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Five ways to save money in 2018

Saving money is an elusive financial principle for many. Once you start, however, you’re able to stick to in when you rip the benefits. It also makes your future financially secure. With the New Year has started, you have the opportunity to start spending less and saving more. A lot of New Year’s resolutions don’t get followed through, but this one profoundly affects your future. You should consider following through with it.

Here are some tips you can use to save money in 2018:

Quit using credit cards- This principle will teach you to live within your means. It is also the best tip anyone can give. If you need to, make sure you pay it off every month to avoid paying interest. As part of saving, avoid credit card loans because you end up spending more than what you’d borrowed to spend on.

Plan- If you don’t know what to spend your money on then a lot of things end up feeling urgent. Do you want to join a gym, enroll for a course or save from a home? Whatever the case, outline how much needs to be set aside for the project. Every month, state how much you need to save and stick to it. Do you have to do summer tutoring or work as a store? Consider getting a side hustle to make your plan work.

Record your expenses– Knowing how much you are spending and what you’re spending on helps you keep track of how you spend your money. You can either write it down or download all app for easy tracking. When you see how much you spend on coffee or clothes, you’ll gain a perspective on what’s important and what you need to cut back on. Recording your spending turns you into a smart shopper. You’d be surprised at all the things you buy and don’t need.

Be a smart shopper– Find out where to get sales and discounts. If you want to save a lot, learn to buy things only when they’re 50% off. Check online for offers and look out for great deals wherever you go. That said, just buy what you need- don’t make purchases only because they’re on offer. Don’t worry if people call you cheap; when they find out how much you’ve saved, they’d want to follow suit.

Invest- No matter how much you’ve saved, find a place to invest. Talk to an expert or friends who invest and find out low-risk investment opportunities that’ll bring you handsome returns in the long run and add more to your savings.

Learning how to save takes time, just like when forming new habits. We all want to enjoy life now by spending money on what we like. To be able to follow through, always look at the bigger picture. Ask yourself, ‘is this more important than what I am working toward?’ The answer is almost always ‘no.’ All the best to you when saving this New Year. Don’t know where to start? Use the 52-week saving challenge.

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