Easy ways to save money


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    Have you wanted to start saving for a long time, but have problems? Telecomasia.net’s experts have put together the best ways to start saving.

    1. Pay off all debts

    This is less of a piece of advice on how to save money than a warning of the most common mistakes. Most often, people with mortgages or large consumer loans fall into the debt trap.

    The idea of ​​making minimum payments and using the remaining money to save from expenses or make deposits seems very attractive. Remember, however, that 90% of the time, loan rates are higher than investment vehicle rates. Hence, early repayment of debt should be the main goal.

    The optimal order of savings is as follows:

    1. Money for early repayment of debts;
    2. Rainy Day Fund (money that may be required in the event of unforeseen emergencies);
    3. Savings for growth.

    2. Start accounting at home

    First of all, understand how much money you are getting from different sources and where you are going to spend it. To do this, there is no need at all to do calculations on paper or use inconvenient tables in Excel. You can download one of the many income and expense tracking applications to your phone. They will help you analyze all of your expenses over a period of time.

    3. Set goals

    There is a big difference between saving money on vacation, home renovations, expensive purchases, and simply saving money to create a rainy day fund. Of course, you can save on the “just in case” principle. In practice, however, this approach often proves to be unjustified. This is because insecurity does not satisfy our brains.

    What to do?

    1. Define at least one destination for saving.
    2. Decide how much you want to save.
    3. Choose how long you want to save.
    4. Calculate how much you need to save and compare it to your capacity.

    Steps 2 and 3 can be combined. It is necessary to adjust either the amount or the timing.

    4. Start with small amounts

    There is one rule: before you can run a marathon, you must learn how to run a hundred meter race. Start with an amount you can put away in 2 or 3 months to see how you can save for big goals. Good training opportunities:

    • buy the right device;
    • the purchase of furniture (preferably it should be rest, such as a bed or a chair);
    • Buy jewelry.

    The main point is that what you acquire really brings joy. In this way, the brain associates accumulation with strong positive emotions.

    5. Forget about impulse and status purchases

    According to statistics, status purchases (expensive phones, watches that emphasize our status) are mostly made by people who are short of money. This is something to think about!

    Therefore, your best friend should be the shopping list, the one-day rule (this is what you need to think about before buying) for anything but groceries, the 30-day rule for all large purchases (furniture, appliances, etc.) .

    6. Set aside cash for purchases you haven’t made

    This is a slight improvement over the previous method. Often times, we make impulse purchases to make ourselves happy when we are sad because of mistakes at home or at work. But the money that goes into your savings account can also be a reason to improve your mood.

    So, unless you haven’t bought another pair of jeans or a packet of cookies, put aside any money you want to spend on those unnecessary purchases.

    7. Do not allow yourself to withdraw money

    Open a deposit at the bank with no option to withdraw funds to avoid unnecessary temptation to spend it all. Also, remember that the larger the investment, the less tempting you are to close it down for impromptu spending (which sometimes seems necessary).

    8. Research all the ways to multiply the money

    Investing can often bring more profit than savings. However, this is only possible if you thoroughly study all aspects of the investment and work with licensed brokers or banks.

    Some of the most profitable types of investments are stocks, bonds, and indices. Remember, however, that you can lose anything you invest. So you need to know what you are doing.

    9. Tell family and friends about your goals

    In most cases, family and friends will try to assist you in achieving a goal or starting something new. If you tell your loved ones that you are trying to save money, they might be helping you as much as possible. They can give you money for the holidays instead of giving you awkward gifts, invite you to visit instead of going to restaurants, or share their money-saving secrets with you.

    10. Don’t be ashamed to save and tighten the purse strings

    Sometimes people think it’s a shame to try to save money on something. They think that they are acting like beggars by making sensible purchases or limiting unnecessary expenses. However, this is not true at all and this mindset is one of the main obstacles to achieving your goal. People trying to prove to themselves and others that they have a lot of money often spend unnecessarily and get into and into debt.


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