5 Quick Ways to Up Your Money-Saving Game

 

Learning how to start saving money, amidst many competing priorities may seem overwhelming at first. But once you know what to do, and start being deliberate about it, it gets easier.

Here are a few pointers:  

Pay yourself first

Paying yourself first means saving money before using it for bills and other spending. When it comes to your money, earning it is only half the battle. Once you have it the next step is to manage it, save it, and invest it so that you have more of it.

Get intentional about spending

Before you make a decision to buy something ask yourself these three questions:

·       Why am I buying this?

·       What is it going to do for me?

·       Is it something I need?

Intentional spending means you spend money with purpose, not on impulse.

You’re deliberate and mindful in your spending decisions.

 

Set spending limits

Set spending limits on everything. This is a tough one, but a way to handle this is to let the math guide you. Take a long hard look at your budget vs your income and see what is available for you to spend and what you can leave out.

It is okay for you to say: ‘This is my limit for the month, this is all that I can spend.”

Invest in experiences

Investing in experiences is about prioritizing moments over things, adventures over belongings, and memories over possessions.

The memories we create from meaningful experiences can enrich our lives in lasting ways: Dinner out with family, taking your children to the movies or out swimming. Girls’ trips (When they make it out of the group chat!)

Whatever is meaningful to you the individual.

 Investing in experiences also involves not doing things because others are doing them. If you hate traveling, then don’t travel.

Do the things that bring you joy and not what everyone else is posting on their socials.

Don’t forget to treat yourself

We work hard for our money! Every now and again, take a percentage of the money you earn and treat yourself to something nice.   Anytime you get paid, always take something out of that money no matter how small it is, to do whatever you choose.

One month it could be buying a pair of shoes; another month it could be getting a spa treatment.

 But there is a catch!  This money will not come out of nowhere; so plan for it in advance and make sure to include it in your budget!

Let’s get saving!

By Martha Songa

miss.songa@gmail.com