Saving Money: Building a Safety Net for Your Finances

Posted on: Jun 15, 2020 Publish By: funerallink
funerallink blogs

It doesn’t matter how much you make. It matters how much you save. Financial advisors stress the importance of keeping a portion from your salary that will eventually be your safety blanket. Nowadays, people get lost in the façade of the extravagance despite not having financial resources to sustain it. Worse, these people occur liabilities that sunk them into debt and other obligations.

As flashy and Instagram-worthy as it may seem, people should start the habit of saving. If you want to secure your finances, saving is one of the most excellent solutions. But how do you get into the habit of saving? Here is our easy-to-follow guide:

dining out and saving

Minimize Fastfood Cravings and Learn To Cook

One of the greatest money-wasters now is the habit of eating out. Yes, it can be convenient to drop by the nearest fast food and eat away but, it doesn’t fill you up. Not healthily, of course. If you want to save money, commit to a habit of cooking.

Learn a new recipe. You can type in a query on the internet on recipes that are nutritious, healthy, and cheap. You’ll find incredible discoveries!

Never Give in to the Temptation of Wanting

There’s a difference between wanting to purchase that dress, or needing to save for a new laptop. Yes, the dress can provide you with instant satisfaction. However, when you’re done splurging yourself with the immediate feeling of being able to wear the dress, it’s no longer useful.

The rule of the thumb suggests that you sleep over a purchase, especially if it isn’t included in your shopping list. Also, it would help to understand the value of delayed gratification. Delayed gratification is the act of sacrificing today for the pleasure of tomorrow.

Instead of giving in to the temptation of enjoying your money today, why not save up for bigger things in the future?

Don’t Succumb to Peer Pressure

It is crucial to take a stand regarding financial matters. Sometimes, the grandeur of having the newest gadgets or being able to dine in the most expensive restaurant can be overwhelming. But, if you are firm to your goals of saving, this shouldn’t affect you.

If at times you feel like giving in, always ask yourself whether you want or need it. Besides, you’re the one working hard to earn that cash. Wouldn’t it be a waste to let others’ opinions persuade you into buying an item you don’t need?

save your money and use coupons

Look for Deals and Use that Coupon

Remember those tiny cut-outs that you keep in your wallet? Take a look at it right now and see the expiration date. Use these coupons on your next trip to the market. Watch out for deals in your local convenience store as this can help you save a significant amount of money.

Income Minus Savings is Expenses

Last but not least, the foolproof formula to save money is by following this mindset. Whenever payday comes, save at least 10% of it and deposit it to your bank. What’s left of your money is used to pay off bills, groceries, and utilities.

If your current paycheck couldn’t cover for your expenses, maybe you’re spending on unnecessary items. It would help to track your expenses but never lower your savings percentage. After assessing your expenditures and your current income couldn’t cover for it, maybe it’s time to hustle harder.

Always keep in mind that your finances are the result of your hard work. Don’t let it go to waste. Protect yourself by building a safety blanket and by drafting a monthly budget.

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