How to save money? It may be the right time, with inflation, rising gas prices, shopping that costs an arm! Can we really save money on a daily basis? Yes ! but you have to see the right reflexes. Whether it’s getting ready for a vacation or buying a new car or other things, there are many reasons to save money. It is possible to save money by following different methods whether it is a good management of the budget or an increase in income. To help you save your money, we are going to give you 10 methods that work to save money effectively.
- 1 How to save money? Establish a budget
- 2 Decrease spending
- 3 Opt for a cheaper rent
- 4 How to save money? Less spending on common tasks
- 5 How to save money? Reduce energy consumption
- 6 How to save money? Forget frivolous expenses!
How to save money? Establish a budget
The most effective way to save money is to start by setting a monthly budget. The monthly budget includes all your expenses but also what you receive during a month. For variable expenses refer to your old invoices for an approximate value. Thanks to your budget, you will be able to effectively monitor your expenses and what you will manage to save in the month. You can then make adjustments if necessary. For example, you can identify superficial expenses and get rid of them so that you can save.
Create a savings account
Having money aside is always important to deal with the unexpected but also to be able to save more quickly. You can make economical transfers to your savings account at the end of each month to ensure that it is always funded. To avoid being tempted to exceed the savings for trifles, opt for a separate account from your bank account.
Pay all bills at the beginning of the month
To be able to better define your budget, make sure to pay all your bills at the beginning of each month. This way you can have a more precise budget to see what you can afford to spend during the month. In addition, you will avoid seeing bills pile up, which can be a great source of stress.
Set aside bonuses
If you get bonuses at work, set them aside so you can save faster. You can of course keep 10 to 20% of your premium to go out to restaurants or go to the cinema, for example. Your bonuses will be added to your savings so that they grow faster.
Take an online bank!
To avoid having to pay bank charges, online banks are excellent alternatives. You will be able to remove bank charges from your budget and therefore save more. You will see that what you pay for bank charges will save you a lot more than you think. In a traditional bank, you necessarily pay higher service charges than an online bank. Why ? Conventional banks have establishments, a lot of employees, and therefore a lot of costs. Online banks are free when you take a basic bank card. You can save an average of 200 euros per year! Which is not negligible. The best bank is clearly Boursorama, which gives you a bonus (about 80 euros) on registration and it is a bank that has no fees if you keep your accounts well.
Here is the link to register and enjoy a registration bonus!
Spending less will also allow you to save money more effectively. Limit dining out and cancel subscriptions that you no longer use too much. You can also opt for a cheaper energy supplier or insurance to reduce monthly fixed costs. Tighten your belt for a while and skip some pleasures. Sort out the expenses that you can reduce by referring to your budget. Even a penny saved already counts. You have to resist the temptation and ask yourself if you really need it before buying something. Forget too expensive and too regular dinners. Above all, avoid fast food, not only do you eat badly, it’s not good for your health, and very often it’s expensive!
Gain purchasing power by eating healthy
Eat vegetables, in addition to being healthy foods they are cheaper. So avoid fast food that makes you spend too much and prevent you from saving. Buy vegetables directly from producers to be able to have them cheaper.
Opt for a cheaper rent
If your rent is too expensive, consider moving. Look for a smaller house or consider getting into roommates. You will be able to save a lot more by reducing your charge on the rent or by sharing it with a roommate.
How to save money? Less spending on common tasks
Your fuel expenses can have a huge impact on your economy. If you live near your place of work, you can walk on foot to save money and at the same time do some sport. Drive your car more slowly so as not to run out of fuel too quickly. Also use engine braking and close the windows while driving. If you can, carpool. You can also take public transport so you don’t have to spend on gas.
Opt for free activities
Instead of joining the gym, go for a run in the park or go for a jog near your home instead. You can also borrow a book from the municipal library instead of buying a new one. So you won’t have to spend to go to the gym or to buy a new book. There are a number of free activities that you can do that will allow you to have fun without spending your money.
Buy quality clothes, but less often!
In order to save money buy quality clothes less often. For example, buy new clothes once or twice a month. Reducing your spending on clothes is as important as cutting food expenses or cutting your bills.
Buy second-hand clothes
How about buying second-hand clothes? The platforms have developed and you can save a lot of money by buying beautiful, but already worn clothes online. You can find good quality ready-to-wear clothes at very good prices. You can buy second-hand clothes at garage sales or online on sites like le bon coin. You can also sell your clothes that you no longer wear to earn more money.
How to save money? Reduce energy consumption
The energy consumption of the house can also make it difficult for you to save. To be able to reduce your consumption, opt for bulbs that consume less and more economical appliances. You can also find out if you can find a cheaper energy supplier. In winter, turn down the heating and do not use the air conditioning too much during the summer, rather open the windows and the shutters of the house.
How to save money? Forget frivolous expenses!
If you want to save, you’ll have to be prepared to ditch frivolous spending. Instead of going to a restaurant, prepare homemade meals instead. It’s more user-friendly and better for your health! Spend less during your outings, so remember to do a good shopping at the supermarket, and take good products to invite your friends over. Sort out all the expenses that are preventing you from saving money and try to reduce them as best you can.
Win more ?
You don’t necessarily have to ask your boss for a raise in order to increase your income. You can earn more money by selling items that you use more on sites like le bon coin for example. Not only will you get rid of useless objects lying around your home, but you will earn money for your savings. You can also earn extra income by working online from home. For example, you can give online courses or even set up your small business by opening a blog. You can also give support lessons during your free time.
To end this article and all our advice, here is an excellent video from investor Yann Darwin, which shows how to save money. And even invest it well! Because yes, if you save well every month, you can eventually grow your wealth. Here is the video, starting at 03:00, it will give you all the good practices: