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Practical tips to save money

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Practical tips to save money

Practical tips to save money and avoid being broke in life – Saving money is a very crucial part of living your best life – Here are a few tips on how to save

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  • Cut back on your expenses: You may have been spending a lot lately and you find it difficult to pinpoint exactly where your money has gone. It is time to spend less and save more. When you spend less, you have more; it is simple logic.
  • Keep track of what you spend: Keep track of what you spend and document it so that at the end of the day, you have an idea of where your money has gone to and you can make better decisions later. Be accountable and keep your finances and spending in check.
  • Have a budget: When you have a budget planned out, you already know what you are going to be spending and what you are going to be spending it on even before you begin. This gives you full control of the money that goes in and comes out
  • Unsubscribe from unused memberships: Some memberships and subscriptions keep deducting your money every month but you do not even use them anymore. Unsubscribe from gym memberships that you have left dormant and no longer make use of and save yourself more money.
  • Automate your savings: You can decide to automatically save a part of your money every month by using automated savings apps to save your money instead of doing it manually. This way, whenever money comes in, a percentage is transferred to your savings.
  • Have a why: You should have a strong reason why you want to save more money and grow the one you already have. Do you perhaps have plans of saving up money to travel, or you want to save up to invest so that you can afford the lifestyle that you desire.
  • Have priorities: When you have priorities, you have a higher chance of being able to control where your money goes in contrast to when you just let anything go without any priorities. Put your needs in order of importance and cater only to important needs.
  • Use the 24 hour rule: When you are tempted to buy any item that you just scrolled across on the online shop that you love so much, why not stop yourself for a moment and wait for 24 hours to see if that excitement still remains after 24 hours.
  • Use the “Can I afford it twice?” rule: Ask yourself if you can afford that item twice or you would have to break your bank before you can be able to afford that new bag or that brand new car. Make sure you would not be out begging in the streets after purchasing that bag.
  • Stay healthy: Staying healthy will help you make more money. Health is indeed wealth because only a healthy person can work for and truly enjoy the money that they have earned. Stay healthy and keep away from unhealthy habits that can sabotage your finances.

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