As members of the working class, we spend most of our time at work making money so we can pay the bills, put food on the table, and treat ourselves once in a while. To be able to live comfortably, one important saving tip is to somehow increase our source of income and to cut down on our spending.
The good thing money is, it is never too late for anyone to start saving and investing—whether you just got out of college or someone in their late 50s, you will find each and every tip on this article very helpful if you wish to live a more comfortable life and secure a brighter future free from debts and other unnecessary financial obligations.
Do not rush and start small
It is important that you start out on a financial goal that is easy for you to achieve. You can start by allotting $30 from your monthly paycheck to establish your emergency fund in cases that lead to inevitable expenses—such as if your car needs some repair, you unexpectedly got laid off, or you need money for medicine.
Set aside a small portion of your paycheck every month until you are more comfortable saving a bigger amount. This emergency fund must not be kept as a long-term asset but instead in savings account or money market account that is highly accessible for you in case of emergency.
Do not spend more than you can earn
Ask yourself these questions: (1) Do I spend more than I can actually earn? (2) Are my debts starting to accumulate out of hand? If you answered yes to either of the questions, then you are probably overspending. To be able to live comfortably, one must learn how to live within one’s means. List down your expenses and take a moment to think what needs to go and what needs to be prioritized.
Start a budget planner – and stick to it
Budgeting is no walk in the park. It takes dedication, impulse control, and discipline to be able to adhere to your budget. The trick is to have it written down on paper, or better yet, have it with you anywhere you go by downloading a budget planner app to your smartphone.
This way, you can easily log your expenses anytime you make a necessary purchase. Your budget planner must include important things like how much you earn, how much you owe (if any), how much needs to be paid monthly (for rent, power, etc.), and how much needs to go to your emergency fund.
Every time you pay the bill or buy something, it needs to be logged in to your budget planner app and it will automatically adjust to show how much you currently have. This is a good way to keep track of your expenses and to make sure you do not overspend again.
Do away from impulse purchases
It does not hurt to window-shop once in a while, but what is financially dangerous is when you can no longer resist the urge to buy something out of impulse – be it a shiny signature bag or a new smartphone. If you wish to have the latest phone or a really nice bag, you must plan ahead and save for it.
When going to the mall, if you do not trust yourself enough, make the decision to leave your credit card at home. Then again, it would feel so much better buying something using the money you know you have worked so hard to save, right?
Ditch your car; take the train and bus
It is really convenient to own a car especially now when everyone is on the go. You are able to go to school or work without the hassle of waiting for other people to aboard or alight the bus or the train. But owning a car also means you have to spend money for maintenance, gas, and repair.
You can save a significant amount of money if you start taking public transportation every day. The trick is to leave early so you do not run late in case the bus or train breaks down, which does not really happen often. Be sure to play a lively song during the travel to make it more enjoyable.
Get involved in the stock market
Compared to previous years, a lot of people are now getting involved in the stock market industry either as a career wherein they can earn a lot of money from investing or as a hobby that they can do whenever they are free. Unlike other investing options out there, binary options account from binary-options trade is easier to understand and is more advisable form of investment to newcomers in the stock market.
You only have two decisions to make in binary options that is why it is called “binary.” You either “put” when you think that your asset will fall or “call” if you think your asset will rise. Investing is not difficult. Most binary options trading sites have apps that you can download to your own smartphone so you can invest anywhere and anytime. Be sure to do an intensive research before choosing your broker as some are not regulated and licensed.
Here are just some of the important tips on investing and saving that you should follow today to pave the way to your brighter, debt-free future. Again, these tips will mean nothing if you are not dedicated and disciplined when it comes to controlling what goes in and out of your wallet. Always keep in mind that every dollar you save will make a difference in the long run.
Be wise in your spending, and do not buy things that you do not really need. In case we missed something in this article, please feel free to leave your comment down below. We would love to hear your own saving tips and how it worked for you. For sure, our readers would love to hear from others who are successful keeping their finances in good standing.