How To Do Saving – 11 Best Practical Saving Tips

What is Saving In Simple Words?

The process of not spending a small amount of money for your regular expenditure or current expenditure, you might spend that money for the future or emergency which is called saving in normal words.

Why Saving is important?

There are lots of reasons why saving money is important some of them are listed below👇🏿

• First of all, it secures your future
• It builds your discipline
• It helps to build an emergency fund
• You have control over your money
• You can’t overspend
• You get to start control over your emotions

How to do saving?

Many people try to save money but as soon as they get their paycheck they try to clear all the bills and after that, they don’t have a single penny left to save. If you too belong to this category don’t worry I am here with a solution.

So as soon as you get your paycheck before doing expenditure first of all you will take some amount of money for saving then you will do your expenditure whatever it is so that you can do your saving without fail.

11 Best Practical Saving Tips

11. Don’t bring your friendship between money

Seriously 😒 speaking you have to be smart enough while managing money because if you won’t do it. Trust me it can cause you huge problems every time.

Don’t be so frank with your friends in terms of money. I do respect your friendship but at the same time, you don’t want to have a friend who always uses you while paying for anything. If such guys are around you, you are in a red zone you barely can save anything if things go like this.

I highly suggest avoiding this type of person who is self-centered and so selfish.

10. First Save then do expense

I explained above this point. I hope that you got this point very well. Every time you get your paycheck or payment first save and then do the remaining expenses.

9. Stop spending on luxury items

Wow, your all-time favorite topic. 🤣 Sometimes I think your calculation is way weak than mine. Let’s take an example if your salary is around 1K $ and you buy a mobile for 2K$. Don’t you think it is a huge number if you compare it with your income 🤷🏿‍♂️? Some smart people will tell me we buy on EMI 😏.

Wait but tell me one thing why do you need that 2K$ mobile if you can get a mobile for around 200-300$ good one too which you can use it? If you want to save money you have to Stop spending on luxury items.

8. Emotional shopping can be dangerous

Emotional shopping can be seriously dangerous for you and your money as well before stepping out of your house get the list of the things that you need. Don’t do emotional shopping, if possible try to take less money while doing shopping so that you prevent yourself and control your emotions while doing shopping.

Also, don’t pay by card or online don’t do that if something is important then only you should purchase it otherwise leave it.

7. Track your income

If you can’t track it you can’t manage it too. 😌 True and you all will agree with this. If you have records of your income and where you are spending, on how many amounts you are spending that will help you to get an idea of your expenditure so that you can pre-plan your expenditure, save, investing as well and you can cut down your expenses.

6. Cut down your expenses

Cut down your expenses…. cut down your expenses….cut down your expenses….if you cannot cut down your expenses then how will you save your money. If you don’t want anything don’t unnecessarily purchase it and store it in your house you don’t have lots of income sources okay?

You have to understand this point because you have lots of demands, cut down your desire so that you can be mature enough to decide whether to purchase that thing which is actually needed to you.

5.30 Day Rule

This rule is awesome my friends if you seriously want something wait for 30 days if you seriously want that particular thing after 30 days that product or it can be anything gadget or whatever mobile phone after 30 days you will realize that you don’t want that. Most of the time the answer is no but if your answer is yes then go for it.

4. Budgeting

Budgeting helps to control your overspending habits. You have a limited amount of money for your needs and anyhow you will try to fulfill that need. So making a budget will restrict you so that you will not make any decisions with your emotions.

You will make your decision with the number and indirectly or directly which will help you to save more and more money.

3. Asset and Liabilities

Trust me guys if you understand what assets and liabilities are? You will cut down almost 50% or more of your expenses. Our upbringing is like that we hardly know the difference between asset and liability and unfortunately we buy things that belong to a liability category most of the time.

Assets are something that puts money in your pocket and liabilities are something that takes away money from your pocket. So simple right but the difference between them can make you rich or poor believe me or not. So today onwards you will see to it that are you purchasing an asset or a liability.

2. Learn more about managing money

If you want to save money and if you want to know how exactly money works start learning more about money, finances, saving, and investing, watch YouTube Videos, read personal finance articles like us 😂, and listen to podcasts so that you can get to know much more things regarding money.

1. Have a patience

Patience if you have patience you can conquer the world if you don’t have patience you will lose everything that you have. Patience is the key to success. Give a couple of years to see some changes in your money graph. Do proper planning too.

FAQ’s

Now you will tell how investing can make you rich why not saving can read saving vs investing or read rich vs poor difference.