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Simple Ways To Save Money – This post may contain affiliate links, which means if you click and make a purchase I may receive a commission at no cost to you. You can read my disclosure policy here.
Saving money is an art, and you must prepare well to master this art. Because to have a stable financial life, you need to save money in every possible way.
Simple Ways To Save Money
Today, with the rise of financial literacy, everyone is trying hard to save money. But you need to be a strategist and follow some steps for your next egg.
Simple Ways To Start Saving Money Now
It is quite impossible to pay all your bills in one day, because different bills have different due dates. And amidst the busy schedules of our lives, missing payment deadlines has become a common mistake.
Once you miss the payment deadline, they charge you late fees or penalties. And washing more money out of your pocket makes you repent and curse your memory!
Well, the best solution for this problem would be to opt for automatic payment. Set your bills to pay automatically, so you don’t have to remember payment dates. You can save money that would have been spent on paying late fees.
However, don’t forget to check your bank statements regularly! This will help you avoid any discrepancies.
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A proper and proper budget can be the key to your financial stability. Living without a budget means having no discipline or reason for your spending.
Let’s say you find a great deal on a t-shirt while out shopping. You can’t resist yourself and finally you bought this t-shirt.
But are you sure you didn’t spend too much? This is one of the reasons why budgeting is so important.
You have a plan to lead an intimate life, but until you plan your budget, it will remain a distant dream for you!
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Keep calm Sit in a very quiet area of your home with a pen and a piece of cloth. Then start noting all your expenses with your monthly income from all sources.
Now, try to create a realistic budget so that you can avoid overspending and devote more money to your savings.
If you are tech savvy, you can take the help of budget spreadsheets that are available online! Or you can choose an online budgeting platform like You Need a Budget (YNAB).
According to a 2019 survey by Bankrate, only 40% of people in our country can spend $1000 suddenly from their savings!
Easy Ways To Save Money
Life is unpredictable, and we must be fully prepared to handle any adverse situation! This means you need to save for the next unknown emergency that occurs.
Set aside a certain amount from your monthly paycheck to build your emergency fund! Try to build this fund in such a way, that it covers 3 to 6 months of living expenses.
Also, you should opt for a separate emergency savings account. This will help you to spend from this special account if any emergency occurs.
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If you earn a high rate of interest in your savings accounts, your money earns more interest over time. So, you can choose a high-yield savings account, usually offered by online banks such as Ally and Discover, or EQ and Tangerine in Canada.
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However, if you have your emergency fund in an online bank, make sure it has ATMs or branches nearby! If not, you can withdraw money from another bank’s ATMs, but bank ATM fees usually range from $2.50 to $5 per transaction, resulting in more cash withdrawals during times of crisis. It’s always better to have easy, free access.
If you don’t want to be a victim of medical bankruptcy, you need to be well prepared to deal with any medical emergency. As the saying goes, prevention is always better than cure, so you can take some preventive measures. Practice some healthy eating habits for better health and stay away from medical debt!
One of the most important steps to a secure life is investing in your future. In fact, saving from an early age can even help you achieve financial freedom!
Self-made millionaire Grant Sabatier said in his book “Financial Freedom,” “If you continue to save and invest, your net worth will grow, and because of compounding, the growth will accelerate.”
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So, if you are new to investing, you can follow some tips on how to invest to get better income in future! And you can start investing in the following retirement plans right away!
The most important feature of a 401(k) is the employer match! This is the amount your employer contributes. The amount you contribute to a 401(k) plan is called a salary-deferred contribution. Adjustments are made to a certain extent.
Starting in 2019, you can contribute up to $19,000 per year to this plan. And if you’re over 50, you’ll be able to contribute an additional $6,000 a year. Thus, your maximum contribution can be up to $25,000 per year.
You can start withdrawing when you reach age 59 ½ and it will be added to your income. As a result, you have to pay tax on this amount.
Simple Ways To Save Money
If you don’t have a retirement plan at your job, you may want to consider an IRA. This allows you to save money for your retirement with tax-free growth and a tax-deferred basis. Basically, an IRA can be of three types:
If yes, and you struggle to save a reasonable amount every month, you can follow 63 ways to save money.
One of the primary reasons for not saving more is using too much plastic money. This has made our expenses much easier but it also has some drawbacks.
When buying things with your credit cards, you may not realize how much you’re actually spending. However, when you pay in cash, you can track your money in a better way. So, you can follow a cash diet to curb your overspending just as a traditional diet helps you reduce your fat!
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If you really prefer plastic, you can follow Sarita’s 60-Day Money Saving Challenge to take control of your finances. It gives you options to track cash and plastic.
A number of studies have shown that you spend less if you have cash. Shopping with credit cards gives you the false security that you have more money than you really do. This puts you in a debt trap and eventually, you struggle with your bills at the end of the billing cycle. (Learn more about this.)
Humans are social animals! And being a social animal you need to attend birthdays, weddings, graduation parties, etc.
But if you have ever calculated how much money you spent on buying these gifts, the total number will be much higher than you expected! You need to be budget conscious while buying gifts for any occasion.
Super Simple Ways To Save Money
In fact, you can search for different ideas for gifts on the Internet! For example, here are some budget-friendly gift ideas.
Valentina Wilson is a personal finance blogger who loves to write about how to manage personal finances. Traveling is also her hobby and she just loves to explore different places. To learn more about me, visit bestdebtconsolidation.org, or follow me on Twitter @Valenti11423079.
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Infographic: 5 Ways To Save Money During The Holiday Season
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If you are looking for ways to save money from your salary, then this article is for you! There are many, many things you can do to save money from your paycheck each month, but these are the 5 easiest and best ways for a family or individual to save money from your paycheck ($500 or more per month Save dollars!).
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One of the best tips for saving money from your paycheck is to reduce the amount you spend each month.
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