“If you’re looking for ways to save money as beginner, you’re in the right place. In this post, we’ll share some tips and tricks to save and budgeting.”
Here are top 10 tips to save money as a beginner:
1. The 50/30/20 rule
It is a budgeting method that allocates 50% of your income for needs, 30% for wants, and 20% for savings and debt repayment. This method can help you plan your spending and limit overspending.
2. Cash envelopes
It is a budgeting method where you put cash in envelopes labeled with different categories of expenses. Once the cash is gone from an envelope, you can’t spend any more in that category. This method can help you avoid overspending and stick to your budget.
3. Meal planning
It can help you save money by reducing food waste and avoiding last-minute takeout orders. You can plan your meals ahead of time and make a grocery list to avoid buying unnecessary items.
4. Own meal
Bringing your own lunch and coffee to work can save you hundreds of dollars per year. You can also save money by brewing your own coffee at home instead of buying it at a coffee shop.
5. Make extra money
You can make extra money by selling items you no longer need or want, or by taking on a side hustle like dog walking or freelance writing.
6. Save
Save 10% of your income until you’ve reached your desired emergency fund savings. Then once this goal is reached, divide up the 10% of your other savings goals.
7. Pay your debts
Pay off your debts as soon as possible so that you can start saving more money.
8. Track your spending
There are many free apps available that can help you track your spending and identify areas where you can cut back.
9. Avoid impulse purchases
Before making a purchase, ask yourself if it’s something you really need or just something you want. This can help you avoid impulse purchases and save money in the long run by using budgeting.
10. Look for coupons
Look for coupons and discount codes before making purchases online or in-store. You can find coupons and discount codes on websites like Retail Me Not or Honey.
Discover simple ways to cut back on spending and start to save money as a beginner from today itself
Bonus tips
Saving money is important for several reasons. Here are some of them:
- Peace of mind: Having savings can give you peace of mind knowing that you have a financial cushion in case of emergencies.
- Financial security: Saving money as a beginner can help you achieve financial security. It can help you pay off debt, build an emergency fund, and save for retirement.
- More options: Saving money can give you more options in life. You can use your savings to take risks or try new things.
- Retirement: Saving money is important for retirement. The earlier you start saving, the more time your money has to grow.
- Achieving financial goals: Saving money can help you achieve your financial goals, such as buying a house or starting a business.
Make saving fun and rewarding
Creating a saving challenge: This means setting a specific target and timeframe for your savings goals and challenging yourself or others to achieve it. For example, you can try to $ 100 in 30 or $ 1000 in one year.
Celebrating your milestones: This means rewarding yourself for reaching certain milestone along the way to your savings goal.
My learning during the process of saving as a beginner
One day, I sat down and calculated my monthly expenses and realized that I was spending more than what I was earning. It was a wake-up call for me. I knew I had to start saving, but I didn’t know where to start.
So, I made a simple plan. I started by setting a budgeting plan for myself and tracking my expenses. I cut back on unnecessary expenses, like eating out and buying clothes I didn’t need. Instead, I started cooking at home and buying second-hand clothes.
I also started a savings account and set up an automatic transfer from my checking account to my savings account every month. It was the easiest way to save without even thinking about it.
It wasn’t easy at first, but with time, I started seeing the results of my efforts. I was able to pay off my credit card debt, and I had a decent amount of savings in my account.
Looking back, I’m glad I started saving when I did. It taught me financial responsibility and gave me peace of mind knowing that I had money saved for emergencies. Saving money, budgeting and investing may seem difficult at the beginning, but with patience and discipline, it’s achievable.
Please leave comment, HAPPY SAVING 😉