It is not easy trying to save money?
Yes I know it pretty well! But I have hints for you!
How to start?
In a world where there are so many needs to cater for at the present and too many goodies to buy and acquire. Trying to save money is not always that easy as it seems, especially on a tight budget.
If you do not earn much and you can barely pay your bills, the idea of money saving might seem laughable.
But I tell you, It does not matter what you make or earn. You can still save a good chunk of the money because one might earn much and save a little whereas another person who makes a little will, in turn, save higher, it is crystal clear and hard to deny that money can make life easier.
Have you ever been caught up in a scenario where you wished you had saved money? Have you ever sat and thought about the benefits and goodies that follow up when you save money.
Maybe not.
Do you know you can live larger, wealthier and even more fine during an economic recession or when there seems to be no money? Do you know that your decision today to save money will go a long way in salvaging an unforeseen broke or poor scenario tomorrow?
Okay, do not fret.
I am here to make everything clear to you. I will take you through the seemingly hidden facts and ideas about saving money, all you need to do is just to read this piece meticulously and understand it.
It takes just 8 minutes, so grab yourself something and let’s go! 🙂
Let’s start
Yes, you have to save money, but do not turn yourself into a miser or go about curtailing things that are good the way they are all because to want to save money.
As a financially happy man who knows more about money, how it comes, the best ways to spend it and how to save money,
I will tell you the need to save money and possibly, proffer workable solutions to the big challenge virtually everyone who takes a bold step to start saving money faces.
Why and how to save money?
I can’t tell you that you must be saving money, but there is need you consider making some money savings today.
I did it, and it worked, and it is still working for me.
You may be wondering why there is so much pressure to save money, but there are varieties of reasons to cause you to save.
Putting some bucks away regularly is the best way for saving up for expensive things like a car, wedding, or a holiday.
It can also be a good way of making sure you have money to pay for emergencies, such as needing to replace an expensive household item. You can also save money for the long-term such as retirement, most times it is difficult to think about this, and especially when you are young and retirement seems to be a long way off.
If you have money to spare, there is this default feeling of wanting to spend it on things you want to buy and do now.
Can you imagine getting to retirement age and finding out that you did not save enough to be able to enjoy life? Or, worse yet, that you have to get a part-time job just to make ends meet?
I tell you, it is a good idea to think about whether you will have enough to live on when you are older and no longer earning money. I suggest you should take a look at the lifestyle you desire and how you are going to pay for it, and then you will realize that you may need to sacrifice some spending now, so that you can be able to have a happy and comfortable retirement and lead the kind of life you wish to in the future.
The pension is the most common way of saving for retirement.
Always have a emergency fund
From my studies and experience so far, I came to discover that saving your money can ease you off individual stress. You know how stressful and sad you feel when you have a bill that you don’t know how to pay. It can keep you awake at night, put you under blood pressure medication, and also make you irritable; in fact, the feeling is not cool at all.
If the stress gets real bad, it can cost you your life. Therefore you will be saving yourself a whole lot of stress if you simply set aside enough money as savings. The fact that you need to save can never be underestimated, yes I created a level of independence when I began to save money, I’d always have enough money available to cover my expenses, I got over the issue of being stuck relying on someone else who is not okay with always giving me to survive.
Saving money has done me better than harm, and 
I believe from experience that if you engage in saving money, you will experience better.
The fact that I took a bold step to start saving made me become more meticulous in expenses and consequently combed my bills to identify where I was extravagantly spending, these I reduced as soon as I found them.
My conclusions
I came to realize that when I save, my money works for me, how do I mean? Most of us put in hundreds of hours of work each year to earn most of our money. But when you have savings and stash your funds in the right places, your money starts to work for you.
Over time, you will need to work less and less as your money works more and more, and eventually you might be able to stop working altogether.
As much as we hope that emergencies won’t happen, we all know that they must emerge at one point or another.
A family member can develop a health issue, you might need to make an emergency trip, you may have a car breakdown and of course it need some repairs, all these are unforeseen expenses that might come up as a result of emergencies.
So why not get prepared than potentially become another victim of an emergency?
You Should Have At Least Six Months Backup For Rainy Days.
I strongly advocate that everyone needs to save for rainy days, for those unexpected expenses that sneak up on us when we are not looking!
