• Home
  • About
  • Beauty
  • Health + Wellness
    • Health
    • Body
    • Mind & Soul
    • Relationships
  • Lifestyle
    • Adulting
    • Life
    • Food
    • Entertainment
    • Decor
    • Hacks
    • Style
    • Tech
    • Events
  • Travel
    • Philippines
    • Taiwan
  • Work with me

Living Beyond Style

  • Blog
    • Food
    • Travel
      • Philippines
      • Taiwan
    • Beauty
    • Health + Wellness
    • Fashion
    • Tech
    • Events
  • Shop
    • Camera Gear
  • Contact
  • Privacy Policy

Simple Ways to Save Money This Year

April 25, 2021 in Adulting, Finance
Ways To Save Money

Most of us work hard to earn most of our money. But sometimes, no matter how hard we try, it’s hard to find ways to save money. You may spend less, but something always comes up, especially in an age where we can pull a device out of our pockets, click three times, and the thing we want will be at our doorstep in the next few days. I know it’s difficult to start saving money, but it is not impossible. I hope this simple guide will help you develop a realistic way to save for all your short- and long-term savings goals.

Record your expenses

According to America Saves, the first step to start saving money is to figure out how much you spend. So it’s essential to keep track of all your expenses—that means every household item, groceries, coffee, gas, and cash tip. Once you have your data, organize the numbers by categories, and total each amount.

Using a free financial calculator will help you finesse your monthly budget. Once you have an idea of what you spend in a month, you can start organizing your recorded expenses into a workable budget. It should outline how your expenses measure up to your income so you can limit overspending.

Tip: Aim to save 10 to 15 percent of your income.

Find ways to cut your spending

If your expenses turn out to be higher than what you earn, you can’t save as much as you’d like. It’s time to cut back! Identify nonessentials that you can spend less on, such as eating out. You can cook your meals at home instead. You may also need to cancel the subscriptions and memberships that you don’t use. To determine whether you should keep a subscription or membership, ask yourself when was the last time you use this product or service? Is it worth what you’re paying for this service? Is this something you can live without for a while?

Another way to cut expenses is to consolidate debt – combining multiple debts into one monthly payment. If you have credit cards, the monthly payments could be eating up a big portion of your income. The end goal is to reduce what you pay in interest and lower the monthly payment and pay the debt off.

Tip: When you want to buy a nonessential purchase, give yourself a cooling-off period. (Wait a few days) You may be glad you passed—or ready to save up for it.

Decide on your priorities

After managing your income and expenses, your goals are likely to have the biggest impact on how you allocate your savings. It’s important to know how to prioritize your savings goals so you have a clear idea of where to start saving. Maybe it’s for your new house, a car, etc. Just make sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.

Make automatic saving

Automatic savings means you have a process in place to save at regular intervals, whether that’s monthly, weekly, or daily. It is the easiest and most effective way to save money, and it puts extra cash out of sight and out of mind. Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so a portion of every paycheck goes directly into your savings account.

1
1 Comment
Previous Buying a House: 10 Factors to Consider Before Making a Purchase
Next Why Should You Take Control Of Your Debt Right Now

You'll also love these!

BIR Registration Guide For Self-Employed Professionals...

Sakura

Decluttering 101: Living Less with Sakura

3 Things to Consider in Choosing your Ideal Home + Open...

Reader Interactions

Trackbacks

  1. Why Should You Take Control Of Your Debt Right Now says:
    August 13, 2021 at 4:27 am

    […] Also Read: Simple Ways to Save Money This Year […]

    Reply

Leave a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Hi, I’m Nicole!

Hi, I’m Nicole!

A Digital Content Creator who is born & raised in the Philippines. I studied AB Communication in college, and I currently work as a full-time content creator. Living Beyond Style is all about my personal style, product reviews, tips, travel destinations, and life events. Know more about me by visiting this blog often!

Follow
Nicole San Miguel is an Intellifluence Trusted Blogger

Top 30 Best Lifestyle Blogger in the Philippines

Brilliantly

SAFE!

nicolesanmiguel.com

Content & Links

Verified by Sur.ly

2022

Partners

Booking.com
airbnb discount

Start a Blog with Bluehost

What are you looking for?

Join the VIP list!

Spam-free. You’ll only receive blog updates.

Buy me a coffee!

Total Pageviews

DMCA.com Protection Status

YOU MAY HAVE MISSED

AUB Hello Money App

Everything You Need To Kn...

October 26, 2021

El Union Smores

Where to Eat in San Juan,...

December 21, 2021

Samsung

Samsung Galaxy Z Fold3 5G...

November 19, 2021

7-Eleven HottaUlam

7-Eleven’s ready-to-hea...

August 28, 2021

Top Picks Of The Month

Follow @nicolesnmgl on Instagram
This ain’t junk food! 🌮 Enjoy a guilt-free s This ain’t junk food! 🌮

Enjoy a guilt-free snacking with @therealnachoking_ph. It’s now open at the Marquee Mall, Angeles, Pampanga and they are offering a healthier snack that you can pair with healthy food 💚💜

I went to their opening last June 11, and they offered a promo of free nachos for paying customers who brought their friend.

Visit the newest branch of #NachoKing now and try their Nachos served with fully loaded cheese sauce, beefy salsa, and lettuce! Chips and dips are also available in your Favorite Supermarkets 

Swipe left to see what I got from Nacho King during the opening event 😍

#SoExtraGoExtra
#ThisAintJunkFood
#NachoKingMarqueeMall
#partipostph
@partipost.ph
I love my crazy best friends. Istg fr fr 🥹💕 I love my crazy best friends. Istg fr fr 🥹💕
Right now, a day at the beach is just what I need Right now, a day at the beach is just what I need 😌
Did someone say coffee? 🏃‍♀️💨 Did someone say coffee? 🏃‍♀️💨
We can now fly to Davao and Cebu with @singaporeai We can now fly to Davao and Cebu with @singaporeair ✈️🇵🇭 SIA also flies from Manila to Singapore four times daily, which conveniently connects to onward flights to the rest of the world 🌍

Make new travel memories with Singapore Airlines: https://www.nicolesanmiguel.com/singapore-airlines
Copyright ©  2022 Living Beyond Style
Theme by SheShoppes