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This topic is all about how to save money fast. I will show you five easy tricks to save more.
Honestly, we have a big issue here. According to some studies, most Americans wouldn’t cover a $1k emergency with savings.
So, this will go to borrowing more money, which leads to more debt in the long term plus interests from the banks.
Without spending more time to solve this issue, I will show you five tips & tricks on how to save money fast. Believe me; I did a lot of research.
1. Don’t Buy Now
What I mean with don’t buy now is that when you are looking to purchase something, don’t buy it immediately but instead buy it tomorrow or later.
Most of the time, when we are shopping, especially online; we rush to get our credit card and order that product. I believe that maybe half of the things that we buy, we regret buying them or we never use them.
Personally, I had a lot of clothing laying on my closet that I never used, or maybe I wore them 2-3 times. So, if we wait and think; I believe that we will buy only the things that we really need and we would save a lot more money by doing so.
2. How many hours does it cost?
So, in order to save money, you have to know how much will something cost you.
By this, I mean; if you work for $20 per hour and want to go out and eat a $60 dinner; you have to work three straight hours.
Remember, your time is your money. To save more money, you have to manage the amount that you spend. In this case, if you spend $20, you have to work an extra hour.
3. Return for Cash
Sometimes we forget how many things we have bought, and by looking at them, we think if we rather would like to have the cash or the item.
Just imagine how much cash would return to your bank account if you could return all the items that you don’t need.
Believe me or not, I did it myself; and my mind was blown away when I saw how many nonsense items I possess that I barely use. So, instead of buying that item, save money. You will be shocked by how much money you saved.
4. Save Your Savings
After you have saved from that dinner that you didn’t go or from that item that didn’t have bought; you can save the money to a saving account.
To make this work, you have to transfer that amount to your savings account immediately. This is one of the best ways to save money. As I mentioned that dinner that would cost you $60, but instead you cooked home for $10; you can transfer $50 to your savings account. I assure you that you will feel better by practicing this method.
5. Future Value
The final rule is to think about what your money will be in its future value.
Investing money will not only help you to save money, but it will help you to build wealth. If you don’t invest and grow your money, you’ll actually end up losing money over time.
Before buying your next thing, always ask yourself if what you are buying is going to add the equivalent amount of value now, then you would have in the future if you just saved and invested it.
A final thought on how to Save Money Fast
If you are practicing all of these rules, but you still aren’t saving enough money. Well, you need to make more money.
To start making more money; you have to find a skill or side hustle to increase your income.
I suggest you check out our Make Money category to find ways to make more money.
Please leave a comment below if you have any questions. I would be more than happy to answer all of them. Until next time, happy reading!