Best Ways to Budget and save money

It is hard to save when you are not earning a lot. But it is not impossible. Save first, spend later. Whenever you get your salary, set aside a small part of it. You can invest that money in stocks or open a savings account in any good bank. You might think saving 1% of your salary on every paycheck will not take you anywhere, but in the long run, it will give huge returns.

Estimate your monthly expenses and plan for any upcoming bank-breaking expenses. When you prepare a budget beforehand, you’ll be able to track your money more efficiently. There’s a good chance you’ll be able to find money that you didn’t even know you had.

While you prepare your monthly budget, it’s a good practice to make provisions for contingencies. Invest some money in insuring yourself to protect yourself against large and unplanned expenditures, and build a rainy-day fund to help you weather through tough times. 

Reverse engineer your way into saving money fast by cutting back on unnecessary expenses. If you’re buying a $10 Starbucks coffee every day on your way to work, that’s going to set you back by over 3 grand a year.

Being thrifty works in your favor, so look for deals when you’re out buying groceries or other essentials. Buying essentials in bulk is often a good way to save a quick buck.

Also, be sure to eliminate recurring expenses. If you have a gym membership that you’ve been wanting to use, but haven’t in over 3 months – it’s a good time to cut the cord. 

Once you have an idea of what you are spending per month, you can start organizing your expenses into a workable budget. Your budget should describe how your expenditures compare with your income, so you can plan your expenses and limit your over-spending. Make sure to factor in expenses that occur regularly but not every month, such as maintenance of the car.

The simplest way to save more money is to earn more of it. If you STRONGLY believe a raise is due, sincerely communicate this with your boss. Your boss might actually be open to giving you a raise if you show him the reason.

An excellent way to make a few quick bucks is a side hustle. Make sure your side hustle doesn’t stress you out or adversely impact your current job – you don’t want to end up losing both. Freelancing is a popular side hustle among millennials since you choose your hours, and you’re your own boss.

If you’ve been hoarding anything in your garage, it’s time to sell it off and put that money into your savings account. Internet is full of excellent websites that let you list your used items for sale online, so getting rid of your old goods shouldn’t be a challenge.

One of the best ways to save money is to set a goal. It is a sure proof way to save money and this can be done individually or collabo ( a group of friends), by setting saving goals you are forced to set aside part of your income to meet your goals.

Start thinking about what you might want to save for - maybe getting married, planning a vacation, or saving for retirement. Then find out how much money you will need and how long it will take to save it. In the long run, you will be super proud of what you have saved thus far.

Cook at home and save money. If you are a busy person and barely have time for cooking during the weekdays, pack lunchboxes for the whole week at weekends. Cook your favorite meals that can stay fresh for a few days or a week and refrigerate it. If you like to have cookies and cup cakes as snacks, bake some at the weekend.

You will be saving a lot of money during the week when you won’t be stopping at the bakery or restaurants for takeaways.

You might be spending a lot of time and money on T.V subscriptions, movie tickets, and restaurant visits. Find ways to enjoy without spending money.

Instead of watching Netflix and eating at a fancy restaurant, find a hobby that is superfun and free. Adopt hobbies that cost you less or no money. Take a camera or your phone and go hiking. Take pictures and post them. You can also make money from photography.

To save money fast you should avoid instant gratification by spending money. People often end up withdrawing too much from their credit cards without even realizing how much money they are spending. To avoid spending money from your credit card, leave your credit card at home when you go out and keep it away from you when you are online surfing so that you don’t end up buying things unnecessarily.

Saving money is not as easy as it may sound. You cannot save money if you have a habit of buying things online every time you see a flashy advertisement. Through these social media apps, our phone screens are bombarded with hundreds of advertisements every day.

To save money you need to shut out all such apps that won't let you save. Unfollow Instagram accounts of brands you are likely to buy from and avoid such ads and posts or simply lower the amount of time you spend on social media.