How To Save Money: 3 Simple Tips

Who would have thought that the world would experience a worldwide pandemic that would shake up the global economy and public health.
As many individuals and businesses try to get back on their feet financially post quarantine, the Covid-19 pandemic is a true reality check on the importance of saving money for a rainy day.
Today, we give you 3 simple tips on how to save money.

1. Keep track of your monthly expenses.

One minute, it is pay day and you are all excited! The next minute your monthly income is gone. You have spent it on fancy dinners and designer clothes, you did not even need. When it comes to your finances, it is very important to stay organized and keep track of your spendings. Unless of course you are a big baller who doesn't check the price tag. If not, then "organisation" should be your middle name. Write down your major and minor expenses, such as rent, transportation, food, utilities and so on. That way, you have a fair idea of your expenses. Thankfully there are several budgeting apps that can keep you on track.

2. Set Achievable Targets

When you decide that, it is time to spend less and save some cash. It is very important that you have a realistic goal. You already know how much money you earn every month and how much money you spend on necessities. Thus, you can set short or long term targets for your savings be it in a piggy bank or a savings account at a financial institution.
In order to stay motivated, these short and long term goals can be dedicated towards certain upcoming milestones in your life such as retirement, a vacation, a wedding or even a new business.

3. Cut Back
You do not have to buy lunch at work every day. Bringing lunch from home to work can save you some extra cash which can then put into your savings. Cutting back on certain guilty pleasures and expensive lifestyles such as money spent on premium airline tickets, multiple streaming subscriptions and so on, can also save you a lot of cash.

Have you been saving? Do you let us know in the comment section, your strategies for saving money.