The best time to start saving money is right now. Saving money is a habit, and the longer you form this habit, the longer it will pay you. Understanding the benefits of savings & investments is also essential. Saving some money from your salary every month can add up to a decent amount pretty soon.
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So, let’s quickly dive into ten essential yet motivating habits for you to save money.
- Pay Yourself First: The essential thing to understand about earnings is that our income is not the salary that we get. It’s the money we save from our wages. It’s always a good idea to have a goal with a systematic plan where some part of your salary is kept aside for future investments. This makes sure that you save money monthly and security that you get interests in your savings.
- Keep a Track of your Expenses: You can't manage what you can't measure. To maintain your budget, it is essential to keep track of them. Explore apps like Wizely where you could enter your income after savings and fixed expenses (like rent) and that can tell you how much money you have left for fluctuating costs like food and outings.
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3. Avoid Impulsive Shopping: Whilst these spur-of-the-moment purchases may uplift your mood for an hour or two, it will soon wear off, and you’ll be left feeling worse as you realise you’re left with nothing more than a few bargains and an empty bank account.
4. Learn to Cook: Cooking your meals at home is a great way to save money at home. It not only works well for your wallet but also helps you maintain a healthy lifestyle. Keeping ready to eat and fit snacks at home for evening cravings and learning to cook your favourite meals can help you avoid a lot of quick take away orders.
5. Pick a Hobby: Explore things that interest you & make you happy except shopping! Indulge in physical activities like home workouts, yoga to calm one’s mind. Arrange some fun things to do with family and friends around your house or take up a new hobby such as gardening or crafts.
6. Save Less but Often: Confused? Saving regularly is the key to reaching your goals in a shorter span. It’s a common mistake to think that you can’t start saving because you don’t have much money, but that’s like saying you won’t go on that one hour run because you don’t have the whole day off to exercise – it’s counterproductive and unrealistic.
Learn about How You Can Save on Wizely.
7. Keep Aside Some Money to Pamper Yourself: Always keep aside some budget to pamper yourself once a month. It’s hard to save without having fun, and it will be of no worth until you find calm and peace in doing it. So, do not forget to treat yourself occasionally.
8. Say Yes to Home Parties: It is great to have a good time with your friends and office colleagues once in a while. However, instead of going out each time, making plans for home parties can be a great idea. It helps save a lot of money on food and drinks.
9. Go Sustainable: Turning off lights and appliances when not in use is another way of saving money and the environment. It isn’t a motivation booster for you to hold but having a hood habit never harms.
10. Seek Expert Financial Advice: If you’re feeling you need advice, don’t feel hesitant to seek others’ support. You may feel like a little fish in a big pond when it comes to finances, so seek advice from a financial expert who will have a lot of experience dealing with problems like yours.
Wizely is committed to help you on your financial journey and has created many features that can help you save more money and manage your finances ‘Wizely’.
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Follow our 'Saving Goals' Blog Series:
What are Goal-Based Savings?
Save For All Your Life Goals with Wizely
