Money Matters - Savings

Managing your money so you can live a comfortable life can prove challenging. Bills and groceries are immediate concerns that often eclipse long-term money matters like savings and retirement. There are many creative ways that one can save even if you are struggling to make ends meet. Here are a few tips that you can use to manage your money more efficiently.

Money Matters - Savings

Managing your money to live a comfortable life can prove challenging. Bills and groceries are immediate concerns that often eclipse long-term money matters like savings and retirement.  There are several creative ways that one can save, even if it is a struggle to make ends meet. Here are a few tips that you can use to manage your money more efficiently.

CONSIDER TAKING ADVANTAGE OF DISCOUNTS AND SALES

Seek out sales on the items you use most often and can’t do without, by this I mean the necessities. You can benefit from this by purchasing as much of the things that you can sensibly afford at the time.

BUY IN BULK

Try buying the things you need the most in bulk. Personal hygiene items and food items like canned foods are discounted at wholesale outlets. Looking out for these discounts can save a good bit of cash, especially if you monitor and take advantage of the items when they go on sale.

PAY OFF DEBTS

This one is a no-brainer, but the quicker you pay off your debts, the more money that can be saved. Try putting this option at the top of your list. If you can take less credit and consolidate small loans, this may allow you to get lower monthly payments and in some cases a lower interest rate.

AVOID PAYDAY LOANS

They may seem attractive, and it may be easier to borrow from these agencies than a bank or a credit union, but if you can, avoid these loans at all costs. These loans usually have incredibly high-interest rates, like 30 and 40% interest, and they are bound to put you in a deeper hole than before, especially if you are already trying miserably to make the accounts balance.

DO NOT BUY WHAT YOU CAN'T AFFORD

Going against this is what I call this the empty wallet trick. You know you look into the wallet, and you wonder how come you can't find the $20 you had on Monday and today is only Wednesday. Maybe you are thinking of asking your friend to loan you money to buy the perfume that you have no money to purchase. These kinds of habits force you to take credit that you could do without, try staying within your budget.

CREATE A SAVINGS HABIT

It supposed to take around 21 days for a habit to form, I would suggest doing a 21-day savings challenge, keeping in mind all the tips above. Try your best to eliminate unnecessary expenses, and I promise you will not regret it.