. Also, feel free to share with me any money saving tips I might have missed. I would love to hear how you strategize and save some coins too!

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