How to save money fast is the topmost concern for individuals of almost all the age groups in the present era of increased standard of living and spending habits. It is highly imperative to save up funds in the present in order to secure the coming future and be all geared up for challenging situations such as monetary emergencies or economic downfall. Things might not be very easy in the beginning while living a frugal life, but in the long run, it will surely be a lot rewarding. So let’s look at 5 simple tricks on how to save money fast!
Set goals and priorities
If you want to know about how to save money fast either for a big investment, your children’s college fees or retirement income, then firstly, make a list of the goals that you want to achieve.
Place a picture of the things that you want to save the money for, in front of you and use it as a motivation to help you thrive and save money every day. Prioritizing important goals over other expenditures will work for impulsive shoppers and heavy spenders who cannot resist themselves.
Try a zero spending month
A zero spending month implies that you do not indulge in wasteful or luxurious shopping for a period of one month and only spend on necessities such as food and bills. Trying this for 21 days will convert it into an easy habit that can be carried on in the future times as well. This will greatly decrease the monthly expenses and will eventually help in creating a huge bank balance. One can even cut down on the unnecessary daily outflow of cash by eating simple home prepared meals, taking the cheaper commute to work, buying non-perishable food items in bulk, shopping at thrift stores and recycling and reusing stuff as much as possible. Do DIY projects at home rather than buying everything at the stores. This will reduce the spending and even give you a chance to apply your creativity to make something new.
Find alternative modes of entertainment
Look around and find unconventional ways to enjoy and have fun that does not require spending. Rather than going out shopping or watching movies at theatres, one can go to a park and enjoy basking in the sun on the laps of mother nature. One can cut down on membership costs for entertainment purposes such as gym or Netflix and watch free stuff online on YouTube. There are millions of really good exercise videos on Youtube that one can watch and save a ton on yearly gym membership fees. Another tip would be to get rented or free audiobooks from online libraries rather than buying them. This will get you closer to the natural world, bring with it lots of health benefits, will be ecologically viable and help in saving money too!
Plan a monthly budget and stick to it
At the start of the month, assign the amount of money that needs to be spent on all the expenses such as food, electricity, cable bills, commute cost. Try and cut down on the areas where you think it’s possible and try to go for the cheaper deals wherever possible. As for instance, search for prices of stuff you need online, compare them from the different sources and go for the cheapest deals. Make a monthly budget and stick to it throughout the coming days. The fruits of this mindful spending will definitely reap sweet results in the days to come.
Applying the 24-hour rule implies that you give yourself a minimum timeframe of twenty-four hours to make a buying decision. Impulsive shoppers who are researching on how to save money fast should keep the things they want to buy on an online store on the wish list for at least a day. It has been seen that about 70% of the buyers do not buy the stuff kept in the wish list, returning after a few days. So give yourself some time to decide whether you really want and need to buy a particular thing or was it just an impulsive buying decision.