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5 Tips on How to Save Money

5 Tips on How to Save Money

Desperately want something but running out of budget. Have you ever been in that situation? You feel that sense of regret because there are lot of things you cannot buy because you spent all your money on unnecessary things. Unless you have a huge income or own a multi-billion empire, here are five tips on how to save your money. Even successful individuals set aside some as their savings. However, not all the tips below are suitable for everyone. Pick one which suits your situation and practice them in your daily life.

1. Color of your cash

Some people suggest starting your savings by collecting your cash of the same color. For example, every time you get a change of the red RM10 note, do not use it and save it inside your piggy bank.

2. Daily budget

Make a daily budget. Set an amount per day maximum budget. For example, you set RM30 as the maximum budget per day. If you are spending less than the maximum budget per day, you can save the balance. However, if you are spending over the budget, you will give yourself a penalty by spending less the next day.

3. List-to-buy

Always make a list whenever you want to go out. Also set the maximum price for things that you want to buy. If the price is higher than the price you set on the list, go find it at another shop. Pretty sure there are few shops that sell the same thing with a difference in their price tag. You just have to find out. This may be wasting your time because you have to check at a couple of shops to get the lowest price but hey, you definitely can cut some cost.

4. Drink more plain water

This seems to be something that people often overlook but avoid ordering sweet drinks when you go to the restaurant or café.  Just order a glass of plain water as it only costs a few cents plus has no calories.

5. Needs versus wants

Priority comes first. Always check your list on things to buy whether it necessary or not. If not, put it on your KIV list. If you do not know how to differentiate between your needs and wants, ask yourself a few questions such as, why you have to buy it? What you want to do with it? Does it gives any benefit to you?

Although you are saving up money, never forget to reward yourself once in a while with new clothing or gadget and enjoy your hard earn cash. This will encourage you save more money in the future. Share with us how you save up in the comment section below.

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