People can tell you a million ways on how to grow your savings. However, they involve a lot of delayed gratification and self-sacrifice. That makes them hard to implement and achieve. Here are seven simple ways that can help you saving more money, without too much of a burden.
Set up your savings via automatic transfer so you are able to pay yourself first before your credit card debt and other bills.
Mobile Apps for Budget
Budgeting does not involve endless computations in excel or typing up lists and using a calculator; mobile apps have already been developed to help you simplify this chore. You will also get an overview of your spending and saving habits.
Cancel Unused Subscriptions
Take a look at your monthly subscriptions and take out those that your hardly use. For example, make an inventory of your mobile apps and take note of those that you pay for monthly. If you do not use them often, you can cancel your subscription.
Increase passive income
Maybe you can rent out your space for Airbnb or sell unused items in apps such as Carousel. Either way, you are increasing your passive income. Tip: to further make the most out of it, allocate these to your savings.
Store brands are typically cheaper than national brands. For daily household items such as groceries or toiletries, you may want to switch to generics.
Cut Back on Extras
Choose whether you’ll be spending on dinner or drinks. Cut down on your spending by looking at the things you consume. Is that extra donut really necessary? You’ll not only improve your savings, but also your diet.
Saving money does not have to be too hard. And it also does not mean preventing yourself from enjoying what you earn. Cutting off unnecessary expenses and making little changes in your spending habits can go a long way.