I have often heard people saying this, who often tell their friends or relatives that “You should save money”. They do say that you should save money, but they do not know “How to save money”, and what is the best way to save? And what all should we do so that we can save money. If I tell you honestly, I also do not know. So I started asking people around me and did a lot of research, then I came to know from some people that we can save money by using some apps and someone gave me some more tips. So do all these tips really work? But there are some techniques which can help us in saving money. So let’s know the techniques of best strategy to save money in this blog. First of all, you must know that:
1). Why do you find it difficult to save money?
If we think like that, best strategy to save money seems easy, but in real life it becomes difficult to save money. Like, we get salary, then from that salary we pay our electricity bill, buy groceries, pay house rent, and rarely eat food from outside restaurants 1 or 2 times. And after all these expenses are spent, nothing is left for savings. The truth is that it does not depend on how much we earn, rather it also depends on how we manage the things we keep. Emotional spending, unexpected plans or sudden cravings can empty our pockets and we do not even realize it. Some of us think that in order to save money we will have to stop having fun and we will have to stop all the things we enjoy. Although it is not necessary that this happens. In fact, creating some small habits is more effective than creating everything at once.
2). Now understand where our money is going?
Before saving money you must know where the money that comes to us goes. And when you start knowing where my money is going, then your eyes will open. And to know this you have to do one thing first. Like in the beginning, suppose you want to save money for 1 week, then for this you have to write down all the expenses of 1 week in a notebook, such as snacks or small things like coffee and tea. So when you write down these small expenses in a notebook then you will come to know where my money was spent.
Like suppose, you spent $10 on these small things and you did not even know about it. Because many times we waste money on such small things and we do not even know about them. And when you write down all the expenses in a notebook then you will come to know how much money you spent in a week. And when you come to know about your extra expenses then you will start paying them off yourself. So this shows that when you cannot control it, you cannot measure it.
3). Try the 50/30/20 rule:
You must have heard about the 50/30/20 rule, if not then let’s know. The 50/30/20 rule is a simple budgeting technique that divides your expenses into 3 parts. Like, 50% for your main needs (like house rent, groceries, kids fees etc.), 30% for your wants (like entertainment, movies, etc.) and 20% for your savings. This 50/30/20 rule is an easy way to save money without any interruption. You don’t need to ignore the things you like and your hours to save money. You just need to go in a flow.
For example: If your monthly salary is $5000, then put $2000 for your essential expenses, $2000 for fun or entertainment or $1000 or $500 (according to the expenses) for your savings. Is this rule enough to save your money, or is it a very good or the best way.
4). Automate Your Savings:
Another best and smart way to save money is to automate savings. For example, suppose your salary is $5000, then as soon as your salary comes into your bank account, you can automate it there, or as soon as you get your $5000 salary, some money gets automatically deducted from it, or it gets automatically deducted and transferred to another bank account. If you have only one account, you can do one more thing, as soon as your salary comes, immediately take out $500 from it and save it.
So now imagine that my salary is $4500. So now you have to spend all your expenses in just $4500. This is a smart way. But you will have to save $500 (or any amount according to your budget) forcefully, then you will get into the habit of doing this. And by doing this you will have a good amount saved in 6 months or 1 year.
5. Small habits make a big difference:
Whenever we think about saving pocket money, We also think about what to do. So you don’t have to make changes overnight. Some small habits can become a reason for saving your money in the long run.
For example: Like, you order food from a restaurant 4 times in a week, like you order food from a restaurant 4 times in a week, then you should order only 2 times or cook 2 meals at home. In a week or month you can save $300 to $500. If I tell you more, like, you can avoid buying unused things, you buy those things which you need. Use cash instead of credit card. Or when you go out for a walk, you buy water bottles from outside and thus waste money. So whenever you go out for a walk, take water from home. So you can save yourself from small expenses. The main thing is to keep things under control. So, saving money on small things helps you generate a good amount of money every month. The main thing is that you should use money wisely.
6. Conclusion: Your best strategy is the one you can stick to:
There is no single strategy that works the same for everyone. Example: What works for your friend may not work for you. It may not suit you. If we talk about the main conclusion, you can think about taking steps to control expenses or to save money on your expenses. The most important thing is that, your money should be spent on those things which you need. How many times we spend money on small things or we don’t even know about them, we don’t remember them. So adopt the above ideas to save money. Because saving money is not a big deal, the main thing is “control and management”. If you control, you will be able to manage well, or save money. So we need to follow these best strategy to save money steps.
So how you like the blog? If you are reading this line then you become serious about best strategy to save money seems easy. Whatever steep you like, please give me your feedback. And if you have any kind of doubt, or are facing any problem, then send your question here, I will definitely give you a solution to your problem. So save money, be happy and take care of yourself… Thank you..