Imagine what would change in your life if you successfully save money on the side and monthly extra money left over HAVE.
If your budget would increase simply from one day to the next and you have a larger margin to the Save money would have. Would you then finally be able to afford the vacation you have wanted for so long??
Or would you start putting money aside now to have a financial reserve when times are tight? Maybe now you could finally pay off your debts and relieve yourself of a financial burden. Surely you can think of more examples.
Now, so that you can achieve one or more of these goals as quickly as possible, I’m going to show you in this blog post how to make money with your daily and monthly expenses save a lot of money can.
Changing your daily habits can pay off in the long run, and be financially rewarding for you.
In addition, you will get tips on how to Save a lot of money quickly and also still financial reserves for the future can form.
- 1 How to save a lot of money fast
- 1.1 1. Keep track of your expenses
- 1.2 2. Create a budget
- 1.3 3. Your personal savings plan
- 1.4 4. Determine what you are saving for
- 1.4.1 Goals for short-term savings – 1-3 years:
- 1.4.2 Goals for long-term money saving – 4+ years:
- 1.13.1 Check your credit
- 1.13.2 Set savings goals
How to save a lot of money quickly
The biggest hurdle to saving money is to start by.
The first steps can be very challenging. But it’s simply a matter of finding new ways to save money, and then investing your savings so that you can achieve your financial goals in the foreseeable future.
This step-by-step guide will lead you to change your money saving habits, and help you create a realistic savings plan for the future.
Let’s start with step 1..
1. Keep track of your spending
The first step on the path to successful money saving is to figure out, how much money you actually spend on a regular basis.
Start tracking all your expenses – every coffee or snack, every magazine you buy. Ideally, you should be able to track where every penny is going. Then, when you have all the expenses together, organize them into categories – gasoline, groceries, rent, etc., and write down the total amounts each time.
You can do this the traditional way with pen and paper, or you can use a free app for your smartphone to track your spending.
Also use your credit card or bank statements to do this. If you bank online, you can filter your expenses in the search, and easily list and calculate the total for each item.
2. Create a budget
Then, once you have an overview of how much money you spend in a month, you can start to turn your spending into a workable budget.
For a better overview it is useful to set your Expenses and your Income This way you can plan better and avoid spending too much money again.
In addition to listing your monthly expenses, you should also consider expenses that occur regularly, but not monthly – such as car insurance or other types of insurance.
3. Your personal savings plan
Now it’s time to make saving money a regular part of your budget, and so create a new Financial Habit Establish.
Just add a new category to the budget for saving money. Try to set regular 10-15% of your income Set aside as savings.
If your spending is so high that you can’t save, it’s time to review your spending and cut back. To do this you first need to figure out what expenses you can best save money on, often these are categories like "entertainment", "eating out", etc.
Tip: Think of savings as a regular expense, just like groceries. This is a great way to establish a new and meaningful money habit.
4. Determine what you are saving for
One of the best ways to save money is to set a concrete goal for saving money to set.
Think about what you could save for – from paying off a house to a vacation, this could be anything.
Then figure out how long it will take you to save that money together.
goals for short-term savings – 1-3 years:
- Emergency reserve (3-9 months of living expenses)
- Pay off car
Goals for long-term money saving – 4+ years:
- Reserve for retirement
- Education of the child
- Pay off financing for a home
If you are saving for retirement or for your child’s education, also consider saving for your child’s education Putting money into an ETF savings plan.
This type of investment always carries a little risk, and you could lose money, but at the same time, they are a great way to Continue to grow money over the long term, and get closer to your goals.
5. Set priorities
Your financial goals Besides your expenses and income, the following factors have the greatest influence on how you can quickly save a lot of money.
Remember to plan for long-term financial goals as well, and don’t forget about them in favor of short-term goals.
6. Use the right tools
There are different types of accounts and investments you can use.
Depending on how much you can invest and how long you want to invest it, you will surely find the right method for your needs to save and grow your money.
7. Automate the savings
To make saving easier, it is useful to automate your finances and use free tools.
Almost all banks offer automated Transfers and standing orders Between different accounts. You determine yourself when and how much money you transfer where. This option makes saving money much easier, and prevents you from spending money that was intended for saving.
8. Watch your savings grow
Review every month your Progress in saving.
This will help you meet your savings plan faster, and also has the advantage of letting you know right away if there are any problems anywhere. So you can directly intervene and eliminate them.
Perhaps this form of control and oversight will also motivate you to save even more money each month, and reach your goals even faster.
How to make huge savings on your expenses
In order to have money left over for saving quickly, it is of course very useful to reduce your expenses.
But avoid thinking of saving as a restriction – although it may feel like that sometimes.
Instead, think of it as planning your spending, because you can still spend money – just with different priorities and a specific financial goal in mind.
Now it’s time to get serious – create a budget
For an ideal financial management you can use the 50/30/20 Budget to.
- 50% of your income is used for regularly recurring basic expenses
- 30% for additional expenses and purchases
- 20% will be saved
If you feel that this formula does not fit your lifestyle, change it and adapt it to your lifestyle your own needs at.
