Saving money is important but never easy. Lynne Somerman, a financial coach, shared different reasons why allotting money for reserves is so hard for people no matter how much they wanted to push through it. Some of those reasons she enumerated are not having a list of expenses, not aiming for financial goals, having this feeling of restriction, the bad habits when spending money, and the weak foundation and desire to save.
But no matter how hard it is, know there is still a way. You only should have faith in yourself and consider these tips.
DON'T WASTE YOUR MONEY ON BUYING THINGS THAT ARE ON SALE
When you buy something on sale, no matter how much discount you were able to avail, you are not saving, you are still spending. So make sure whenever you purchase something, whether it is on sale or not, it is something you truly need and not just the one you would want out of lust. Carefully weigh things first whether you need to purchase the stuff no matter how huge the discount is.
DON'T ALWAYS CHOOSE LUXURY
Most people think luxury brands are way better as compared to other brands. But this isn't always right, as shared by COL Financial Group Inc. Some brands could cost thousands of dollars lesser but still offers almost the same quality of products. You just have to do your research first before shopping to know the brands that offer such.
But if you think you deserve to treat yourself and indulge in luxury once in a while, then go ahead. But make sure to do it with moderation.
AVOID UNNECESSARY CHARGES
Unnecessary charges such as extra fees asked from you when you withdraw from a different bank might seem not a big deal. But once the expenses have accumulated, you will then notice the big difference.
So better to avoid these unnecessary fees if you want to save. You can do that by paying your bills on time, doing money transactions with companies or business establishments that offer low costs, and always be mindful of the fees you are paying.
CREATE A BUDGET LIST
Have you had an experience where you can't remember where and how you've spent your money that you're down to one dollar again? Overspending like this usually happens when you don't have a budget list in the first place.
So start by listing down your expenses for a month such as food, utilities, transportation, and rentals and the amount you've allotted to each. Having this list can help you spend your money wiser and cut out unimportant expenses.
