H ow to save money is something that sounds very easy but is very hard for most people.

Saving money is one of those tasks that’s so much easier said than done — everyone knows it’s clever to save money in the long run, but many of us still just can’t get it right. We can’t even manage to make out money to last to the end of the month, so how can we manage to save?

But there’s more to saving than simply spending less money.

Smart money-savers also need to consider how to spend the money they do have as well as how to maximize their income.

Put Away an Amount Every Month  – Automatically

The easiest way to save money rather than spending it is to make sure that that you never get a chance to spend the money in the first place. So, let us assume you have a budget?

You need to arrange for a portion of each salary to be deposited directly into a savings account or a retirement account. This takes the stress out of the process of deciding how much money to save and how much to keep for yourself each month — basically, you save automatically and the money you keep each month is yours to spend as you please according to your budget.

If for some reason you can’t set up an automatic deposit for each salary check (like if you are paid mostly in cash or if you work for yourself), decide on a specific amount to manually deposit into a savings account each month and stick to this goal.

Over time, depositing even a small portion of each pay check into your savings can add up (especially when you take interest into account) so start as soon as you can for maxim.

Stay Away from Debt

We all have some debt, like house or car payments, but it is so easy to run up credit cards or clothing accounts. Paying a sum of money up-front is always cheaper in the long run than paying off an equivalent loan while interest accumulates over time.

General Savings Tips

  • Save your loose change.
  • Keep track of your spending. At least once a month, use credit card, checking, and other records to review what you’ve purchased. Then, ask yourself if it makes sense to reallocate some of this spending to an emergency savings account.
  • Never purchase expensive items on impulse. Think over each expensive purchase for at least 24 hours.
  • Most people don’t track what they spend and may not realise when expenses add up to more than their budget can handle.

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