Simple Tips To Help You Save Money

Simple Tips To Help You Save Money – It’s time words like “savings” and “long terms” became part of your daily vocabulary.

You’re in you mid 20s, living pay check to pay check, and perhaps 50$ is all you have in your back account. If you want a simple tips to help your current financial record, read on.

  • Cooking

It’s a common excuses of “not having time” to cook can be thrown out the window if you plan your meals in advance. Cooking will not only save your money, but also help you to eat healthier meals.

Simple Tips To Help You Save Money

  • Budgeting

Splurging without a cap is one of the reasons why you’re broke by the third week of the month, can’t materialise long term goals, or even protect yourself financially if there’s an emergency. Put a budget on everything that requires you to fork out money to prevent over-spending or making purchases you can’t afford. Get virtual assistance as well from apps such as Expense Manage (on your android) or Spending Tracker (on iOS).

Simple Tips To Help You Save Money

  • Understanding of the word “Need” and “Want”

Don’t understand the word “need”? If we call 2 professor to argue about whether something is a need or just a want. It would takes an hour or even more for them to discuss about it. Obviously, circumstance and frames of reference are important in this discussion. What one person needs, another person wants. Also, there are a variety of ways to meet a need or a want.
For example, we all need to eat. But does that mean we need to eat a filet mignon with fresh steamed vegetables and a nice glass of white wine? While at first glance it’s easy to assume the difference between wants and needs, when you really start getting into it, the differences can be difficult to articulate.
On the other hand, a want, in economics, is one step up in the order from needs and is simply something that people desire to have, that they may, or may not, be able to obtain. For example, I want to play Fire Emblem, so I need to buy a console called Nintendo DS, I could use my allowance this month to buy it, and as for lunch and dinner, I’ll just have an instant noodles. That’s a stupid move. Again, that’s a very stupid move. So, with those two simple definitions, it doesn’t seem like there should be much to talk about, but there is. Economics deals with how we allocate scarce resources, and those scarce resources may be needed to meet someone people’s needs and other people’s wants. So, we need to differ between a “Need” and a “Want” in our life.

 

  • Two Savings Accounts

Apart from budgeting, having more than one savings account will help you out in times of trouble. To prevent you from accessing emergency funds, don’t get an ATM card for the secondary account. Also, opt to auto-debit a certain amount of cast from the first account to the second on a monthly basis to save you from second-thoughts.

  • Credit Card

These shitty plastic cards are handy but they’re hazardous too. There are many cases of bankruptcy cause by credit card debt all over the world. Be extremely careful when you flip out the card. Can you pay off the bill without incurring debt? If the answer is no, hold off on that purchase until you’re able to afford it. Simple reminder: You don’t want to interfere with this shiny little plastic card.

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