Time To Save Some Money For 2021


Saving money isn’t easy. Expenses rule our lives most often, however, we can certainly make an impeccable effort to get things back on track. Here are some ways in which you can learn to beat the difficulties for a more financially secure future.

Don’t go shopping as much

Stores know all the tricks so that you end up buying things you don’t need. If you also go to shopping centers and visit online stores with the sole purpose of killing boredom, you will end up falling into their network.

This is a pitched battle. Business with sales experts trying to sell you more than you need against you and your impulses. Prepare for combat and don’t give in an inch.

Don’t live beyond your means 

If you cannot save at least 10% of your monthly income, you are living beyond your current financial possibilities.

Be honest with yourself and start acting as soon as possible. What does it mean to live beyond your means? Spend everything you earn and save nothing.

According to an online survey, 26.70% of people do not save anything and live payroll by payroll. The problem lies when exceptional things happen like Covid. These difficulties have caused many people to have already dipped into their savings, or on the flip side, look at investing for the first time in their life.

You could look at compounding interest to see more about this about investments.

Do it yourself 

Embrace the “do it yourself” philosophy.

The most normal thing when something breaks is to automatically call someone to fix it for us. Handymen are an endangered species. To fight against the easy-open society, a movement has emerged that seeks to repair and manufacture things with all our efforts.

Not only will you save money, but you will also find flow enjoying the activity, and it may end up becoming a hobby. Some examples that you can do: income statement, make crafts to give as gifts, fix a car or bicycle break, build a shelf, design your website, varnish a piece of furniture, etc.

Your creativity is the only limit.

Tie the three main expenses 

Make no mistake, most of the success of your finances will depend on the choice you make of the Big Three:

  • Your home
  • Your car
  • Food 

A bad decision can harm you for life. Make decisions with a lot of strategies, research, and premeditation. Many expenses are necessary for the day-to-day, but many other times a simple mistake can completely waste your ability to save in the future.

Some universal advice: don’t buy a bigger house than you need, buy a km0 car before a new one, and try to cook most of what you eat.

Cut the subscriptions 

Some that come to mind: Netflix, HBO, Amazon Prime, Spotify, Office 365, PlayStation Plus, your gym subscription.

Make regular reviews of all of them. How many do you use frequently and are they worth paying for? Many times out of laziness we end up automatically paying for things that we don’t even use. 

Many times we accumulate contracts that have not been updated for years and years. The result? We always end up overpaying.

Check everything you repeatedly page and see if there are cheaper alternatives. Otherwise, try to negotiate a discount where you currently have the service contracted. 

Do not torture yourself if you have spent more but it has added value to your life.

Saving and managing your money intelligently is something very important and you must find your balance. It isn’t good to cut all areas of pleasure out. Especially if you have kids, you may want to have a day out or buy them the toy they want.

Pay yourself first!

Pay yourself first by automating saving and investing.

In this way, in the hypothetical case that you charge $1,000 per month, you will automatically withdraw 10% at the beginning of the month to invest it in your “future self”. By not having that money you will adjust your finances and spend less. Psychologically it is much easier to save by pre- saving.

You don’t have $1,000, you have $900. And as I always say: if you can’t live with 90% of what you generate and save a minimum of 10%, you are living beyond your means.

The day after receiving your payroll, you can make the following transfers which you have automatically programmed from your bank so that you don’t forget them – a standing order. 

Look to the future

Your children’s education and prospects.

Last but not least, another reason to save is to pay for your future education for either your kids or yourself. If you want to go back to school to get a master’s or doctorate or get certified in a specialty, you can consider saving to finance your studies.

Also thinking about the education of children since they are small is a saving habit that we can implement to ensure their education without damaging your financial future.

Saving money is not only a means to achieve your goals, but to protect your finances and your future. 

If you want to move house, you would need some funds available. Another of the most important reasons to save is to be able to buy your own house. When you have a down payment on a house, it is easier to acquire a mortgage and your negotiating power goes much further.

You will be able to receive better interest rates, reduce the amount of the installments or the term of the debt, as well as be able to aspire to a bigger house. Determine how much you can save each month for this goal depending on your circumstances.

Save well, and look to a better future for yourself and your family. Times are difficult right now but there are ways to still stay ahead of the game. Money is life for most of us and therefore, saving and investing where possible is going to help you greatly. 

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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