Sometimes, managing expenses can be a real challenge. That’s why you have to learn how to save money early and put healthy financial habits into work every day. With good guidance and the right mindset, getting back on two feet can be easier than it seems.
It’s never too late to start saving money. Even if you spent your whole life with not-so-good spending habits or are already in debt, from the moment you begin, every penny counts. If you want to learn some tips to save money, OneBlinc is here to help!
1. Learn your expenses
This might not be an active way to save, but learning your monthly spending is the best way to start. Write down everything that is an expense, such as bills, healthcare, rent, and groceries. Be sure to not forget anything!
Next to the topics you listed, write how much each one costs. If you can’t know for sure, try to reach an average and round up that amount. This will ensure that, if you need to spend more anytime soon, you will not struggle by not financially planning it.
After you’ve listed everything, prioritize things. Some of those expenses are inevitable, such as power and water bills, others can be reorganized (maybe those streaming services offer a combo), while the rest probably don’t need to be on your list at all. That’s when you can save.
2. Pay off your debts
This might not make a lot of sense at first, since the word “pay” is not usually associated with how to save money. The thing most people don’t realize is that debt is an expense that only keeps on growing. Each time you neglect the money you owe, it multiplies.
That’s why paying off your debts is one of the best ways to save money. If you do so, you’ll be free to actually save for yourself and your future plans. Keeping your savings in your bank account while you have interest fees running in the back means that you’re saving only to keep paying endlessly.
3. Explore alternatives
Many people start minimizing their expenses by learning how to save money on groceries. That is actually a great way to start, but it can go beyond. If you can prioritize a less expensive brand over the one you’re used to in the supermarket, try doing that with other things!
For example, did you know that some medicines have generic dupes? That means that they have the same exact formula as the branded medicine, but are way cheaper. Another good alternative lies in clothing. Some second-hand stores have almost brand-new clothes that can be bought for way less.
The options are endless, so all you have to do is look for cheap alternatives to what you need at the moment. It’s common to think that cheaper equals less quality, but that is not always the case!
4. Bet on what you have
We know that fixing things can be quite inconvenient. Sometimes, broken things are really beyond saving. On the other hand, some objects are fixable, and you should count on them when learning how to save money.
Thus, if something such as your computer goes blank, consider asking for a quotation to fix it at a tech store before going and buying a new one right away. The same goes for everything else. New things can be very expensive, so, if there’s a way to save that cash by fixing what you already have, go for it!
5. Just say “no”
Need tips on how to save money fast? Just say “no”. Ponder on what you really need and consider simply not spending any money on it. Priorities come easy and can be set with not much dwelling.
Be aware that this doesn’t mean that you can’t have fun or any nice things. It’s good to treat yourself to a night with friends or some take-away for the day. Just put some thought into how much money you’re going to spend and, if needed, don’t be afraid to turn down an invitation (even if it’s from yourself).
This links directly with our tip #3 because bargaining is one of the alternatives you always have on how to save money. That might not be everybody’s cup of tea, but just trying to get a discount can really lead to great savings.
If you’re not comfortable asking out loud for a discount, try looking for coupons online or simply compare price lists. If a service you use gets too expensive, contact its customer service and try to get a user discount.
When in need, count on OneBlinc
Even if you already know how to save money, things can get complicated sometimes. In those moments, count on OneBlinc to help you recover financially and start again from a comfortable place!
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.