If you’re like the majority of people, you are not saving as much money as you’d like to. Chances are, you’re not managing to save at all. Living from paycheck to paycheck is not the exception to the rule. Saving is aspirational, but simply not possible for most people.
Or at least that’s how it seems. Even if saving more money sounds like a pipedream, you can make changes right now to make it happen. This does not require you to take on an extra job or to change your lifestyle. On the contrary, you can make your lifestyle work for you.
Here is how you can start saving money right now.
Get a good credit card
Credit is scary for a lot of people. It seems like a slippery slope. Once you’re in debt, it gets harder and harder to dig your way out of it. But this is exactly why you should spend more time considering which credit card to get. Otherwise, you’re likely to put it off until you feel you have no other choice, and go with whatever option you can.
There are different types of credit cards, and finding the right one is key to saving money. By getting a credit card that suits you and has an excellent rewards program, you can end up making money. Having a credit card does not mean you need to go into credit. Rather, spend using your credit card and reload it on a monthly basis. This way, you don’t pay any interest, but you get all the rewards.
Some credit cards will also help you take care of your current debt. They will take on your debt, so that you can start paying it off without the heavy interest of your previous card. Take your time deciding – a snap decision can be very harmful.
Use a budgeting app
Budgeting is one of those things we all know we should do but always avoid. Looking through our bank statements is an activity that can weigh us down and make us feel all sorts of negative emotions. However, you don’t have to do this these days.
Budgeting apps like Mint do all the hard work for you. They connect to your bank account and categorise your spending, showing you exactly where your money is going without you having to dig into the minutiae. It takes barely any time at all and gives you perspective on how you can start saving money.
Good budgeting apps will show you the most practical ways to cut down on your spending without changing your lifestyle. They’ll also point you to suspect transactions, such as double payments. You may also find a few debit orders that should no longer be coming off or should never have been there in the first place.
Self-care over self-indulgence
Finally, one of the reasons we overspend is because we need something to make us feel better during difficult periods. Spending money on eating out or on new clothes can take your mind off whatever is going wrong in your life.
Spending money on self-care, however, will both improve your well-being while saving you money. Splashing out on retail therapy is wasteful and provides only temporary relief. On the other hand, using the same money to pay for actual care, whether therapy, a mindfulness app, or a personal trainer will help you in the long run. You will benefit personally and financially.
