5 Tips to Save Money

5 Tips to Save Money

Written by Millionaire’s Digest Team Member: Zohaib Ali

Founder & Owner of: Truth Behind the Image

Millionaire’s Digest Team, Contributor, Books, Entertainment, Family & Life, Religion, Successful Living and Travel Writer

1. Save before you spend

You need to know what money is a fixed outcome each month e.g. rent/bills and what is surplus. The best way to do this is split the different expenditures over two bank accounts and that way you know exactly what you have to spend. It quite easy to open a savings account online and manage this with online banking. Calculate how much your fixed outgoing per month is and move this into another account on payday, what you have left is surplus. Commit to saving a fixed amount each month which will make part of the monthly outgoings moving into another account.

2. Reduce the unnecessary spending

Identify what you are spending your money on. Is it too many shoes or too many take outs a week? Either way, there is somethings that we just can’t help from buying, and we don’t necessarily need it. Find out what this and use the other points to try tackle this issue.

3. Set yourself saving goals

Focusing on the reason why you want to save. It may be something big like a wedding or a mortgage deposit or even something small as paying off a few credit cards or for a rainy day. Having something to work towards actually gives you a sense of achievement when you get there.

4. Be savvier with your spending

Instead of not spending at all, spend more wisely. When out shopping looks for items on offer or in the sale. Do your grocery shop at the cheaper supermarket rather than a leading brand. Instead of buying new clothes swap with friends, or buy them second hand from eBay. Bulk cook food at the start of the week so you can come home from work and have a quick meal instead of a naughty takeaway.

5. Set up an ISA and forget about it

If you can’t trust yourself to do any of the above, then what you can do is open up a cash ISA with a fixed interest rate. This will not allow you to withdraw any money for a certain period of time. Set up an automatic transfer of money into each month on your pay day.

Article Credits: Zohaib Ali

Millionaire’s Digest Team, Contributor

17 thoughts on “5 Tips to Save Money”

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  2. Some really good tips for those trying to improve their financial health. Since I started working as a RN last year, I’ve always paid myself first before doing anything else with my money. I barely notice the difference when I have the money automatically taken out of my paycheck; I have it diverted into my 403(b) account through work. I’ve gotten accustomed to the income I’m left with, still save anything I have left over, and know I’ll be in a better spot in 40 years! Also, whenever I have a little extra cash, I put it into a CD account so I can’t even put my hands on it. Thanks for your post!

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