Take note of these suggestions and begin saving right away.
Savings provides us with a financial 'cushion,' allowing us to adapt to unforeseen circumstances while also improving our personal finances.
"Saving is a way of life. The more this attitude is established in us as youngsters, the easier it will be for us to save and have a more solid and loose financial life as adults, constantly anticipating unexpected costs. The most important thing is to examine our finances, review our priorities, and adhere to some recommendations to the letter ".
Experts have compiled a list of seven suggestions to help you save money. Keep this in mind:
1. Start our savings with a monthly payment to ourselves
Consider saving as a priority, an investment, rather than trying to save the money that is left over, which ends up 'competing' with leisure activities, last-minute purchases, and so on. Set up a savings account with your bank and have a direct debit set up to deposit money into it. If we start with 25€ every month, for example, we will have saved 300€ by the end of the year. We may also apply this strategy to IRS reimbursements as well as Christmas and holiday subsidies, allowing us to increase our savings.
2. Betting on the domestic economy
This suggestion is to keep track of all of our costs so that we can see where we can save money rapidly. Making a list when we go to the supermarket, for example, as will having a monthly budget if possible will be a fantastic alternative to save money.
Another suggestion is to use supermarket loyalty cards, which typically accumulate discounts or cash on card. We can promote awareness at home about the necessity of turning off lights and conserving water, among other things, while also adopting a more sustainable behavior.
As a rule, reducing the number of services reduces the bill. In the case of energy, we should weigh the pros and cons of several operators before selecting the most advantageous option.
3. Services: review contracts and subscriptions
We often end up paying for services we do not need or even enjoy, whether it's energy or telephone contracts. By doing this we will be able to save money and cancel subscriptions which are of no use. It's best to look over these contracts, run the numbers, and see what the competition has to offer. On the other side, cutting back on services usually results in a reduced bill. In the case of energy, we should weigh the pros and cons of several operators before selecting the most advantageous option.
4. Avoid buying on credit or on impulse buying
Credit is sometimes required since it permits us to purchase items that we would otherwise have to wait for. However, this feature encourages consumers to purchase more and more expensive items that they may not require. The rule should be to only buy on credit what is absolutely necessary and to thoroughly investigate the terms of said credit. You might also choose to pay as soon as possible. When buying a car on credit, for example, it makes a big difference whether you pay for it over three years or five. Another suggestion is to stop using credit cards since we get the (misguided) impression that we have more money than we actually do. They are frequently used to boost impulse purchases.
5. Create a piggy bank
Some people use a piggy bank to put the lesser value coins that they have in their wallet at the end of the day, while others do the opposite, putting the higher value coins in the piggy bank. Whatever approach we use, we will see results at the end of the month. We can also set up other piggy banks for different purposes and involve the entire family: one for holidays, another for unexpected bills, and so on.
6. Consider buying (and selling) second-hand
Whether it is toys, clothes, appliances, or automobiles, we will almost certainly be able to find them secondhand and in good condition. We may be able to get fantastic prices and even get rid of items we no longer use or need. Marketplace (Facebook), OLX, and costJust are just a few examples of platforms.
7. Review insurance and renegotiate credits
Rebalancing family accounts by reviewing and renegotiating credit and insurance agreements might result in large savings.
When it comes to insurance, it's important to look at deductibles and see if there's any overlap in coverage. We might request simulations and explore consolidating all insurance with one insurer, since discounts are frequently available.
If we have mortgages, for example, we can strive to improve the terms of the loan at any moment. Transferring credits or consolidating (combining all of your credit cards) can save you a lot of money.
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