Financial stability is everyone’s dream, especially for people struggling to make ends meet. Even if saving money every month may seem impossible, a little foresight is enough to succeed in the enterprise and set aside a small nest egg to be touched only in emergencies. Here are some valuable tips to save money every month.
Control your expenses to Saving money
Keep all the receipts of what you have purchased, then, at the end of the month, print the statement of your current account or credit card and divide the expenses by categories. After that, calculator in hand, she begins to calculate, look at how much you have spent and evaluate if the costs you have made were all necessary. This job is even more helpful if you can do it for several consecutive months.
Eliminate unnecessary expenses
Sometimes we spend money driven by a momentary impulse, which leads us to make unnecessary expenses. After carefully examining all the expenditure items, find out which ones you could do without and eliminate them.
Make a plan and set a budget for each expense item
Now that you know how much you spend each month and what unnecessary expenses are, you can draw up a detailed plan of costs during the month and set a budget for each expense item. It’s easier to save money if you have a set budget that you can’t break.
Be careful where you pick up
When we receive the contract for the ATM (which should always be read carefully), it specifies the commissions paid when withdrawing from the branches of other institutions. Therefore, to avoid paying them, the best solution is to remove them as often as possible from your bank counter.
Watch out for commissions to Saving money
If you’re used to using a credit card, check your statement and see how much you spend on fees. In some cases, they are expensive. However, if you spend too much on commissions, you can ask the financial company that issued the card for more convenient conditions or pay more often which has much lower costs.
Reevaluate your contracts
Electricity, gas, telephone, insurance… Are you sure you have stipulated contracts with the best quality/price ratio? If you need to save some money, review all these cost items and if you realize you’re paying too much for a service, try to find a company that offers it at a lower price (without sacrificing quality and guarantees ).
Do you need all those subscriptions?
Gym, streaming, pay-TV… These are all fixed, albeit minimal, expenses you find yourself paying monthly. But how often do you go to the gym or use pay TV or streaming services? Do you need to pay for all these subscriptions, or can you do without them?
Learn to save on groceries
Saving on weekly shopping may seem impossible, but it’s easy if you prepare a list of things to buy in advance and pay attention to the offers in supermarkets. Furthermore, it is advisable only to buy some stuff in a single shop, but to differentiate your purchases: some products cost less in one shop than in another. Therefore it may be more convenient, for example, to buy meat in one shop and fruit and vegetables in another.
Set aside the amount you intend to save immediately
One mistake many make is to wait until the end of the month to put aside the money they intend to save. In reality, the best thing to do is to draw up an expense plan, including an item concerning savings, and immediately set aside the amount you intend to save. This way, you don’t risk giving in to the temptation to spend everything you have available.
Make your savings “automatic”
Another way to be sure of saving something every month is to take out an insurance policy, or a pension fund, through your bank and schedule the automatic monthly withdrawal of a certain amount, so saving money every month will be easier!