One of the most common pieces of financial advice is the often repeated expression, “save for the rainy day.” The origins of this idiom can be traced back to the 16th century making it over five hundred years old, yet it shows no sign of loosing ground in financial lexicon.
I strongly advocate that everyone needs to save for rainy days, for those unexpected expenses that sneak up on us when we are not looking!
I have been through what it takes to make money, how to save money to have at least six months backup for rainy days, and the great outcome of all. I can never advocate that you venture into what is not good or what has no advantage. The foundation of any savings plan is to start depositing enough money into your rainy day account.
This way of saving is intended to meet the cost of any unforeseen problem, such as needing a new gas cooker or putting right something at home that the insurance will not cover for.
Getting small to medium sized loans, amounts up to $2,500 could be pricey. It can cost $500 (or 20%) to borrow $2,500 for the period of one year through an unsecured loan from a major high street lender. If you have a poor or non – existent credit record, it could cost substantially more. But if you already have some money, then I suppose you avoid borrowing and the costs and stress of mind associated with loans will be cut off.
Change your money-behavior
Building up your money to avoid borrowing is not a rocket science, I tell you, it is real, and it is practicable.
Getting your money together requires discipline because you cannot save and spend at the same time. You have to accept that if you want to build up a favorable and worthwhile cushion of wealth and flamboyance, you will have to leave that comfort zone and take a step towards achieving this by saving.
Saving means that foregoing instant gratification. Do not make big money wasting mistake of putting money away in a savings account while continuing to finance your initial level of expenses on an ultra-high-interest credit card or costly high-cost overdraft.
While any backup savings are real, I suppose you try to build a minimum of 6 months’ worth of salary as an emergency fund for rainy days. Unforeseen expenses are an inevitable part of life, without savings, you might want to borrow money to pay them.
An emergency pot could be of help because I came to understand the fact I am about to unleash now. If you lock your rainy day savings away in a non-easily accessible place, the aim is defeated why because, where you don’t have instant access to them they will be useless in an emergency.
When choosing a savings account, check there are no penalties for withdrawing your savings at short notice. I strongly urge you to start taking steps to create an emergency fund for yourself right away. You can read more about investing here.
How Much Should You Save Your Money?
Saving money is one of those tasks that is easier said than done, if you want to save money, a question comes up “How long should you save your money?” I always tell people that the period you save your money is a factor of what you intend to use it for.
Although it is advisable to go for long-term savings (usually called investment) because it yields more interest because your money is exposed to higher risks and longer time, we also have the medium term savings. For your short term goals, the general rule is to save into cash deposits, like bank accounts.
The stock market may go up or down in the short term, and if you invest for less than five years, you might make a loss.
For medium term goals, cash deposits may sometimes be the best answer, but it depends on how much risk you are willing to take with your money to achieve a greater return on your investment.
For longer term goals, it is often best to invest because inflation can seriously affect the value of cash savings over the medium and long term. The stock market tends to do better than cash over the long term providing an opportunity for greater returns on any money invested over time. Remember, I still advocate that you consider your reason for saving before you choose the savings method to embark on.
When should you start saving money?
I found out that many people feel that they are too young to start saving money, but the fact remains that nobody is too young to save money. The answer is simply “NOW,” once you work, you are doing and already earning money for yourself.
I hope you have not forgotten that the earlier, the better, the sooner you begin saving, the more your money has to grow. Each year’s gains can generate their gains the next year; this is a phenomenon known as compounding. Before you decide when to start saving money, the first decision to make is on a set of goals.
…Nobody is too young to save money. The answer is simply “NOW,” once you work…
A short-term goal is usually something that you wish to accomplish within six to twelve months. A long-term goal is one that will take five years or more to achieve, like building up a retirement fund.
Saving As A Lifestyle.
Saving is now part of my lifestyle. This is one of the reasons I am financially free today.
Saving money consistently is a challenge for many people, but when you despise all odds and take a bold step to save money, you will see that as time goes on, it will become part of you. Before you make savings part of your lifestyle, you must have curtailed some extravagant lifestyle you have been living to eke out the money to be saved when you save and see its advantage; you will strive to save more and by so doing, making saving a part of your lifestyle. I personally already have savings as a lifestyle, you too can do the same, and you will be glad you did in due time.
I suggest you strongly to save that money today!
Have savings, now let’s go to invest!