“Where on earth has all my money gone!” Does that statement sound familiar? You’ve probably asked yourself that countless times whenever you’ve been financially short halfway through the month.
Saving money can seem like an impossible task, especially if you’re young. From making plans with your friends and eating out from restaurant to restaurant, it might seem as if your money just slips out of your hands.
Learning how to manage your finances properly as a young adult is crucial for an economically safe future. And here at KingCash.ca, we’re going to reveal the best money saving tips to help you set your finances straight.
Create a Budget
If you want to start saving money, the first thing you need to do is not only create a budget but also stick to it! Creating a budget means knowing how much money to spend and what to spend it on.
And no, that doesn’t mean you have to cut out fun activities from your day-to-day routine. It’s just a way to help you learn how to distribute your funds responsibly between your savings, bills, and entertainment.
You never know when you’ll face an unexpected financial crisis. For example, your car might break down without any warning, your pet might get sick and need urgent care from the vet, or perhaps you experience a dental emergency. All of these scenarios are expensive.
If you encounter one of these issues without having an emergency fund to turn to, it can deeply impact your finances and set you back. So, that’s why it’s best to save at least 10% of your income every month and allocate it to an emergency fund.
Aside from having emergency funds to dip into when a crisis occurs, savings are good to have if you’ve got plans for the future, such as buying a house or enrolling in higher education. Without savings, you won’t be able to accomplish any of your future goals.
Reduce Eating Out
Let’s say part of your morning routine involves spending $1,80 on coffee every day at your favorite shop before going to work. Sure, $1,80 doesn’t seem like much when you actually spend it, but if you add it up, you’ll notice you spend $36 on coffee alone each month! That’s a lot of money.
That’s an example of how easy it is to spend money just on eating out. One of the best money saving tips to follow is to cut back on eating and drinking at restaurants.
Include how much you can afford to eat out in your budget and stick to that amount. It’s also good to plan and prepare your meals for the week to prevent you from eating out.
Limit Your Online Shopping
Now that shopping from the comfort of your couch is possible, making impulse purchases is easier than ever. People scroll through different kinds of online shops for mere entertainment and end up ordering something that they might not even need.
Limiting your online shopping is a good way to help you learn how to save money. Start by removing all the unnecessary apps from your phone that might tempt you into buying something you don’t need.
Also, don’t save your billing information onto the app. It’ll make it harder for you to make a purchase if you have to introduce your payment details each time.
Cancel Unnecessary Subscriptions
Are there any services you might be subscribed to that you barely use or don’t need? Or are you capable of cutting back on a few subscriptions in order to save money?
Review your credit card to check for any recurring expenses you may have and add them all to a list. Then, start prioritizing your subscriptions from least to most important. Also, cross out the ones you barely use so you can cancel them later.
A little tip to help you from subscribing unnecessarily is to avoid signing up to free trials. You can easily forget about when the free trial expires, and you might get charged accidentally. And if you do sign up for a free trial, set a reminder to cancel it on time.
Track Your Spending
Keep good track of your spending, even minor expenses. List all of the purchases you make throughout the month to keep track of the amount you spend and make sure you stay within your expected budget. Tracking your expenses, even the small ones, will help you stay in control of your money.
It’s difficult to even think about saving and investing your money, especially when it seems like you don’t have much of it. But, even saving a couple of bucks every week can make a big difference!
There are also tons of new investment opportunities available. Learn everything you can about the several investments you can make and try to place a small percentage of your money into it. You can always increase the amount of money you invest if you do it right.
Pay Your Bills on Time
Another one of the great tips for saving money is to not procrastinate on paying your bills! If you’re late on any credit card payments or other bank fees, you might get penalties and pay more, thanks to the late fees. Plus, it’ll hurt your credit score.
So, deposit your cash and checks right away, and pay your bills when you get them. That way, you’ll avoid paying any service, late, or interest fees, as well as improve your credit score.
You should also check your bank fees for any services you might be paying for that you’re not aware of. For example, sometimes withdrawing money from the ATM comes with an extra fee.
Budget Your Grocery Shopping
Having a grocery budget helps you control the food you buy and avoid buying anything that won’t make sense in your pantry. For example, frequently buying processed and unhealthy foods or drinks can and should be avoided. These types of snacks are overpriced and aren’t good for your health.
Instead, create your grocery shopping budget according to the meal preparation you made for the week. Stick to the meals and healthy snacks you’ve included, and avoid spending on anything you didn’t include.
Start Following These Best Money Saving Tips Today!
We’ve revealed the best money saving tips there are, and now it’s up to you to start putting them into practice! And, if in need of some quick money, why not apply for an online loan here at KingCash.ca? KingCash is prepared to offer you an easy and fast way to request an online loan that can be approved within hours!
Still not convinced? Contact us today for information!