The best money-saving tips are the ones that can be done easily. That’s why it’s so important to understand where you are financially and start from there, never under or overestimating your expenses and well-being.
Of course, that isn’t an easy task. It can be very hard to find doable tips to save money around. Well, if that’s your problem, OneBlinc has the solution! We chose six of the best money-saving tips that you can start doing now in order to slowly grow your funds. Stay tuned!
1. Set a cycle
When saving money, it’s important to set a time cycle in which you’re gonna count the amount you were able to save and what were your general expenses. It’s common to choose a monthly cycle because most essential expenses also come each month: bills, college, long-term loan repayments, etc.
However, if another time cycle fits you best, don’t be afraid to test the waters and choose the best option for yourself. Many people prefer biweekly counts, while others try to make a more detailed plan by tracking savings every week. One of the best money-saving tips is to make things work best for yourself.
2. Start small
One of the biggest mistakes someone can make when starting to save money is believing there’s a need to start big. When it comes to saving, every penny counts, even if that’s all you can do for the period you chose.
A great tactic to get into the habit of saving is actually starting small on purpose. It’ll help make the transition into a more financially aware mindset easier and, eventually, it won’t feel like a chore. Rather, you’ll feel joyous every time you realize that you were able to save more money than last time.
3. Create a savings account
A savings account, also known as an emergency fund, is the place where you’ll put all the money you’ve been saving into. The main purpose of it is that you’re not supposed to touch that money, unless, of course, there’s an emergency (hence the name).
As an alternative, some financial institutions also allow you to make separate folders that can act as a helpful organizational tool. You can create a savings folder and keep all the money you’ve been able to save so far in there. It’s also helpful if you plan on having different savings for different goals, such as travel, studies, etc.
4. Keep track of your expenses
Another tip on how to save money is to create an arrangement in which you’re able to track your expenses. Remember to take everything into account: from your bills to the candy you bought from the store.
An easy way to do this is by organizing an expense sheet in Excel, inputting everything you spend money on and how much it costs based on every saving cycle you set beforehand. Some apps can also help with that. You just have to find the method that is more comfortable for you and easier to turn into a habit.
5. Find alternatives
When reading that one of the best money-saving tips is to find alternatives, many people jump to the conclusion that they have to buy cheaper brands with less quality than what they’re used to. While that is also a strategy if you’re in a pinch, it doesn’t hold true all the time.
There are lots of ways that you can find cheaper alternatives that hold the same quality and attributes as the more expensive ones, such as generic medicine. On the other hand, you can also search for your preferred brands or products, but at a cheaper price. Bundles, coupons, and discounts are great ways to save money.
6. Understand needs and wants
In order to start saving money, it’s essential to understand what are “needs” and what are “wants” in your life. Setting priorities will not only help you to control your spending but also show you what can be set aside for a while, especially if you have a goal in mind.
Don’t forget that no one has to live only with the bare necessities. If you really want something, don’t deprive yourself of it. Try working out a plan to have what you want, what you need, and also save a bit while doing so. Remember: every penny counts. If you want something on the pricey side, make a separate saving spot for it!
OneBlinc is here for you when emergencies are too much
Some emergencies can appear out of nowhere — not even the best money-saving tips can cover them. If you find yourself in that situation, don’t panic! OneBlinc is here to help. Get to know us and learn how you can start your journey to financial stability.
Unexpected things happen more often than we would like them to. That’s why OneBlinc is here to help, whether you have an emergency or just need that extra cash to go through the end of the month. We believe in people, and we understand that everyone might need money someday, somehow.