Saving money should be one of your goals in 2019. When starting a new year, most of us do so by put in place new strategies that will help us achieve our new goals. Some of these goals require us to use different strategies which include dropping some of our old habits and replacing them with inspired habits.
Most of the goals revolve around saving or making money within the year. While saving money may sound like a walk in the park, someone who has tried the same can tell you that it requires patience and discipline.
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If you embark on saving money without solid plans and without changing some of your old habits, you will probably not save anything. Regardless of how much you make or how you make your money these strategies will help you save money in 2019.
1. Track of your expenses
If you have ever wondered where the money you had went then you are probably not tracking your expenses. Many people are victims of overspending and finally, feel guilty about their spending habits ones their money is depleted.
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While this may seem, harmless, it will make you regret if you cannot account how you spent all your hard earned money. To avoid being a victim of the same, you should ensure that you plan for your expenses to avoid blowing your sweat money on things you didn’t need in the first place.
2. Set saving goals
They say that if you do not plan your plan to fail. If you do not set saving goals, then you probably aren’t going to save anything. You should have a saving goal that should motivate you. A saving goal gives you the reason why you should be saving.
It could be to save money for a vacation or to attend a charity event or even to buy a material object. Whatever the saving goal is, I will definitely give you the desire to want to save continuously.
3. Decide on your main concerns
No matter how much you have, doing the wrong thing at the wrong time or the right thing at the wrong time will definitely affect your budget. Deciding on your priorities helps you to only deal with the important thing first.
In short, you should always use the first things first strategy before you spend your money on any project. You should also put more emphasis on priorities that bring monetary gains instead of focusing on things that drain you financially.
4. Make a budget and stick to it
Impulse spending comes with an immense thrill that can easily derail you from saving. For that reason, you should always make a budget on the things that you want to purchase and try as much to stick to it.
Most of the time, when people get ahold of their salary, they get over excited and end up spending more than they had planned to. To ensure that you have money to save, always sit down with your necessities and budget using the most reasonable prices.
5. Always spend less than you earn
Many people make a mistake of living a lifestyle that they cannot finance. This way all their money is spent on financing an expensive lifestyle leaving nothing to be saved. I mean who wouldn’t like to live that Porsche lifestyle.
Spending as you earn look like a comfortable way of living and it sure is but people hardly manage to save anything. To be able to save significant amounts, you should get in the habit of spending less than you earn. You should live to your standards depending on the amount of money you make.
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