We always thought of spending less and saving more money daily but no matter how much we try, we fail to save money miserably. Our bad habits and lack of financial knowledge are the blame for not letting us accomplish our goals. We need to redeem our mistake of being reckless and learn something that can benefit us. Today we listed the top 10 tips which can help everyone to save money.
Top 10 Tips to Save Money in 2023
Keep a tab on your spending
Being unaware of your daily spending will create many problems for your savings. There are many ways that you can track your spending, such as creating a budget, using a spending tracker application, and many more. You can cut out your expenses to track your spending more efficiently, and you can even control it.
Eradicate your debt
Your debt will kill your savings gradually because the high-interest rates on your debt will erode your savings. In exchange for that lump sum loan, some banks apply high interest, which can suck up a sufficient amount of money from your salary. Once you pay off all of your debts, you will be free from paying those high-interest rates and can save your money for your future.
Set money-saving goals
Setting goals is one of the most practical-effective ways of saving money. Once you set a target of saving a certain amount of money each month, your brain will automatically alert you when you spend much more than what you vowed. If your target is to buy a house in three years, then you know how much savings you need to achieve that goal.
Avoid unnecessary spendings
If you believe in draining your salary to buy things that you do not even need right now, then you must avoid these expenditures. For example, Don’t buy extra pair of shoes if you already have one or If you can ask your mother to pack you a lunchbox, then avoid spending money on junk food.
Follow “Staycation”
If you want to relax your mind from daily ups and down then you do not need to spend thousands of bucks on your vacations. You can stay in your home and relax as well, you can even choose the cheaper place for your vacations as well. Your utmost motive must be to save money as much as you can.
Cut your OTT subscriptions
OTT is today’s trend, but spending too much money on their subscription may leave your pocket and savings sad. It would not hurt if you did not watch some series for a couple of months. If you have a savings goal, then you must stop spending money on the OTT platforms.
Use public transport
Using public transport instead of your own vehicle will benefit you more than you might think. You can save money on your petrol and you can save lots of time stuck in traffic as well. If your office destination is not far from your house, then you can even opt to walk instead of using your own vehicle.
Invest your savings
If you know anything about investing, then you can invest your savings in many worthwhile places such as the stock market, real estate, gold, mutual funds, etc. However, be very careful while investing in stocks because the stock market fluctuates from time to time, so you could lose your savings too. But investing your money is a great way to double your savings and earn lots of money.
Stop the habit of smoking
Quitting smoking may not be easy, but if you stop smoking and add that money to your savings as well, then you will have two benefits. First, you will stay healthy, and second, you will save a hefty amount of money yearly.
Try 50-30-20 rule
According to the 50-30-20 rule, 50% of your income goes for your essential expenses such as home EMI, groceries, etc. 30% of your income goes to your wants and desires, such as a family outing or a party, and 20% goes to your savings. This rule is the most effective and easy to follow for everyone.
