They say money is sweet when spending but hard to save. Saving money is among the challenges that most people face. What most people don’t know is that the hardest thing to do is to start saving. Often, once people reach their target they start spending their money with ease. An impulse purchase is among the things that can pull you down to the starting point.
Since there are several ways to access the money you save, it is often hard to resist the urge to shop. But there are easy ways you can use to save money while doing away with budgeting mistakes and impulse buying. Read this article to learn about the three simple ways to save money.
Create a plan for extra income streams
Saving money is not an easy task. It is hard to save without robbing yourself of other items. A good way to deviate from utilizing your usual monthly earnings towards keeping is to make plans for an additional income stream within the month. Additional income may be utilized in different ways to assist in supplementing your usual income or accelerate another goal that needs cash.
You may consider working overtime or finding another job that you can do after work. This is a good way to get additional income. Once you have created the budget and handled everything including your monthly expenses, you are free to start saving. This means any additional cash should go to your savings account. In case the side job that you have to send money to your bank account, consider having the money deposited into the account.
Another option for making extra cash is to find a job that you can do from home at any time. Freelance tasks can be done in the comfort of your home. This kind of work can provide you with extra income and thus allow you to save.
One of the reasons you might find saving to be hard is when you have many items that you want. But giving in to any impulse purchase is the beginning of a financial crisis. Avoid purchasing things that you can do without. Make it a habit of buying things that you need until you can no longer purchase unnecessary items. As an alternative, put that impulse purchase cash to your savings. It will boost you a lot. The best way to identify the impulse purchases is to make a budget and adhere to it.
Love your money
If you love your money, you will have an enthusiastic view of your savings. Create a relationship with your money as this is a surefire technique to becoming a good saver. By saying love your cash, it doesn’t mean spending. It means loving how you save. You don’t need to feel indebted to save. It should be enjoyable – read article on how to save money monthly.
If all these techniques don’t work for you, consider talking to a financial advisor. He might help you find better ways to save and achieve your financial goal fast. It is also a good idea to have a spreadsheet with all your expenses and an approximate amount you might need.