Make savings but saving as much is enough are two entirely different things to ensure personal financial health. Having a lot of money doesn’t mean that it will bring happiness, but you can’t deny the benefits of having a small accumulation or simply learn to spend smart money so that you don’t have to continue in a state of pressure related to personal finances.
There is an unambiguous reality for many Millennials: saving or financial accumulation is always a problem between the many needs in modern life because the consumer is just waiting to draw us into shopping and consumption.
The following are mentioned some tips to save money suggested by Brilliant people. If you’re still thinking about what you can do to start saving money, try these following 5 unique tips.
5 Special Tips to Save Money
1. Don’t Use a Credit Card if Possible:
Some brilliant persons do not use credit cards. Credit cards are always marketed as a financial solution, but actually, this is a major financial burden and a problem for many Millennials. A scientific study has proven that using a credit card makes you shopping more costly because the way of payment with a credit card can fool you. Temporarily, cash spending will make a clear sense of loss.
It is obvious that credit card brings a lot of conveniences until you look monthly bank liability. You can go with the use of a debit card instead of a credit card because you can still use the card in a payment (if you care about its convenience) because it will only be up to you to pay. At the very end, you don’t have to worry about having an unnecessary debt.
But If you’re trying to save your money through budgeting but still carrying a heavy debt burden, start with the debt.
2. Rule 50-30-20:
Often small things cost us more, but we can fall into the trap of thinking that spending on big things is what gets us in trouble. How to manage the expenses, including spending 50% of your salaries on basics needs (utilities, rent, necessities, food, transportation, etc.), the 30% for things you want (things that make you happy like traveling, entertainments, outings, etc.) and 20% for you in the future (save, saving solution, big sale, invest or pay off debt etc.).
This rule may not be easy to achieve, but you can change it a little on ease of your life. Included in this point is your investment and how much you are spending, and we all know a big portion goes on technology products, but not as long as you have the best tech deals and coupons.
The brilliant people suggest that make an investment, even if for a very small scale of amount every day. Some people invest in homestay business, cafe, real estate and many more businesses. However, an equally important investment is to invest in yourself, your physical and mental health.
By saving accounts somewhere you can put some or all of your flexible income, the amount which left after paying for personal needs and taxes, and any breeze. You can avoid the attraction to use this arbitrary amount by setting up automatic, scheduled transfers from your main account to your savings account.
Kylie Travers, CEO of Occasio Enterprises, who owns and runs a number of personal finance websites, says fill out your trading account balance is one way to make more money on your savings or your account.
Don’t remorse the amount of money you neglect your body or emotions, because you will not want to end up by paying a greater amount for health declines. You can invest with anything, as long as you grab the opportunity and will be surprised at your own ability.
4. Create Your Own Emergency Fund:
Once you got a certain amount of savings (usually at least 3 to 6 months of living expenses) deposited in a bank, besides the 20% per month you spend on the future, life will be easier. And we can say that a lot more than you can imagine.
Perhaps you want to quit your job at any time, or simply need emergency money by having money saved for helping you run, no matter how life turns out to be. It is the smartest thing smartest you can do.
Set up an amount from your checking account to your savings account on each payday. Whether it’s $20 or $200, don’t cheat yourself out of a healthy long-term savings plan. And it never hurts to know the best amazon coupons when buying something, because effective spending is a part of our saving tips.
5. Talk to Your close friend or Colleague about Financial Issues:
It is shown in one study that women are more likely to talk about death than about money. In fact, the topic of money is often considered a private matter. However, being more open to this topic may bring you more benefits than you think, especially to colleagues.
Because such conversations will help you to understand your worth in the work you do, you will have a vibrant idea of the salary you want to enjoy when you apply for a job or when you are promoted. Some conversations are also subjected to money-saving ways like coupons, deals, promo codes, promotion, sale-off, etc where you can buy the same item at a cheaper price, etc.
- Don’t use a credit card If possible because credit card makes you shopping more costly because the way of payment with a credit card can fool you. Temporarily, cash spending will make a clear sense of loss. Apply the rule 50-30-20 in your personal budgeting by managing the expenses, including spending 50% of your salaries on basics needs, 30% for things you desire, and 20% for you in the future saving.
- Make an investment, even if for a very small scale of amount every day. By saving accounts somewhere you can put some or all of your flexible income.
- Talk to a friend or colleague about financial matters because such conversations will help you to understand your worth in the work you do.
If you want a healthy financing life then unique tips mention above suggested by some of the brilliant people in the world make your life balanced and happy. At the end of the day, you can always try and increase your income source.