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5 Money Saving Tips

by luxirare
money saving

Everybody has some sort of ambitious goal. Whether you’re dreaming about getting a new car, renovate your entire home, or enjoy a vacation of a far and exotic island, they all need rather consistent amounts of money. What does this mean? It means that you will need to start saving money about it and you’ll have to be good at it too. How to save money fast and easy? Well, you will need to be determined in achieving your goal and willing to organise your budget a little. To make the task easier, here are 5 great money saving tips that will make your dreams come true as soon as possible.

  • Recorder your monthly income and expenses in a log

The best way to save money is to keep track of how you spend it on a monthly basis. So, it is highly recommended to write down your monthly income and expenses as well. Of course, you will write down predictable expenses that cannot be avoided, such as utility bills. But, you should also write down expenses as you make them, like money spent on groceries or gas for your car. Ideally, you should avoid making unnecessary expenses, limiting the monthly expenses.

  • Decide how much money you want to save

You cannot reach a goal if you don’t have a clear view of it. So, how much money would you like to save? Depending on what you are looking to purchase, you should set a sum that, once saved, will help you achieve your goal, like purchasing a car. Then the next step is to determine how much money you want to save per month.

  • Split all your expenses into 4 major categories and set an upper limit for each

We all have to face expenses on a monthly basis, money we need to spend in order to ensure a decent living. Thus, you will need to keep an eye on these expenses, so you can properly save money. The first category should be household expenses, which should include utility bills, food and groceries, and rent, if applicable. The second category should include social costs, like insurance, tuition fees, transportation costs, and social or ceremonial events. The third category should make reference to the entertainment chapter, such as dining out, shopping for clothes, going out for a movie, and so on. Finally, the fourth category must include your savings account. To make this work, take the amount of money you want to save from your monthly income and split the remaining money between the rest of the previously mentioned categories. To make sure you won’t overspend, set upper limits for each expense category. Ideally, you should have an emergency fund as well, for those unforeseeable situations.

  • Transfer the set amounts of money in the adequate account

To make things easier, create 4 separate accounts, according to the 4 major categories we talked about. Once the division of the funds was made, transfer the amounts in the right account. Because expenses can fluctuate sometimes, especially when it comes to bills and social events, you should revise these sections periodically and adjust them adequately.

  • Get a loan

Sometimes you just don’t want to wait too long to get what you need. Maybe your car just broke down or you need to get your home ready for the coming of your baby. This is when you should go for a loan instead of waiting to save the required amount. iLoans has some of the best conditions when it comes to money loans and you’ll get the money you need fast and hassle-free. Of course, don’t hesitate to employ the previously mentioned tips if you are determined to save money.

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