Saving money isn’t always an easy task so we have three tips for you on how to start saving and creating wealth and abundance in your life. They are simple tips and a great place to start!
1. Track Your Spending
We all know that big purchases take their toll on our bank statements, but what we often oversee is the smaller purchases that all add up extremely quickly. Keep track of your day to day spendings. Even the little things. You’ll soon be able to see if you are living beyond your means. By keeping track of your purchases you’ll also be able to compare spendings directly from your budget and see whether or not you are on track for the week/month. Use this method to identity ways in which you can spend less and save more. Eg. If you’re buying lots of coffee out everyday maybe you can start having coffee at home instead. If you’re eating lunch out everyday – look at how much you would save if you started taking lunch to work. Sometimes the thought alone of writing down what we’re spending can ward off unnecessary purchases.
2. Make a Budget
It’s common knowledge that a budget will help and contribute greatly to your savings account. However, are you sticking to your budget? By checking credit card statements, bank statements and receipts you’ll be able to figure out your regular expenses. Work out just how much you pay for bills, loans, rent/mortgage, transport, electricity etc and use the leftover to determine how much you should be spending and saving. If you are spending more than you are earning then it might be time to cut out some things in your life!
3. Open a Savings Account
Not only are you receiving interest on your savings but when you open a savings account it can be a great way to get any extra money out of your eyesight and ward off temptation to spend it. You can schedule frequent and automatic transfers from your ordinary account to your savings account. Out of sight, out of mind! ; )