The only other thing that could possibly be worse than not making money is not being able to save any of the money you make. It can be true for many that we make money just so we can spend it, but it is also wise to save for a rainy day. Life is unpredictable and so you never know when you’ll be needing a huge back up from your savings.
And this is the reason we will be giving you tried and trusted expert opinions on how to save money in a world that is literally begging you to spend it.
1. Pay Off Your Debt
If you really want to be able to save well, the best thing to do is to pay off your debt. Bola Sokunbi who is a Certified Financial Education Instructor (CFEI), finance expert, social media influencer and founder/CEO of CleverGirlFinance.com had this to say about paying off debts:
Pay off your debts as quickly as you can. Debt takes away your options and your financial freedom. The sooner you can get rid of it, the sooner you can start pursuing your dreams and living life on your own terms.
2. Live Below Your Means
You don’t want to be spending money you don’t have. Try as much as you can to live below your means.
Financial expert Derek Chamberlain advises that people should live below their means and try not to invest in things like Bitcoin. That may raise a few eyebrows but the truth is that investing in Bitcoin is risky. Unless you have some money you don’t mind losing, don’t take the risk.
3. Cut Down On Your Subscriptions
Personal finance expert Carl MoneyMow gave the following advice on dealing with your subscriptions
- Cancel the subscriptions you don’t really need
- Negotiate prices on the ones you definitely need
- Share subscriptions (and the cost) with others
4. Save For Specific Reasons
It becomes a lot easier to save when you know what you are saving for. Financial expert Jim Wang had this to say about saving money for specific projects:
If you’re saving for something specific, put reminders for yourself everywhere. It makes your spending decisions a tradeoff between what you want to buy today and what you are saving for tomorrow. If you want a new car, print out a photo of the car and tape it to your credit cards or leave it in your wallet/purse. When it’s a trade, you make each specific decision an active one.
5. Re-Thinking Your Values
Re-think your values and make sure your spending aligns with them. You’ll spend a lot less when you cut out the stuff that doesn’t reflect your values or helps you reach your long-term financial goals.
Those are the words of financial journalist, Miranda Marquit.
Now if you have any questions about these financial tips from the experts, just let me know in the comments down below! I’d be happy to help you out!