7 recommendations for those who want to save money

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

If you can't start saving, and the usual ways of saving don't work, you can try using the popular challenges on the Internet.

In recent years, the Internet has literally flooded with all sorts of challenges. However, some of them may indeed be useful. This article provides tips based on the best challenges that you can use to learn how to save money and not waste it.

1. Track all your expenses

This will help you understand where your money is going. Within 30 days, you need to track how much and what you are spending money on. Literally every ruble is important. Analyze the received data at the end of the month. Find out what is spending too much money on and cut those costs.

If you manage to control expenses, then you can not only learn how to save money, but also take control of finances in general. The longer you complete the challenge, the more cost conscious you will become. This will have a positive effect on your financial condition and in the long term.

2. Save money every week for a year

In the West, it is popular every New Year to make a list of promises to yourself that must be fulfilled next year (New Year's resolution). As part of this "New Year's resolution", you can challenge yourself and save a certain amount of money every week.

Initially, this challenge assumed that in the first of 52 weeks of the year, its participant must postpone one dollar, in the second - two, in the third - three, and so on. You can also start the challenge from the end, setting aside $ 52 for the first week, and then gradually reduce the amount of money saved. Thus, the participants of the challenge were able to accumulate $ 1,378.

You can change the terms in any way convenient for you. It all depends on how much money you want to save and how much you can afford to save.

Many of us are paid not every week, but every two weeks or once a month. You can adjust the challenge to save money from every paycheck.

3. Save money every day for a year

The principle of this challenge is the same as the principle of the previous one. The difference is that you have to set aside a certain small amount of money every day. This shouldn't weigh you down, so put it off a little at a time. The result will be pleasant in any case.

4. Set a specific goal and set aside increasing amounts for 12 weeks

This is a more aggressive way to save money. It works well if you need to save a certain amount. Initially, it was proposed to set aside $ 60 in the first week and add $ 5 to the deferred amount every week (65 in the second week, 70 in the third, and so on). In 12 weeks, you could accumulate $ 1,000. In order to accumulate more money, you can simply do this task several times in a row.

5. Keep costs to a minimum

This point resembles the first one, in which you keep track of all your expenses. Its principle is very simple. By cutting costs, you try to spend money only on the essentials: utilities, food, and so on. It is necessary to give up going to the cinema, cafes and restaurants and from unnecessary shopping expenses. If you can follow this advice for a long time, it will save you a significant amount of money.

6. Postpone the change

If you use cash, then this rule will not be difficult for you. Just don’t waste your change, and at the end of the day, collect all the money you have set aside. You will be surprised how quickly you can save money. It can be complicated and forbidden to yourself to spend change during the whole year. Test yourself and find out how much money you can save this way.

7. Automate savings

It's pretty straightforward. You don't have to do anything yourself. Many banks offer the service of automatically transferring a certain amount of money or a certain percentage to a special account (for example, the Piggy Bank service from Sberbank). You can set this amount and the frequency of deductions yourself, for example, deduct money every time a salary is received on the card.

Some banks also offer to set aside an amount as a percentage of expenses. So, if you are used to using the card, then you can use this service.