How To Save Money While Not Sacrificing Our Daily Needs

How To Save Money While Not Sacrificing Our Daily Needs

Ever heard of the money saving formula which goes income minus savings equals expenses? How about the 80-20 saving formula? All of them may have worked well for some people, but others may still struggle while making some daily sacrifices.

Saving money following these tips and formulas

While giving up some of our wants is no piece of cake, it is actually one of our money saving tips that surely keeps our financial woes at bay. Below are the money saving formulas or pieces of practical advice that work for me and for the people who are using the same.
  1. Keep your exorbitant lifestyle under control. This is one of the major culprits why we barely able to make both ends meet with our salary. No matter how big our take home pay a month is if we spend more on unnecessary things way beyond our income can support, chances are we may be in debt before the next pay day comes.
  2. Track your daily spending. Being aware of how much we spend daily and where the money goes can give us a much better idea as to what items and how many of them we need per day or month. On the list we make, we could see which daily needs or wants that seem to cause our expenses to swell unnecessarily. So, we don't just keep track of our daily spending, but we also have the reason to do away with, for instance, nonessential household stuffs.
  3. Don't spend like millionaires do. Some of us are apt to spend a lot, see for example, after receiving our salary or getting the money we lent, that at the end of the day we realize that we have already spent almost half of the money while having only a few bucks left for our day to day expenses. This is the kind of mindset of people who may think that life has to be lived to the fullest by meeting all their wants as if there is no more tomorrow.
  4. Keep your family small. This tip is for married individuals who are just starting to build a family. While having a big family has its own benefits, it can most likely take a toll on our pocket. This particular tip is not a rocket science, so we knew all along why keeping our family small is an ideal thing to do.
  5. Stay away from your vices. Vices don't only affect our savings, but also turn us into beggars in the long run. Smoking, drinking, gambling, womanizing, and the like are all bad habits that die so hard. They may make us happy, but their ill effects will boomerang on us and our loved ones sooner than later. So, if we don't want to abandon ourselves to debt and sacrifice the better future of our children, it is high time to decide now to stay away from them for good.
These are only five of the myriad of money saving tips we can practically follow. Do you have your own money saving tips you want to share with your fellow readers? Please feel free to write them on the comment section below. Thanks for visiting and God bless.

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