How to learn to save money?
Money is a serious matter, which we find out especially when we are running out of money. In this situation, we can go for a loan to the experts from Lothario, we can also (which is not excluded) learn how to save money and plan the home budget so that, even with small funds, we can save something for a “rainy day”.
How to do it? Specialists advise who share with us proven ways to learn how to save money
Is it always possible to learn how to save money?
According to Lothario consultants, knowledge about how to learn how to save money will be useful to everyone, regardless of age, although the earlier we start to instil respect for money in our children, the better.
Nowadays, many people live “under the line”, functioning from withdrawal to withdrawal, which is not enough for the first. We are usually not aware that spending planning can help us save the home budget and make us “go straight”. Where to start your adventure with saving and how to learn to save money? About it below.
First of all: save your expenses
After receiving the payment, it is worth making a statement of all expenses including fixed fees, bills and necessary purchases on this list. At the beginning, permanent or overdue liabilities should be settled from the financial means, other expenses should take a slightly further place in our statement.
Firstly, timely payment of bills will allow us to avoid arrears and the accrual of accruing interest and penalties, secondly, such an obligation will have to be repaid sooner or later (and two bills to be paid with interest is a much greater burden on the household budget) and and thirdly, in extreme cases, cutting off electricity, gas or water will not only hinder our daily lives, but will also involve the payment of a fee for reconnecting these utilities.
To ensure that the invoice is paid on time, you can order direct debit. It is only after paying all the fees that you should consider whether the purchases we have defined as necessary really are. Purchase of articles without which, however, we can do, it is worth leaving ourselves at the end of the month, when we know how much money is left in our wallet (then this financial surplus can be spent on pleasure).
Second: be meticulous and systematic
How to learn to save money? In this case, meticulousness and regularity is the key to success. As Lothario consultants say, we often don’t pay attention to what we spend, especially if they are small amounts. Meanwhile, these seemingly small (and often unnecessary) expenses are the most dangerous for our portfolio. You do not believe? Write down everything you spend the money on (even such small things as chewing gum or mineral water), and at the end of the month you will be able to judge for what you spend too much and what you can give up.
The meticulousness and regularity mentioned above is also associated with … planning to go to the store. When going shopping, be sure to write down in advance what is in your cart (and stick to the list!). Also, don’t take more cash with you than you need, thanks to this simple procedure you won’t spend more than you have.
Third: don’t go hungry for shopping!
Do you want to know how to learn to save money in practice? Go shopping when … you are full. As research shows, if we go to the store hungry, then we spend and buy more than we really need, we are also more likely to succumb to various cravings.
It is worth paying attention to all kinds of promotions and not buying anything on impulse, because it is the easiest way to squander the money that we were supposed to save. This does not mean, however, that you should not give up buying promotional products at all. If we choose promotions reasonably, we can save a lot, but this only applies to the purchase of those items that we actually need. Therefore, before you are tempted by a seemingly bargain price, check how much a given product costs without promotion and whether its purchase does not involve any additional fees.
Fourth: don’t buy too much
This advice is related to the previously mentioned planning of your purchases (and expenses!). And this is also another way to learn how to save money. Buying more than we need is not only a waste of money, but also food (this applies especially to products that spoil quickly and have a short shelf life).
In order to save on everyday purchases, it is also worth comparing prices in different stores and choosing cheaper counterparts for a given product, especially since they are often manufactured by the same companies that release branded goods on the market.
Fifth: Buy at sales and online
Clothes and shoes are worth buying out of season, because then both are much cheaper. It is a good idea to convince yourself to shop online. This applies to both grocery purchases and the purchase of home appliances and electronics. Running an online store is associated with lower costs than selling in “real”.
This translates into lower prices offered to the customer. In addition, online stores import only the goods they sell from wholesalers, thanks to which we can buy the same in online stores as up to 20-30% cheaper.Do you think you have nothing to save on? This is a mistake, because we can always manage our budget better than before. Remember that even the longest march begins with the first step, so start saving money today. Give up without what you can do without and see for yourself how much you have in your wallet at the end of the month.