The 8 ideas on how to save money now are outlined below. Saving money is always an interesting topic anytime because money is our medium of exchange for commodities and goods all over the world. I for one am so passionate about saving money and growing money.
For the past few years, I have not really thought much about saving up not until the pandemic started and I realized that I need to get real and be serious with money. As a mom of 3, it’s hard to save up. It’s not easy but I found these ideas through all my readings and my experience. This strategy works for me. This blog post may contain some affiliate links which I get a commission from if you ever purchased and at no cost to you.
Save up 10% of your income
Yes, saving up 10% of your income is the way to do it. I know it sounds like a lot but I started with 2% first and then I moved up until I reached 10% and see if my budget is still ok. It was hard at first but I tried to take it slow month by month I increase my savings by 2%.
Now, I don’t even feel the 10% because I did it gradually so my whole budget will not go out of hand. I have been doing this for 2 years now and it never failed me. It has boosted my confidence in saving money which I thought would be impossible back then.
Cut down your electricity usage at home
This sounds like a bit of minor advice but it helps. Like during the summer months, I prefer opening the windows and letting the natural air in. During the fall and spring months, I will always try to do without air conditioning the whole time if possible. The winter will be an exception because most of the time I need the heater turned on.
Even $10 to $50 dollars of cut back from electricity means a lot in the long run. Imagine how much will be saved in 1 year with that strategy. Turning off any electric appliance when not in use and choosing light bulbs that have low energy consumption is also a good practice. I use rechargeable batteries for remote control and other battery-operated gadgets.
Live a minimalist lifestyle
Minimalism is actually a way of saving up more. During the pandemic, when things were running out of stock. I went for a minimalist kind of lifestyle. I only buy what is necessary and make use of the things at home. Food and medicine were the priority commodity of the family and the rest were just bought if totally needed.
I was not comfortable spending a lot because I don’t even know when the pandemic was going to end. I never thought that it would work for us but it did.
Save for an emergency fund via automatic deduction
Since my salary was via direct deposit, I had asked my employer to deduct $100 per pay period for automatic deposit to my savings account. In this way, I will not see the extra money that I have. It is really good practice because I will be compelled to adjust to the budget at hand. This practice worked for me and I hope it will work for you too.
Limit gas usage
The price of gas has been going up more since the war in Ukraine and Russia started. The way I limit my gas usage is by traveling when necessary. I plan ahead of time with my trips and find the shortest route as possible. When I do errands, I usually plan the trip and bring the whole family so I don’t waste time and gasoline respectively.
Declutter the house
This idea sounds weird for saving money but it works too. I love decluttering the house because I find things that were forgotten and just sitting on one of the shelves, drawers, or boxes. It saves me money because I don’t need to buy extra things.
Contribute to 401K/ Roth IRA
I contribute to these accounts so I can save money for my retirement. It’s never a day too late for anyone to consider these options. I can borrow this money if the need arises. In my case, I contribute 5% for 401K and 5% for ROTH IRA because I’m always playing safe with my investment. Baby steps it is for saving up and investing money for the future.
Start a blog
Having a blog will give a person an opportunity to earn passive income and save money. It earns money night and day when manage rightly. I have always dreamed of starting a blog but it never materialized back then because I did not have the necessary tools and guidance to start it.
Now, after many years of figuring things out, it has become a reality. Here is a link that was very helpful to me in my blogging journey The Treasure Map To Blogging Success which is from Finnsavvy Panda. It’s about a Treasure Map to Blogging Success Ebook. The step-by-step explanation and tutorial are highlighted in the Ebook.
I do earn a decent income from my job but still, I long for something that will help me reach my ultimate dreams. I’m sure there are a lot of people out there who can relate to me with regard to finances and finding a sideline job.
Saving money is the best way to live a comfortable life and prepare for the future. One step at a time is what we need to get our money goals. I hope you will join me in my saving money journey. It also helps to relate and communicate with people with the same goals as I do because it gives me more encouragement to pursue my ultimate goal of becoming successful one day.
I hope you find some learning on my blog today and see you in my future blogs. Please feel free to read the privacy policy, disclaimer, and terms and conditions on my website at www.LuvsMoneyTips.com. Thank you and see you on the next blog!
