One of the most difficult step 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 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 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.
Having a debt free account gives you higher credit score when you are looking for quick loans for emergency. Company like Cashlady.com are broker 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 payment appear as negative in your credit score for seven years and lenders use your credit score to determine whether your are eligible for loan or not.
- Have A Goal
Having a clear goal of what you want to use the money you save, go a long way in motivating you to save money every month. If you need to buy a new gadget, you can set a timeline of three to six month. 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 have an idea on how much you spend per month.
- Write Down Your Shopping List
Writing down your shopping list, help 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 at the moment and avoid impulse buying. Write down what you need to buy on your notepad and make sure that you stick with it.
- Cook Your Own Meal
Eating home cooked meal can help you to save money and also keep you healthy because you are avoiding expensive junk food. Dinning out is draining your finances and with planning and disciple, 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 fill in the paperwork to remove percentage of your salary every month. Using this method to save would make sure 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 sale. Groceries store announce there weekly sale on radio, tv and their website. Looking for weekly sale would help you save money when you are shopping and the money you saved can be use for other stuff.
- Pack Your Lunch To Work
Eating home cooked meal at work can help reduce your monthly expenses, a meal that cost $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 by 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 try every idea you know about saving money after payday and 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 how to make 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.