How to save money fast? Tips to grow your money
Updated: Mar 13
Saving money begins with a little bit of effort and a shift in thinking. Enough about the intro. Let's jump right in and see what you need to do to save money faster by following these tips and guidance.
According to a survey conducted by Bank Rate’s March Financial Security Index survey, '1 in 5 working Americans are not saving money for their emergencies, retirement, emergencies or other financial goals".
Since, pandemic, that number has tripled! Don't panic or get discouraged. If you are in such a situation where you don't have enough money emergency, it can be fixed. All you need is to make small yet powerful habits and a little effort to accumulate money. I will share some practical ideas that will help you save money fast - one penny at a time but thousands fast as you consistently follow these ideas and tips.
1) Budget your spending:
Money earned should be spent wisely. Here is where some budgeting could help. Budgeting means restricting yourself from spending on unnecessary things in life. It means not to be stingy so much that you skip a meal or go to such extremes. Indeed you spend o the essential things and make a budget plan that is more practical and fits your lifestyle and of course your income.
Most of the time, we spend money carelessly, sometimes out of indulgence and other times just going with the flows buying all the buy on get one and then not using the things that we buy, finally growing them away or giving it to donation. Surprising it right but still is true.
2) Cut on unnecessary spending:
Do you really need that landline because you now have a smartphone? Asking these questions by looking around your home will quickly help you in making a list of things that are not used. Money spent on these could easily save you $1000 or more every year. This alone can be put for a $1000 emergency fund for example.
3) Make savings automatic
If you have a bank account, check if your banks offer free automatic savings. On you enroll, your spending change is automatically moved from checking to savings account. Let's say you have a saving and a checking account. You buy groceries for $20.75. This amount when rounded gives $21. Your bank then moves this difference of 25 cents from your checking to your savings account automatically. This grows your savings effortlessly.
4) Cut the cord and other entertainment.
This is not suggesting you give up your enternatiment completely but to check what you really use and cut down the necessary spending. You can save $35 on average if you cut the cable. What you do for TV you ask. Buy an antenna like this one and you get free local and more channels!