Want this want that but when it comes to money there's a problem. Do not fret about it, when there's a problem there's a solution.
How to save money? Saving money is so much easier saying than be done, in this post I am sharing some tip of how to control your expenses and my regimen of saving money. Tip here may not be suitable for everyone but is good for a full-time student like me.
My money saving regimen:
- I have a weekly target which is to save at least 17% of money from my daily allowance. (to buy what I want)
- Open a bank account meant for saving, if I'm working I would try to save $100 of my monthly pay into that account. (for future use)
- I only spend notes, the coin that I get as change I will keep it in my wallet until I reach home then I transfer them into a saving coin box. (for times when I'm short of cash)
Tip for money saving:
- Before you start saving you might have debts on hand, pay off your debts first before the interest start to increase into a huge amount of money.
- Set savings goal, my weekly target come from here. Find out the cost of the item you want and determine on how much you want to save weekly so that you can get the item before my your own deadline. Stick to your minimum weekly target so that you can make sure the goal is attainable within your time period.
- Afraid that you will have no money to spend when you retire? This is the point where the money I save in the bank account meant for saving come to use. Figure out how much you will need to buy a house, car or anything to live comfortably and when you will need. Set your target and start saving now!
- Keep a record of your expenses. It may be for food, travelling, leisure or whatever. If you keep track of how much you spend weekly/montly you may be able to control the amount you spend. I know this is a fuse way to save money, but now you can do it conveniently as there are many phone application available over the android market and apps store for you to download.
- We love shopping, but the trend changes as time passes. Basic look would be a good choice or you may like to shop at a discount rack at the store, buy clearance item which price are marked down, wait for discount season and it could save you up to 70% of the orginal price.
- If you have a credit card you might not want to bring them out when you are heading a to salon or beauty centre incase you are tempted to sign onto a package which cost few hundred to thousand dollars. You can benefit from credit card discount deal but then think of how much you are spending, it is all about self control.
- Every time when you are buying something new, ask yourself do you really need it? Have you already own something similar? Or not think of the money that you can use for saving and buy the item you really want/need. Most of the time the answer will be a NO.
- One bastard thing you can do is don't bring tissues out and ask around when you need it, or else steal the toilet paper from public toilet LOL, this is just a joke and not advisable to do. When you save yours, you will spend others so always think of others before yourself.
- When reciving unexpected cash like a pay delay you can put them into your savings so that you can reach your goal sooner.
- If you have friends that spend a lot try not to go out with them too often, maybe once a week will do.
- Window shopping is healthy, it gives you more knowledge about the latest item in town but then don't bring too much money with you when going window shopping or you might be tempted to buy them even if it is cheap. Set a shopping list and the priority of your money goes to them first.
Start saving now even you don't need anything, you can also use it as a emergency fund in case anything happen. Even $1 a day make a difference.