Building wealth is a long term commitment and it takes plenty of time to be really super-rich. One of the keys to building wealth is to first learn the importance of money and saving it. But, the tragedy is that 8 out of 10 people are just not good at saving money.
Why save money?
How to save money?
Why is it really saving money that important? We all have some audacious dreams and goals that we always wish to achieve at least once in our life. But, nothing is free in this world as money is ruling everything. So, without some pennies in your pocket, nothing is gonna work for you. Moreover, there will always be situations in life that we never expect to happen and we deliberately need financial help at that time. What’s better than getting all the financial help by yourself instead of getting into bad debts.
9 Easier And Faster Ways To Save Money While You’re Young:-
1. Track your expenses
When you know the areas where your money is drowning, it’s easy to cut and save at places where it’s unnecessary. Get a clear picture of where your every penny is going and they analyze, Is it the best way to spend my money? The best way to track your expenses is to check your bank account statements and grouping your expenses into different categories.
2. Avoid expensive buys
Do you really need that latest iPhone in the market which is damn expensive to watch Youtube, Netflix, Instagram, and text? Can’t you do all of those with a small phone that literally costs 1/10th of the iPhone? The biggest mistake young people do these days is to run after trends and buy expensive things with their savings and left with zero money and make unnecessary debts.
3. Don’t buy what you don’t need
We go to the mall with the thought of buying a single t-shirt comes out with 2 pairs of dresses and a pair of shoe. With the marketing strategies getting intense day by day, people are forced to buy unnecessary things unconditionally.
4. Borrow
Borrowing is a great way to save money. Books are one of the major things we use while we’re young. Instead of buying them at the nearby store, just borrow it from the library or your friend. In this way, you can really save a lot of money.
5. Buy used products
Buying used products is going to save a lot of money. There are things which we can buy second-handed and still get the most out of it. The biggest advantage of buying used products is that they literally cost very less compared to the new ones. You can see on many online stores that people selling their used products like OLX, Quickr, etc.
6. Buy on discounts and use coupon codes
Discounts are a greater way to save money. The same product you bought last month will be at a lower price this time due to discounts. So, before you buy things, just wait for the discounts or for any sales. When you’re trying to buy a new product, wait until the near festival sale or any discounted sales.
7. Avoid unnecessary subscriptions
With everything moving online, we’re getting more and more paid services on everything. Do you find any app that gives value doesn’t have subscriptions? Okay! I know premium subscriptions give you the best use of that service but there’s a downside to it. Most of the time subscriptions come with auto-renewal and you lose money even when you don’t use them.
8. Eat home food
Okay! I don’t wanna say this but I should. How many of you love eating outside? Literally, everyone does. But this is where we’re wasting a lot of our money. We all know food outside is costly and sometimes not that healthy too.
9. Use public transport.
I know! we all love luxury and comfort. Transportation is one of the major chunks where most of our money and time goes. With instant services like booking cabs under a minute, we’re getting addicted to it. But, what we have to understand here is that they’re so much costlier than public transport. These kinds of transport are relatively 2x to 5x times costlier compared to public transport.
These helped me save money and now I’m investing and growing my money. I hope this will help you to save more money.
Thanks for reading.
