There are many tricks and methods to effectively save money. Some simpler, others more complex, some longer, others less… but all of them can be effective according to the needs of each.
Here is the definitive guide to tips to save money successfully.
The 52 weeks
It’s easy and you’ll have saved more than a thousand euros in a year without realizing it. You only need a piggy bank (or a savings account) and just put one euro the first week, 2 euros the second, 3 euros the third, and so on up to 52 euros the week 52.
Divide money into envelopes
It is the most classic method but also the simplest and most effective there is. You make an envelope for every expense you have and put the money you want to spend in the month and so you stick to a budget and you can clearly see if there are unnecessary expenses that you can eliminate.
The 50/20/30 rule
Another of the most well-known methods to save money and that can help us better understand how we spend what we earn each month. The idea is to create a budget in which we will divide the money of the month into three categories. Thus, we will put 50% of the money for basic expenses, 20% will go to savings, and the remaining 30% for personal expenses.
The 1% rule
If your biggest problem is overspending and compulsive shopping, then this rule of thumb is what you need to save money. It’s as simple as stopping for a moment to see if what you’re going to spend is 1% or more of what you earn per year. If so, let a day go by, meditate on it, ask yourself if it is necessary, if you will use it, etc. And if it is essential then you can buy it. Otherwise, give up and save money.
Zero sum technique
If you don’t feel like dividing your money into different types of expenses, this technique can help you avoid overspending and save along the way. You need to write down how much money comes in each month, how much you spend, and on what. You need to make sure that the sum of the second is equal to the money you have earned, nothing more. Of course, if you want to save, the trick is to add in the list of expenses an amount that is to be saved.
One cent a day
In addition to the known tricks, there are others that you may not have considered and that can help you if you have time. Business Insider shared challenges as interesting as the penny challenge, the same as the 52-week but a day-to-day challenge. You start by saving 1 cent on the first day, 2 cents on the second, 3 cents on the third … and after a year you will have been able to save more than 600 euros.
Think as many days as the cost of what you want
If even waiting a day doesn’t make you stop buying anything that catches your eye, then you can try this technique. For example, you saw a garment that you loved but you have several identical ones and the new one costs 50 euros for example. Wait 50 days and see if it’s really essential. If you hold on, you’ll realize you didn’t really need it.
The rules of waiting
They work in exactly the same way as the 1% rule, but this can be used for any expense and will therefore help you save money almost every day without having to wait for big purchases.
- 24-hour rule
- 30-day rule
- Rule of 30 days and more
Basically, it’s about waiting for different numbers of days depending on what you want to buy. For example, you can start with 24 hours if it’s not a big expense, switch to the 30-day rule if it’s a large purchase, or more than 30 if you still have doubts. There is nothing like time to realize the unnecessary expenses we make and for which we could save money.
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