In today’s online shopping world, most people simply spend what they earn every month and even load on the extra with their credit card. But what many don’t realise is the importance of having savings.
For those who have the option of putting aside a little extra for rainy days, more than ever, it’s the time to do it.
Here are 5 quick and painless ways to save money.
1. Stay away from redundant subscriptions. Ditch your Audible or Netflix. These will leave you with extra cash to spend on other things. Instead of having a gym membership, try taking up running or bike riding outdoors. Try to cut down unnecessary expenses from your budget.
2. Commit your spare time to a new money-making hobby. Many people who are committed to future financial security start to attain their goals by starting a side hustle. If you enjoy writing, try look up for freelance jobs on platforms like Upwork to gain extra income.
3. Set up a savings account at a different bank. Putting a savings account or two at a different bank than the one which houses your spending account will reduce the temptation to keeping pulling savings into checking because you won’t see it as often.
4. Entertain at home more often. Wanting to meet your friends? Invite them to your house for a home-cooked meal. Watch old movies instead of paying extortionate amounts to go and see new ones.
5. Shopping for generic brands or buying goods in bulks. Generic brand of most goods are cheaper. Most of them are usually just as good if not identical to the name brand.
Read also: 5 Ways to Deal with Stress Caused by Money
– Cover Image: moneysavingexpert.com
