How to save money?
Saving money is always a good idea. Sometimes it only takes small amounts each week to quickly turn them into larger amounts of money.
It is by putting money aside that we can then afford small or large luxuries. But it is above all a good way to stay safe from the unexpected. 10-Trucs therefore presents tips for you to save money more easily.
Tips for saving money:
1. Eliminate superfluous expenses to save easily
The first tip that I highly recommend is to make a detailed list of all the expenses you incur for a week or for an entire month.
Then, highlight all the expenses that are totally unnecessary or rather superfluous and therefore you can do without. Have fun calculating the amount of money you spend unnecessarily every month, you might be surprised by the total amount!
You will quickly understand where I am coming from! In fact, just set aside all that money you clumsily use for your unnecessary expenses.
This trick will allow you to save a lot of money easily, every week.
2. Use term savings to invest your money
Several financial institutions offer this type of savings account. It is basically placing and freezing a certain amount of money in a savings account.
The financial institution will pay a guaranteed amount of interest on the amount you have invested there. It is a good solution for putting money aside in the medium and long term.
It is above all a good way to protect a certain amount of money in the event of unforeseen events, for example. It’s also a good way to start saving so you can learn how to put money aside without touching it.
3. Put money aside every week… But how much?
Putting money aside every week is a good idea but you have to be ready to do it for real and above all you should never skip a week!
If you want to save money for a trip or to buy a used car, we have an exercise for you! In fact, it is found on many sites and the concept is very simple, but you have to be rigorous as we said above!
Here’s how to save more than 1300 euros in 52 weeks:
- the first week we put aside 1 €
- the second week we set aside 2 €
- … the 10th week we set aside 10 €
- …the 52nd week we put aside 52 €
Here is by adding 1 € more each week we arrive at a grand total of 1378 € at the end of the 52 weeks of savings!
4. Putting aside 10% of your income is easy!
We sometimes hear people and even financial advisers say that it is important to invest as much money as possible in savings! But in reality for many people it is very difficult to put money aside in a savings account.
One of the biggest mistakes is saving too much money each month. The risk is that you withdraw the funds in the event of financial problems or an unforeseen event, for example.
The right thing to do to save money in the long term is to set aside 10% of your income, no more! You will be motivated by seeing the amount increase each month and you will not risk withdrawing it if something goes wrong!
5. Make this a savings plan and stick to it!
Much like the trick of 10% of your income, it is also important to think and develop a good savings plan. It’s hard to start saving money without a plan!
So instead of setting money aside randomly, instead make a plan that will determine the exact amounts of money you set aside by setting dates.
For example, do you want to set aside $50 per week? Or $100 per month? Establish what you want and then you just have to stick to your plan.
6. Put your money in a safe
For all those who don’t like virtual banking or banking and who prefer to see their money actually accumulate, we have a solution for you! Why not a safe?
And yes, it can be motivating to see every week the money we put aside accumulating for real at home, in a safe.
Of course, you’ll need to be strong enough to resist the temptation to open the safe to take some cash from time to time. The goal is to save money for a possible big purchase (travel, car, electronic device) so we don’t cheat!