9 Tips On Saving Your Money
1. Record your expenses. So grab a notebook and jot down all your day-to-day expenses since the first step in saving money is to know how much you are spending.
2. Plan on saving money. Actually, our savings should be deducted first once we got your salary. It's like paying our self first. Standard formula for us to save is Income - Savings = Expenses not the other way around which is Income - Expenses = Saving.
3. Set savings goals. Be sure to know, why you are saving. Is it for your child education, retirement or anything? This would really help you achieve your goal.
4. Make a budget and do stick with it. Do create budget for your grocery, your daily work expense, etc.
5. Decide on your priorities.
6. Live within your means. Always!
7. Make saving money easier with automatic transfers. This can be tied - up into your payroll account so you'll have an automatic and force savings. - Wasn't able to do it since the company's bank branch is from Parañaque while our office location is here in Taguig.
8. Different savings and investment strategies for different goals. Do create different account for your saving purposes. I actually have an ATM account for emergency needs, then another bank account for short term saving goal & and I have a VUL - a mutual fund and life insurance at the same time for long term saving goals. I am also planning to venture into Mutual Funds and other investment products. I hope budget will allow me. =)
9. Last, watch your savings grow.
Also, be sure to have discipline and continue doing the tips above so your savings will double up. Hope this might help you! How about you, what saving tips you can share to us?