By It’s 2023 and here is your easy to follow cash saving tips article on the best ways to save money
In this article, Easy to follow cash saving tips: best ways to save money in 2023 you can learn about the simple steps you need to take to begin to save money.
With ridiculously rising costs of everything needed to survive in this world like housing, gas and even eggs, young adults in the workforce and students are finding it more and more difficult to get ahead in life and actually enjoy their communities.
This is because they work long hours at unfulfilling jobs with pay that is, let’s say, less than ideal most of the time.
With this type of culture you may find yourself asking “How can I budget my money” or maybe you’ve found yourself on google typing in the search bar “How to budget”.
If this seems familiar you’ll be glad to know that if you set a budget and follow it for a decent amount of time.
It can help lead you to a path of financial freedom where you no longer feel the need to check your bank account and worry if you can make it last until the next payday.
But what is budgeting, right? In a nutshell, budgeting is setting limits for your money and sticking within those limits to avoid overspending or buying things that serve no purpose and just wastes your cash.
If you are determined to stick within those guidelines then you are well on your way too setting yourself up for a successful future.
But now the real question is how to start budgeting, what are the first steps? Once you get this part on paper the rest is all about will power.
You want to find everything you spend money on and eliminate everything that is not necessary or perhaps isn’t used enough to justify keeping in the budget.
You need to figure out the amount that you absolutely need to spend and do your absolute best not to deviate too far from that number.
Start by adding up your monthly bills such as water, gas, electricity, garbage service, groceries, rent or mortgage, car payments and anything else that is necessary for living or you have a commitment to paying.
This is a good starting point to evaluate your needs and wants. After that look into the extra things in your life that you would be comfortable letting go of.
Is your Wi-Fi too expensive? You may be able to downgrade and still be able to get the necessary speeds and service your hobbies need but look into possibly slimming these down as well.
Do you have multiple streaming services that you don’t use as often as others? Do you need Netflix and Hulu?
With as many streaming services as we have today it is not impossible to find one that better fits your budget, especially with many that are just starting up and have low prices, and some that are even free with ads.
The more you limit the amount you spend on luxuries the easier it will be to build and follow your budget, while increasing your savings account.
At this point you should do a breakdown of the minimum you need to make each month to meet your required payments.
It may be easier to break it down even further and figure it out week by week what the average is that you need to put in to meet these goals.
So every pay check you can take the average you’ve calculated and put that amount into one account that the payments can be withdrawn from on a regular basis.
Some payments you might even be able to set up reoccurring transactions so that they automatically come out and help you to avoid late fees in the long run.
The leftover money from your weekly check would preferably go into a separate account, ideally a savings account that can build interest for you overtime thus helping you to grow your money even further.
There are many options that you can pick and choose from to find what you think will better suit your needs, even some great mobile apps that are optimized for convenience such as cash app, venmo and chime.
Setting up reoccurring deposits to these separate accounts can help grow your saving by automatically taking a lump sum from each check and putting it away for you.
On top of what you are able to gather and stow away, and before you know it your savings could be enough to help you when something goes wrong or enough to help you invest in some things to help you gain even more wealth.
If you believe that time is money then you understand it is possible to buy some time into your life.
Unfortunately, that doesn’t mean you’ll gain more years on the end, but you can use your money to get to a place where you can spend your time the way you want instead of being tied to one spot feeling stuck.
Once your savings that are set aside grow large enough you can start looking for things that make money for you that people will gladly pay you to use, and these money makers are everywhere you look.
Did you know you can buy a vending machine yourself?
If you live near a convenience store, a mall or any small or local business you could very well go to them and ask to put a machine up at their location and begin selling items such as chips and candy at an up charge to them.
That means you by the items in bulk and slightly increase the price for others to buy and the profits are yours. At this point the only consecutive responsibilities you have are stocking the machine and collecting your money.
There are other ways to make your money work for you including buying vehicles or machinery and renting it out, but a good rule of thumb is that if you can’t afford to buy something twice, you can’t afford it at all.
While this advice may seem a little extreme at times it does help to make sure you don’t drain all of your savings at once, putting right back at square one. So be sure to set yourself a limit of how much to spend on your investments.
Getting your finances to a point where you don’t need to constantly worry about what you can afford won’t happen overnight, but with a healthy budget and a strong determination you can set yourself up for an amazing and stress free future.
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