Savings is always difficult and it involves sacrifices and because the high cost of living weighs like a burden on the average incomes of families.
Experts in finance, economics, and savings have shared their best tips and strategies to save money every month even if you have a limited budget.
Create an emergency fund:
Preparing a cash fund for emergencies is the first step towards proper financial planning. Low-income families with at least $ 1,000 in an emergency fund are more securing financially than the wealthiest families but with “punctured hands”.
Keep an eye on expenses:
Keeping the receipts of all purchases and dividing them by categories such as transport, restaurant, personal care, clothing, etc. at the end of the month it will be clear where the money went and what costs can be cut.
Follow the budgeted envelope method:
The envelope system is simple and consists of a challenge: you need to enter a fixed amount in each envelope for each planned expense. Aware that once the budget is over, the envelope cannot be filled again, we will be thriftier until the next salary.
Think about the future:
The money saved should not be kept under the mattress, but it is better to put them and keep them in a savings account.
Out of sight, out of mind: asking your employer to pay a certain amount of salary by transferring him to a pension fund is an effective way to save money without the slightest effort.
Save money when shopping:
Shopping always activates the reward system and makes you so prone to impulse purchases. A good strategy to resist: Instead of purchasing directly, take a picture or make a note of the good piece and let it go for some days for at least a week.
Then take another look at it and be completely honest with yourself: Does the part still have the same appeal to you as it did a few days ago in the shop or have you even forgotten it? Read more here.