Financial Independence
for Every Human

Loading
Side hustle

5 Tips For Saving Money Like A Pro

0:00
0:00

March 27th, 2022 07:27

Tips to start saving money like a pro


Saving money like a pro isn't half the dread it seems to be. If you had an apple tree in your backyard, of course, you would not be eating apples for breakfast, lunch, and dinner or simply giving it all away. Likewise, even if money grew on trees, we wouldn’t be recklessly using it or disregarding its significance.

What’s better, unlike apples, the shelf-life of money knows no bounds. You can choose to spend, save, or invest. As exciting as spending sounds and as thrilling and wise as investing sounds, saving just lacks the flurry, right? 

But interestingly, it is our savings that help set aside a corpus for you. Hence, saving money becomes an essential part of your financial planning, regardless of your income stream or financial goals. 

Whether you are a student, working professional or a retired person, the art of saving money should ideally be learned by all. Here are a few tips that you can consider if you want to save money like a pro:


You can also read:

Tips To Save Money In The New Year


Saving money like a pro


Calculate cost per use


  • Whenever you buy something, you should consider how useful it would be for you. The idea is to not discourage you from buying anything fancy but to help you prioritize. Analyze the need for the product you intend buying it. For example, if you intend to buy the latest set of headphones but would only use them for a few hours during the week, you should consider whether you would be able to buy them without creating a dent in your finances.


Divide your wants into essential and non-essential categories


  • When saving money like a pro, dividing your purchases into essential and non-essential categories can help you allocate your funds in a better way. If it seems difficult, then here is some rookie advice: every time you hold yourself back from spending on non-essential items, think of it as earning money for every non-essential transaction.


Say no to impulsive buying:


  • Impulsive buying can be problematic and cause a dent in your finances and could simply stress you out. During the holidays, especially, brands tend to entice us with constant sales and we could be easily tempted by these and buy items that we don't really need just because it was 90% off.
  • Try and say no to impulsive buying and try and spend only on your needs, especially during the holidays.


Document, track, analyze, and plan:


  • Jot down every expenditure and income and the ways in which you further direct them. This will help you know your finances better. You can download an application, among a sea of apps available, and document your finances in that. It will also provide you with accurate statistics and help you analyze your spending trend which, in turn, can aid you in planning your finances better and provide impetus to saving money. 


Incentivize yourself


  • Yes, you read it right, spend money for not spending money. However, it should, of course, be regulated. Pre-determine a rate at which you will incentivize yourself if you adhere to your own terms of saving money. 
  • You can choose to give yourself as much flexibility as you need, however, keep your financial goals in perspective. For instance, you can choose to incentivize yourself at 5% of your savings for the month. So, if you save more, you can treat yourself better!


Conclusion


There is never a better time to start saving. Whether you are a child getting a certain allowance from your parent or guardian, a college student earning a small stipend, a professional having a regular income stream or a retired person with a corpus of money, it is never too late to start saving.


Looking to start a freelance career in Dubai, UAE? Freedom2Work is your one-stop-shop for all things freelancing. Get in touch with us to apply for a freelance license and a residence visa.


Website: https://freedom2work.com/

Address: 213, Vakson Commercial Building, Umm Al Sheif, Sheikh Zayed Road, Dubai, UAE

Phone number: 800-FREEDOM (373 3366)

Email: info@freedom2work.com


Frequently asked questions


1. How can I save money creatively?

  • Inculcate small habits in your daily life in order to save money more creatively. This can include transferring all your financial bonuses and benefits directly to a savings account and cooking meals instead of ordering or going out. 


2. How much should I save each month?

  • Ideally, saving 20% of your gross income every month can create a big corpus in the long term. You will, however, have to be disciplined while saving. Hence, decide a reasonable proportion and save it consistently every month. 


3. How can I save money more efficiently?

  • In order to start saving money efficiently, firstly, get rid of your debt as that can be a hindrance to your savings. Then, make small changes to your lifestyle and dedicate a no-expense day in the week. 


4. What is the 30-day rule in saving?

  • The 30-day rule postulates that if you wish to buy something, then delay the purchase for 30 days. If at the end of that period, you still wish to buy it, then go ahead with it. If not, then don’t. This helps in eliminating unnecessary purchases. 


5. What are the benefits of saving money?

  • Saving money has huge benefits for every individual. It helps create a corpus that can be used for a dedicated purpose or for unforeseen expenses. It provides peace of mind and helps make better and prudent financial decisions. 



Similar Content

Mixed reality, Virtual reality, Augmented reality: Know the differences
Freelance2Freedom Team
Why are career breaks essential for career success? Is it right for you?
Freelance2Freedom Team
10 UX Skills To Start Your Design Career
Freelance2Freedom Team
Digital Nomad Jobs for Beginners
Freelance2Freedom Team
Get Your Finance Right With These Hacks!
Freelance2Freedom Team
Tips To Help You Find a Better Work-Life Balance in 2023
Freelance2Freedom Team
Side hustle: How to start a digital side hustle in 2023?
Freelance2Freedom Team
Power of Personal Branding for Your Career
Freelance2Freedom Team
Data Science Careers that are Shaping the Future
Freelance2Freedom Team
All You Need to Know About B2B Marketing
Freelance2Freedom Team
Business Mentors for Young Entrepreneurs: Why choose a mentor for yourself?
Freelance2Freedom Team
Blog Ideas for Beginners: Never Run Out of Blog Topics
Freelance2Freedom Team
DIY Entrepreneurs (Business) Ideas
Freelance2Freedom Team
5 Proven Habit to be Successful in Career
Freelance2Freedom Team
Juggle is real: How to Handle Your Career and Life Balance?
Freelance2Freedom Team
Basics of Investing: How to Get Started and Build Your Portfolio
Freelance2Freedom Team
Risks and Challenges of Self Employment
Freelance2Freedom Team
What are Transferable Skills? How can it help You as a Freelancer?
Freelance2Freedom Team
Ultimate Guide to Creating a Business Plan
Freelance2Freedom Team
Ways to Beat Procrastination and Increase Productivity as an Entrepreneur
Freelance2Freedom Team

Comments

You need to Log In to post comments..
AdBlock detected
Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website