Basic Rules to Make Savings with Little Effort

USCurrency_Federal_ReserveWhen having plans for future you will always pay attention to your money flow and try to save. Someone begins to think about this question when creating a new family, others start to save being a teenager or only when thinking about their retirement. For this reason it is necessary to observe a few basic rules. So, let’s look at each of them in more detail and find out how and what exactly you can save.

Rule #1. Make records of what to buy

This applies to all purchases, also including very small ones (newspaper, a package of juice, ice cream). It is enough for some people to keep records for a few days to understand and adjust their spending. But it is better, of course, to do it for a month or two. The effect will be felt. At the end of each day write down the list of all your purchases and cross out the things that you do not need at the moment. At the end of the month add up all the amounts that you have spent on unnecessary purchases. You will be shocked!

Rule #2. Divide purchases into categories

You can plan costs in categories. Record the expenses on food, transport, clothing, entertainment, travel and so on. Make an approximate norm of money which you can spend on each category. For example, if you have to spend $200 on clothes monthly and this month you spent $400, than next month you will not have to buy clothes at all. Do not flip money between categories.

Rule #3. Get out of debt

It is hard to save money if you have a lot of credit cards. It will be good if you do monthly payments in time. But it would be better to repay in advance. You will be able to save more money on interest rates. Make debt repayment a priority and be ready to make small steps to improve your financial position.

Rule #4. Set aside some money from your salary

Think about how much money you earn monthly and how much you put away. Make an aim to set aside at least 10% of your salary. If you bring home $1000 save at least $100 a month – that is $25 a week. Reduce your cash expenditure on shopping, for example, and you will see that it will become much easier to save.

Finding a way of how to borrow money in Saskatchewan will temporary replace the money need. You should understand soon that you need not only to collect money to pay for something but also to save it to provide financial stability. Money saving does not mean that you constantly and everywhere have to deny yourself everything. First of all, saving means to dispose of your cash with mind. Everyone can learn how to spend money skillfully and wisely.

Diana is an accomplished financial consultant writing about socio-economic problems as well as legal and financial articles on debt, bankruptcy, loan, money saving, stock market, credit card, personal injury on various websites. She has been writing for the last 5 years.


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  1. says

    Rule #1 cannot be stressed enough! I think this is where most of us drop off in the financial freedom bandwagon. We either don’t care or do not have the time to note down our small budgets and expenses. But I think its crucial and helps a lot in figuring out our money habits and adjusting accordingly. Its even easier with the horde of apps dedicated to financial planning. Wonderful post

  2. says

    The thing that works for me is the automating of the savings. If it’s not in my pocket I can’t spend it :p So out of site out of mind and my savings are gradually building up over time.

  3. Jeff says

    I disagree about Rule #3 as it’s a bit of a pet peeve of mine that people with credit cards cannot save money. It’s only true if you have no discipline whatsoever. I have two cards with a combined limit of $16k but I’ll rarely use even 10% of that in a single month while also saving up for vacation, a house downpayment, putting away money for future expenses like car maintenance and vet bills, etc.

  4. Felix Lee says

    Saving is something really challenging for me. I have to admit I used to spend a lot, but as I got older, I am slowly making ways to save and getting out of debt is one very important factor to be able to save.