Some Tips on Saving Money

Saving money is one of the hardest thing to do, specially when your paycheck is less than your expenses, and while you have a large amount of money, there are a lot of things that comes in your mind. So here are some tips on saving money.

1. Cut Down your Expenses

Calculate your expenses every month, and take out the expenses that you don't need, means only those necessary expenses will be left, like electricity, water, rent, internet, and food. Don't take extra expenses, if you are using postpaid mobile phone, it is better if you switch to prepaid, specially when you don't use it regularly in a IMPORTANT thing. Switch to lower plan of internet user specially when you are not a heavy downloader or you are just browsing the web (you are just wasting the the bandwidth if you have a hi-speed internet and just using it in web browsing, just use the plan that suits you)

2. Pay Yourself First

After receiving your paycheck, you must pay yourself first, meaning you need to deduct the saving right after your receive your paycheck NOT after you paid all of your expenses. It is your reward to yourself in working hard every month, it is a simple way of pleasing yourself, you can place it in your piggy bank or you can put it in your bank account to earn interest.

3. Fixed Savings

Set a fixed percentage on your monthly paycheck, with this, you will easily set track on your savings, and it is much easier to budget things if you know what you will deduct on your paycheck. Keep in mind that you can't establish to have a fixed saving if you will not cut down your expenses.

4. Set your Goals in Savings and Time Frame

Set your target savings amount that you will earn in a definite time frame, with this, you will mold discipline in yourself, and making this a habit will make things easier to set targets and goals.

5. Track Down Expenses

Tracking down expenses will help you out how much you have spent in your money, tacking down expenses also means tracking down your savings. If you record your savings that you have spent, you will see whether you earned something or you have over-spend your allowance, with this, you can adjust yourself to much better plan so that you won't over-spend again.

6. Don't Ever Use Credit Cards

Credits cards won't help you save money, they will just temp you to buy something, it will give you the power to buy anything that you want even if you don't have the money. But credit card bears interests and it makes your purchases much expensive and it will just give you headache and will ruin your budget.

7. Control Yourself

This is the hardest thing to do, controlling yourself. There are a lot of temptations that will suck all the money in your wallet. If you see something that you want to buy and your money is not enough, just keep in mind that you will get better things in the future if you save your money rather than buying it. Buy only the things that is necessary for you, don't over spend, and always save money in the bank.