This plan will soon show results when you implement it. Also remember to deposit the savings directly into a separate savings account to get you closer to your goal quickly.
I personally use a very specific Account model and have automated my finances through standing orders and free checking accounts. Every month my money automatically goes where it’s supposed to go. Without having to worry about it.
Saving in everyday life
Simple changes to your daily routine Habits can add up to more small savings in the long run.
Read the following Money saving tips and apply them. If you pay attention to your everyday life and your money habits, you may think of other ways to save money yourself.
- Direct savings actions: Empty your pockets daily and collect the money you find. Put this money aside and deposit it in your savings account or piggy bank.
- Plan purchases: A little preparation when buying groceries can help you save even more money in the long run. Review what you really need and make a grocery list to guide your spending. Also use coupons and discount promotions to reduce your spending when shopping.
- Small portions will do the trick: Going out to eat every day can put a big hole in your budget. So that you can go out to eat nevertheless now and then, and remain in the context of your budget, you order simply smaller portions – or divide the expenditures with your company.
- Entertainment – cheap: In museums, parks o.a. Can you inquire about days with free admission. Ask also in the museum, cinema etc. always look for reduced prices for students, pupils, pensioners, etc. after which you may be able to profit.
- Make major purchases on a schedule: Align yourself with seasonal and sale times for special purchases, and take advantage of offers. Even if you avoid impulse buys, you can usually save money that will then benefit you for your savings project.
- Limitation in online shopping: Try to make online shopping more difficult for yourself, to avoid the quick purchase in between. Avoid creating customer accounts, which are supposed to make shopping easier for you. If you have to enter your address and credit card details for every purchase, you will automatically buy less.
- DIY Gifts: Gifts for birthdays, weddings etc. can quickly go into the money. Creative ideas like gift baskets and homemade items will help you avoid or reduce these costs.
Monthly, you also have a lot of expenses on a regular basis.
To reduce these recurring costs and save a lot of money quickly to be able to do this, however, you will need to put in some work and effort.
Look for deals that may help you reduce your phone, TV, and cell phone costs.
You can also reduce your car and housing costs by lowering the monthly mortgage payments.
Put Internet and TV together by choosing only one provider. You can save a lot of money by getting TV and Internet from the same provider. Also check your Mobile phone contract, Check if savings are possible through change.
A lot of money also goes toward energy costs on a regular basis: Small changes in your daily habits at home can help you save a lot of money here in the long run by lowering your electricity costs.
Turn off the heating when you are not at home or when you open the windows. Heat only where you are going to stay. Many devices consume electricity even in standby mode. Here you can remedy the situation by getting disconnectable power strips.
Tips for long-term savings
Save money over a longer period of time – to build up an emergency reserve or to finance your dream vacation – doesn’t work just like that.
It takes planning, a willingness to change, and most importantly, discipline. Learn how to Goals for your savings sets how to keep track of your savings and how to reduce your expenses.
Get a picture of where your money is going by tracking your monthly expenses in a Budget book or in an app. The formula Income minus expenses show you the way to your savings plan. It also makes it easier to see your progress in saving, and thus motivate you further.
In case you’re wondering how to go about this, here’s some more Tips for reducing your spending before, which help you and which you implement immediately can.
Review your credit
If you have made a major purchase in the past, such as a car, a home or something else, pay off the loans through installments at regular intervals. You may be able to Lower rates on those loans, and give you more financial freedom for your savings plans. Just talk to your bank advisor about it.
Set savings goals
Think about what you are saving for. Whether for Wedding Or the Financing a home – visualize a clear and emotionally appealing picture of how you can.
Keep this picture of your savings goal in your mind. It will always motivate you, even in times when you may find it difficult to save money.
When you formulate your savings goal, make sure that it is a realistic and achievable goal, such as "I save 5000 € by XX.XX.XXXX" or "I will pay off all debts by the end of this year".
Start small, and keep in mind that in the long run, even these small steps add up to success.
The best and easiest tips to save money
You want a certain financial goal reach, and have now already many helpful methods for it at the hand get.
The most important thing to do, however, is to incorporate saving money now into your Everyday life include.
Finally, here are 16 steps to help you save money on small and large expenses.
If you use these steps, you will quickly get closer to your goal and you can quickly save a lot of money:
- Use automated and free tools for calculations and online banking
- Even small savings actions in everyday life are useful and bring your project forward
- Prepare your purchases to avoid extra costs
- Order smaller portions in the restaurant
- Take advantage of coupons, offers and discounts in the entertainment area
- Plan major purchases well and choose an opportune time to buy them
- Limit online shopping to avoid unwanted spending in between meals
- Get creative and make your own gifts – this is where you can save money
- Reduce regular expenses on your car, house, etc.
- Bundle TV and Internet into one contract
- Change your cell phone provider if necessary
- Monitor energy consumption in your daily life and in your home
- Lower the monthly cost of paying off loans
- Track your spending so you always know where your money is going
- Refinance your home loan
- Set savings goals and let them motivate you
If you have any other tips on how to save a lot of money fast, feel free to write me in the comments below this article.
I look forward to your feedback and hope you enjoy saving money successfully&