Saving money is always a good thing. You don't have to have huge amounts of cash to do so either. It's easy to spend frivolously on things you don't need and give up on saving for the future. However, if you take these ten simple steps, you may be able to save more than you think! From planning ahead and budgeting your finances, to looking at what's in your entertainment center and identifying where your wasted spending is coming from, here are some tips that will help you find those extra dollars before they slip through your fingers!
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Plan ahead and budget
Planning ahead and budgeting are two of the most important things you can do to save money. If you have all your expenses written down, it will be much easier for you to see where the wasted spending is coming from. You'll also be able to plan for those expenses- like car repairs, or new shoes- before they happen. When you're on a budget, it's easier to know what items are worth spending your hard earned money on and which ones should be saved for later. Plus, when you plan ahead, it's much less likely that you'll go over budget on your monthly expenditures and have to come up with more cash in a pinch.
Budget for your needs
One of the easiest ways to save money is by planning ahead. Setting a budget is a great first step in the process. Knowing how much you have to spend and what you're spending it on will ensure you don't have any surprises come bill time. Additionally, it's not just about knowing your budget for necessities, but also for entertainment.
If you know how much you need for entertainment and other expenses outside of bills, you can cut back when necessary without feeling like something has been taken away from your life. You'll be able to enjoy life more because there won't be any hidden costs coming out of nowhere. When figuring out what your budget should be, take into account how much you spend on things like shopping or eating out each month and then add enough for emergencies to get an idea of what your overall monthly budget should be.
Put a fixed amount of money in a savings account
One of the best ways to save money is by putting a fixed amount of money into a savings account. This way, you'll always have some extra for when an emergency comes up. Plus, it will show you how your money is growing over time. You could also put a little bit away every day so that it's not such a big chunk to take out at once.
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Be mindful of unnecessary spending
One of the best ways you can save money is to be mindful of unnecessary spending. You may think your money is going towards something worthwhile, but in reality, it's just wasted spending that could be going somewhere else. When you're shopping, pay attention to what you buy and how often you buy it. If you're buying things you don't need or want, that money is essentially wasted.
Make a shopping list before going to the store
The first step to saving money is to make a list of what you need before you go to the store. You don't want to buy something you don't need just because it's on sale and you have a coupon for it. When making your list, try to factor in deals that are running and then stick with the list!
Find out where your wasted spending is coming from
Take a look at your entertainment center to see if you have DVDs or games you haven't touched in years. If so, sell them and put that money towards something else. A lot of people hate the idea of throwing things out just because they are old, but it will go a long way if you do this for the sake of saving up some money.
Track your spending with an app or program
If you're looking for a way to track your spending, there are tons of free apps and programs available. Mint, for example, is an app that can help you categorize your spending by category, track your budgets, set goals and more. You can also use Excel or Google Sheets to do the same thing. This will give you a snapshot of where you're currently spending money and where you might have some excess that could be trimmed down.
Understand the difference between wants and needs
The first step to saving is realizing the difference between a want and a need. Sometimes, you may feel like you need something when it's not actually a necessity. Maybe you've been working hard and deserve to treat yourself to some new clothes or an expensive meal at a restaurant. That doesn't mean that these items are necessary for your life; they just happen to be things that make you happy. Once you start to understand the difference, it will be easier for you to identify where your savings can come from without feeling like you're denying yourself of happiness in life.
Consider selling items on eBay or Craigslist for extra money
One easy way to save money is by selling items that you no longer use. Sell your old clothing on sites like eBay or Craigslist. You may not think that you have anything that would be worth anything to someone else, but it doesn't hurt to see what surprises you find! You might be able to sell your old DVDs and video games as well.
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Join the sharing economy
The sharing economy is a great way to save money. In the past few years, companies like Uber and Lyft have created a way for people to get around and not worry about fuel on their own.
With these services, drivers are available at the touch of a button. You can also share items with those in your neighborhood, or even across the world! Recently, Airbnb has become wildly popular for people to travel without worrying about hotels.
These programs have saved many people tons of cash on transportation and accommodations all over the world!