7 Disciplined Saving Tips In 2020
The act of saving goes a long way in securing any individual’s future and below are a few ways to exercise discipline in money saving:
1. Spend only after saving
The disciplined consistent act of “save before spending” is a great way to secure one’s future through a personalized system of saving a selected percentage of income. Channels such as saving accounts offered by banks can facilitate that.
2. Keeping a home kitty
Home kitties are an old, simple and cheap way to save loose change that can be counted and saved or invested elsewhere.
3. Avoid impulse buying
Impulse purchases refer to acts of buying without actually having planned for the purchase. Ensure you make budgets and plan on how to spend your money instead of acquiring products and services one doesn’t find essential.
4. Cheap buying
One can consider identifying cheaper ways or platforms to acquire basic needs such as food products from open air markets as alternatives for supermarket goods. This acts will enable an individual save a few coins and something substantial in the long term.
5. Repair and limit renewing.
Repair and proper maintenance of different products such as clothes, automobile parts, kitchen appliances; it’s cheaper to repair mendable items as compared to acquiring new ones every time.
6. Daily saving
Committing oneself to daily saving a certain percentage of one’s daily budget is a good way to cut down unnecessary spending and the same amounts can be saved in a different kitty all together. Activities such as having home-made lunch instead of buying can greatly cut expenditure.
Seeking financial advice from experts on money matters will cost you nothing and may broaden your perspective on saving and investing your hard-earned money. Ignorance can easily cause one to maintain the habit of being broke.