2020 has come with so many surprises and part of which is that, it has taught us the importance of saving money and having multiple sources of income.
Whether the money is saved from a side hustle or an ebook that helps you earn something extra every month, every penny is more important than ever.
How Can I Start Saving?
You may be thinking I don’t have multiple sources of income yet so how is it possible to start saving?
You can start from what you already earn.
Saving money is not just about earning more than you can spend every month.
It is also not about having excess money that you leave in your bank account to spend sooner or later.
No, saving money is intentional and you have to be disciplined to put away a certain amount every month.
The first thing you need to do is get your numbers right. How much do you actually earn each month and how much are you willing to put away?
If you may not be great with calculations, Pigly is a great resource.
Pigly comes with free interactive tools and calculators that teach people how to manage their finances.
I particularly like that they have a range of tools to help you with budgeting, mortgages, retirement and personal loans.
To use Pigly for savings, choose between what type of savings goal you want to achieve, then enter your preferable monthly deposits, interest rate and number of years you would like to save and allow the website to everything for you.
5 Simple Ways To Save Money
Once you have decided on what amount would be best for you to save using Pigly,then all you have to do now is be disciplined.
Developing better money habits may not be instantaneous but with time you will get better.
Here are 5 easy ways to identify and reduce how much you spend and focus more on saving.
- Cut back on non essentials. Eating out and Netflix may seem to be essentials but they are not. Turn them into rewards for sticking to your savings goal and you’ll be proud of yourself for doing it.
- Decide on what’s important. What are your priorities? Do you need to get out of debt? Save for college, save for a new home? Then it’s time to prioritize. Your savings goals will be a great motivator.
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According to Forbes 101 ways to save money, walking, using a bike or public transport are great examples of how to save money everyday. You don’t have to stick to these examples, think of what best suites you and your family and get creative.
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Unsubscribe from any software, recurring payments and programs that are not of use to you or your business at this time.
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If you have an online business, limit how much you spend on social media to reduce data costs.
There are many more ways you can save money in these uncertain times.
As I mentioned above, get creative and be more observant with your day to day activities. Watch how you spend money, go through your bank statements and see what you can do without until you meet your savings goals.
We may not know tomorrow but if we are better prepared financially it will be of help.
You can find more helpful content here.
Let me know your best money saving tips below.
Bye for now and don’t forget to follow me on social media,
