How to Save Money [Easy Way]

Everyone thinks that saving is an easy task, Its quite easy to say than getting done.
First of all. start questioning  your mind, How much money will I save? , Where will I keep it? , How can I make sure it stays there? Read this blog on setting up your goals, limit your spending and save more money!

• Eliminate your debts:
  First first thing to kick start your savings is to eliminate your debts. Just calculate roughly how much interest you can save if you kill away your debts. If you clean up your debts, you can save the money spent on interests!


• Figure out how much will you save:For every saving goals, its better to save the same amount every periods. Say, choose a fixed amount and start saving it. You'll see that its a good practice in saving money.


• Set goals:
  This is pretty simple, If you want to buy a game console, just find out it's cost. Then plan how much money you will need to save in order to buy it. Stick to your goals and continue saving.


• Set time-frames:
  Say, you want to buy a car in a year starting from today. Set a mandatory date to accomplish your goals. Make sure you can reach your goals in that time-frame. If you can't then you will get demotivated.
  

• Keep a record of your expenses:
  Since you have more control on how much you spend, It's a good habit to  keep a record of your daily spending. Write down all your expenses in a notebook and be detailed as possible, don't omit any purchases. Assign each expenditure into categories such as, Rent, Insurance, Mobile bills, Food, Entertainment etc.
  
  


• Cut your expenses:
  After a month, take a look at your expenses. Probably, you will be astonished to check your expenditures: $30 for ice creams! $100 on restaurants? Figure out some cuts you can make to trim your expenses. Maybe, you have to make some difficult decisions.


• Calculate your savings:
  Subtract your expenses from your net income. Does it match with your saving goals? Lets say, you earn $150 a week, and your expenses mound up to $110 per week, so you are only saving $40. Compare it with your initial targets. Maybe you still need to cut your expenses.


• Make a Budget:
  One you balance your savings with your goals, start preparing a budget on how much you will spend each week on any given thing. This is very important on expenses which tend to fluctuate or which are very hard to resist.


• Minimize use of Credit cards:
  Pay everything with cash. Don't use Credit cards or Paychecks. If you have cash, you can know if you are running in short of money. Credit cards charge a lot of interests, so minimize it's use.


• Open a Bank account:
  Its quite easy to track your savings if you put them in a bank. You can also get better interests in a savings account than on checking accounts.


• Never give up:
  Never think that you can be a  millionaire if you start saving. You maybe surprised how much money you can put away for something far more enjoyable than what you could buy with short term savings. Good things often take time and the longer you save, the more interest you can put away for something.