5 Ways to Save

I know what you are thinking, and yes, mind reading is my side job. You're thinking about how easy saving money sounds as opposed to being able to save. You're thinking there must be more hardcore ways to save. Well, there are but believe me when I tell you these 5 ways to save are the straightforward behavior changes that people struggle with the most. These 5 ways increased my savings in a short time to finance my international travels, cover unexpected emergencies, and gave me the leverage to buy things that I desired. Saving must become a part of your lifestyle.

Let's dig deeper:

Stop Borrowing

Stop Borrowing. Just. Stop. You may think that you are fixing a problem by getting a quick loan, but it's cheaper to be patient; to SAVE. You borrowed $5,000 that you have to pay back plus interest! Now, you have to pay back $6,500 (just an example; varies per interest rate) when you could have saved $5,000 and kept $1,500 that you spent on interest. That could have been extra money for you to put towards a breathtaking vacation that you've been waiting for or an investment that could bring in more money! I get it, borrowing sometimes may be inevitable in some cases, but if you save more, it will lessen your cost and bear more fruit.

2. Pay yourself first

While planning for your monthly expenses, make sure that your savings account is the first one on your list! I know it sounds strange but just do it. I don't care if it's $20 a check. Start an automatic transfer to your savings account, then forget about it. You have to start somewhere! You will always have bills, so don't let that be your excuse as to why you're not saving. Actually, write your savings account down as if it's a bill! You have to pay your bills, right? That mindset shift will help you realize it's a necessity. That's what helped me! Paying yourself first simply means saving before you do anything else. It's power in saving money. You will be able to do more with it later.

3. Reduce living expenses

You know that moment when you look at your utility bill, and you wonder, how? Yes, I have been a victim of forgetting simple costs like how much it takes to cool down your house from summertime heat during the day or all night. How often do you really watch cable? How much do you think you could reduce your monthly living expenses by utilizing an expensive streaming service? Try to think about the little things that you could do to save on monthly living expenses. Let me know if you need ideas!

4. Cut back on eating out

Let's take a moment to say goodbye to buying lunch every day for work or going out to eat every weekend. Now that we have that out of the way, just think of all the money you'll save. Imagine spending $25 on a meal at a restaurant. Not that bad, you say? Well, imagine going to the grocery store and spending that same $25 in which you could buy several things, to make several ways, and for several days! You'll save several dollars! Review your bank statements and add up how much you spend on going out to eat each month. You'll be surprised at how much you have spent. Then add up all of the important things you could've bought with that dining out money. You may just think twice about what's more important to you than spending all of your money on food at a restaurant. You have food at home!