Money is one of the hardest things to manage. It takes a lot of learning and discipline in order to handle money the right way. Take the case of those who win the lottery. They become millionaires in an instant, but because they don’t know how to handle money properly, majority of them lose it all and end up even in a worse situation than before they won the jackpot.
Personal finance is one of the things that an individual or a family needs to master and be good at to be set for life. You need to learn how to make the right financial decisions, especially when your future may be at stake. One of the major aspects of personal finance management is making it a habit to save money, this will help a lot with your financial planning and with coming up with a budget for your spending.
Saving Money Can Be Fun
1. Open A Savings Account
It may be true that banks don’t give that much when it comes to interest, but there are banks out there who give more than others so all you need to do is to look for the right bank. Some even give sign up bonuses and a whole lot of perks like attractive interest rates for new accounts.
2. Cut your cable TV
This will help in saving money not just because of less electric consumption and cable bill, but also avoid those ads that may cause you to spend money. This will also give you more time to do more productive things like starting a part time business that may turn into a large enterprise someday.
People spend a whole lot of time in front of the TV nowadays, but the tendency is to spend too much time. There is nothing wrong with wanting to be entertained by watching your favorite shows, but doing so in excess leads you to spend so much time that is unproductive.
3. Start selling stuff that you don’t use anymore
Scan your room and house to look for things that may still be useful for others that you don’t use or need anymore. You may be surprised to find out that you may have bought things that are still as good as new but are just stocked in your closet and unused.
You can simply post them online and make money out of the sale. A garage sale may be a good idea as well. Not only does this help you declutter and clean up your home, but it can teach you how to plan your purchases in the future. If you have the habit of spending on things that you rarely use then it’s about time you changed that spending habit.
4. Start buying things at a discount
There are a lot of online and offline retailers that offer rewards programs that can save you a lot of money when you buy products from them. There are online discount coupons and privilege cards that offer cash backs and points.
Make sure that you sign up with all of your favorite stores who have mailing lists and rewards programs for loyal customers. Get their newsletters to be updated on their latest sales and promos. Just like what the website for online coupons says, it is possible for you to never buy stuff at retail price again.
5. Start giving gifts that are personalized
Gift giving does not need to be expensive. You can save a lot by being creative and make your own personalized gifts. There are a lot of DIY videos on YouTube that you can watch to learn how to make these gift ideas like baking cookies and cakes, making soaps etc.
Knowing that you gave time and effort in coming up with the gift will make the receiver appreciate it even more. This also gives you the opportunity to come up with a gift based on what the receiver really wants and needs.
Personal finance may take a lot of learning, but with patience and practice these simple tips on how to save money will help a lot in planning for our future. Money can be handled wisely and with the proper financial plan in place one can live a life free from the stress that comes with having no financial plan for your future at all
