I am sure by the time you are reading this, you are looking for a way to begin saving or increase your savings. This article will help you. do exactly that. We included the top ways you can increase your savings and stated some of the apps and tools you could use to increase your savings.
Here are the proven tips to help you save more:
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1) Record Your Expenses
The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item, and cash tip.
Make sure you have a full report on what exactly you are spending on. At the end of the month, you could realize you are spending more on things like entertainment, leisure and cutting down on some of these could help you save more.
We know you may not want to spend so here are some free tools you could use
- WaveApps: This is a free accounting tool for both individuals
- Savings Tracker: This is available on the google play store through https://play.google.com/store/apps/details?id=com.longnguyen.savingstracker
2) Budget For Savings
Let savings be a part of your budget. Take an example if your salary is $1000, let it be stated even before the salary comes that of the $1000, You will be saving $100.
This helps prepare your mind mentally and get your system used to that money not being a part of your expenses.
3) Find ways to cut Spending
If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back. Identify non-essentials. How much are you spending on entertainment, coffee
4) Set Savings Goals
One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for perhaps you’re getting married, planning a vacation or saving for retirement.
Ask yourself these questions:
- What am I saving for?
- How much do I need to achieve that target?
- what can I do to achieve that target faster?
Saving without goals is like running a race without a finish line. Such funds are subjected to easy loss.
5) Pick the right places to save
Some times you may not have the discipline to save the money in your account. Saving with friends may not be recommended however to still get your long term savings targets achieved you could use any of the tools stated below:
- Segmented Savings accounts from your Bank. These could even have limitations like; Y cant withdraw for 6 months or a year. These are quite instrumental towards helping you keep your saving intact
- Bonds: You could buy government bonds. The advantage with these is you save and even get interest on your savings. in Uganda, for example, its 13% interest Per Annum
These are the top 5 tips that will help you save more as of 2020