One of the most difficult steps to take is saving money. A lot of people are living from one paycheck to another.
To avoid this embarrassment, you should consider different ways that you can use to save money after payday every month.
This article who help you to generate money-saving ideas and tips that you can implement in your daily activities.
10 Ways To Save Money After Payday
- Pay Your Debt First
If you want to save money after payday every month, you need to find a way to clear your debt. Make a list of all your debt and calculate how much you can pay, and stick with the formula until you are through with the repayment.
A debt-free account gives you a higher credit score when looking for quick loans for emergencies. Company like Cashlady.com are brokers that help you find the right loan when you need it for free.
If you are behind payment, make sure that you quickly pay your debt because missed payments appear as negative in your credit score for seven years and lenders use your credit score to determine whether you are eligible for a loan.
- Have A Goal
Having a clear goal of what you want to use the money you save goes a long way in motivating you to save money on a budget every month. If you need to buy a new gadget, you can set a timeline of 3 to 6 months. At the end of the 6th month, you can buy your gadget from your savings.
- Write Down Your Monthly Expenses
To have an idea about your monthly expenses, you need to write how much you spend every day. You can download Wallet app on your smartphone and use the app to record your daily spending to know how much you spend per month.
- Write Down Your Shopping List
Writing down your shopping list helps you to save money by avoiding products you don’t need at the moment. Shopper spends more money when they don’t have a clear grocery list and can overspend.
Creating a grocery list before going shopping help you to buy what you need and avoid impulse buying. Write down what you need to buy on your notepad and make sure that you stick with it.
- Cook Your Meal
Eating a home-cooked meal can help you save money and keep you healthy because you are avoiding expensive junk food. Dining out is draining your finances, and with planning and discipline, you can reduce your monthly expenses by buying your groceries and cooking your meal at home.
- Save automatically
If you find it difficult to save at the end of the month, you can save automatically by going to your bank and filling in the paperwork to remove a percentage of your salary every month. Using this method to save would ensure that you don’t have control of the money you save until the end of the saving period.
Almost all banks are doing to help their customers in financial management. Reach out to your bank to know more about saving automatically.
- Look Out For Weekly Sale
Another tactic that you can use to save money is by looking out for weekly sales. Groceries stores announce their weekly sales on radio, tv, and their website. Looking for weekly sales would help you save money when you are shopping, and the money you save can be use for other stuff.
- Pack Your Lunch To Work
Eating a home-cooked meal at work can help reduce your monthly expenses; a meal that costs $10 can be prepared at home for less, and the extra money saved from packing your lunch to work can go to your monthly savings account.
- Buy in bulk
When shopping for your grocery, another tactic you can use to cut down your spending is buying in bulk. When you buy in bulk, you can save up to 25 – 30% of the cost of your groceries.
- Have an extra source of income
If you have tried every idea you know about saving money after payday, you still can’t save. You need to find an extra source of income. There are so many ways that you can make money online. If you don’t have an idea, why not go through my guide on making extra money online.
Saving money is very hard; with proper planning and discipline, you can master the act of saving and avoid the embarrassment of being broke all the time. You can start a monthly or yearly saving money challenge to save money after payday, and at the end of the month, you can invest your money.
I have been really tight on my budget since last year when I had to cut down expenses due to owing back taxes. I have a clear goal and always write down what I spend.
Great post! I’ve been working on paying off debt and these tips are very useful.
Thanks for all the tips! It’s crazy how much money you can save when you’re mindful of all these things!
Cooking your own meals is a big one!
For us, we spent years eating out daily. This was not only hard on our wallet but hard on our health.
When we got serious about our finances in 2018 and paid off $50k worth of debt in only six months, we found cooking at home not only helped us save money, but helped us feel better.
Great post! Great tips!
All are on point. I actually spend a lot on food lol. This was helpful for me.
Cooking own meal and budgeting(shopping list) does it personally…thanks for more insights.