MONEY SAVING TIPS

Saving money seems like a very easy task. However, this is not the case in all cases. Given that we have different incomes, needs, costs, responsibilities and preferences, it is clear that we also have different savings capacities.
The good thing is that this doesn't mean we can't save. It's no exaggeration to say that you can reach your goals in 2022 with just a few changes in your spending behaviour and thinking. Soon you will find that you no longer have to worry that you are financially stable and sufficient for spending and savings.

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Therefore, if you want to know how to save more money, continue reading the next paragraph. Track
expenses
The first step to preservation is consciousness. Knowing how much you spend on a regular basis, you'll find that:
Things you can't buy anymore
How much of your income will be spent on expenses
Possibility of saving in 1 month/year
Let's start with a simple task that will help you get an overview and ideas of what your daily, monthly, and yearly costs are. This only takes a little bit of your time all day long.
You can do one of the following:
a. List your costs in the journal. At the end of each day, you can get a diary and list everything you bought and paid for. This is useful if you want to think about something on a daily basis. If you keep doing this even if it costs enough, you can also track your progress.
BC Keep your digital records on your mobile phone. If you don't want to write, just enter the expense in the phone memo. Like a diary, you can write at the end of the day. Alternatively, you can tap your smartphone immediately after purchase.
Choose the one you like best.
In any case, be sure to record even the smallest amount you spend. Whether it's for a single candy you always buy or for everyday items you can't miss.
After one month, all costs for this period should be summed up. Multiply the amount you receive by 12 to get your average annual spending. This will give you your annual expenses and the most efficient amount you can save in a year.
Set a budget
Once you have an overview of your expenses, you can set a fixed budget for the entire month. This will prevent overuse. Similarly, you can save a certain amount at the beginning of each month while you can still carry all your necessities and occasional needs.
There are four things to consider when setting up your budget: 44 Monthly income
The most important thing to consider is your monthly income, or weekly if that is the way you are paid. However, it is best to look at the former for better-managed financing.
But your future costs and savings depend on it. The question of how much you spend and save depends on how much money you make.
Monthly
Second, you also need to consider your average monthly cost. That's the amount that should be included in your budget. For example, if you spend at least $ 500 or about $ 30,000 a month, your budget should be small.
Tolerance of needs
Of course, savings do not necessarily mean abandoning occasional needs. You may want to eat out once or twice a month or buy new clothes.
In this case, do not get into the habit of withdrawing a small portion of your savings. Instead, allocate a small amount set aside for that particular purpose. Remember not to overdo it, and just stick to how much you can let go without ruining your goals.
Reserve allowance
Apart from your needs, you also have to set aside finances for emergencies. Savings can be used for this, but it is difficult to bring them back to zero, especially if you are far from the path of savings.
Of course, you can add other elements that you want to include in your budget. It all depends on your taste. The only important thing is that it's enough to replenish your savings.
Know your priorities
To maintain your budget efficiently and ensure your savings, you need to analyze your priorities. The first thing that comes must be the one you spend your budget on. If it is at the bottom of the priority list or not at all, it means that you need to defer that cost until you have additional money to pay for it.
Here comes the concept of necessities and extravagant desires. A more detailed description is as follows:
essentials
Necessities are what you need in your daily life. This includes food, water, utilities and transportation costs. These should be at the top of the priority list. That is, the budget should mainly be split between them.
Luxury wish
The desire for luxury can be done without it. By name, these mainly indicate the type of shopping or what you like. If you already cover all your expenses and you have a budget set for yourself, you should spend money on it.
Understanding which things in your life belong to will improve your consumption habits. Ultimately, this is also the key to disciplined financial management.
Find fun with simple things
You don't always have to spend a lot of money to enjoy life. Finding fun with something simple will surely save you from all the luxury yet affordable desires. You will also experience basically the same things as others, so you can overcome the fear of FOMO and oversight.