7 Smart Ways to Rebuild Your Savings without Depriving Yourself

Savings
March 15, 2021
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Money is like a kind of vitamin, which is called vitamin M. As your body requires all of your vitamins to stay healthy, you need money to keep you safe and wealthy. In these uncertain times, when people lose their jobs, everything requires vitamin M.

It reminds us to keep some money for the bad times. When you have liabilities or you are running your household with a single source of income, it’s all-important to save money. Our social media and eCommerce platforms know our interests based on our previous purchases and likes/dislikes. The same feedback they share with the marketing agencies to lure us with attractive and targeted advertisements, which are hard to resist.

A proper plan with firm determination and a good execution can help you to achieve your saving goal without feeling deprived.

Here’s a look at a famous quote by Thomas Fuller ~

“By the same proportion that a penny saved is a penny gained, the preserver of books is a Mate for the Compiler of them.”

So, rather than hoping and waiting for your next big-bang saving opportunity, we’ve decided to put together a few essential and smart ways to revamp your savings to grow consistently over time without any hassle.

1. Set an automatic deposit.

One of the smart ways to save more is to go with an automatic savings plan, a personal saving system. It’s a method in which you, as a plan contributor, automatically deposit a fixed amount of funds at specified time intervals into dedicated accounts. This way, you can set up your finances on autopilot and watch your savings flourish. In this plan, the time intervals between deposits are not necessarily important but consistency matters. This strategy can help you to save money on a monthly, bi-weekly, or even weekly basis.

2. Make a list of your monthly expenditures.

All you need is a list of the last three months’ expenses. Categorize it by defining the name of the expenses. Label your food and eatery items with “Grocery Expenses”. Your restaurant bills can be labeled with “Restaurant Expenses. Similarly, the rest of the expenses you can label with your own categories. If your spending is monitored through apps your work will be easy, as the predefined categories in these apps put the expenses inside automatically. Though, if you don’t have then you can take out the summary from your bank and then label it.

Cash withdrawal expenses may not be reflected in the summary, which you need to memorize if you can. Each penny of money will help you to make a plan further. It is important to determine where all of the money you spend goes.

3. Use finance apps to track your spending.

Using finance apps can also play an important role in managing your finances. By monitoring the flow of money to where it’s going, finance apps let you track your finances in every aspect to work toward financial success. The best part about financial apps is they enable you to access your financial situation on the go.

Numerous money management apps are accessed through mobile apps or any device and make it easy to take care of your finances no matter where you are. Here are a few essential financial apps you could look into.

  • Acorns
  • Mint
  • Personal Capital
  • Pocket Guard
  • Wally
  • Empower

These apps help you to understand your finances at any moment. Plus, you can easily enhance your money management skills. This method provides you the right way to match your busy lifestyle and watch your situation improve.

If you don’t like using finance-oriented apps, you can always use a spreadsheet. If you do, make sure you are putting in the effort to enter and categorize every expense.

4. Don’t accumulate credit card debt.

If you have a habit of overspending with credit cards, this is something you need to stop doing this immediately. To protect yourself from credit card debts, hide and keep them in a safe place. By keeping the cards, staying away from yourself can help you not accumulate unnecessary and major debt.

Keep track of your credit card spending and make sure you can pay them off each time they are due. Remember, just because you aren’t physically handing over cash when you swipe your card doesn’t mean you aren’t spending money.

Pro Tip: In case of an emergency, you can use credit cards for small purchasing only.  If you could manage not to use credit cards for even small purchases, you’ll gradually be capable of living without your credit cards.

5. Say “No” to excessive online shopping.

There’s no room for doubt that online shopping is a blessing and a curse at the same time. Sometimes, we all over-indulge in online shopping without watching out our expenditures. If you’ve goals to save this year, you need to stick this tip #5 to save your money. For instance, Amazon Prime can deliver products in minimal time; however, if you feel like going a little overboard with such online shopping, take a step back and ask yourself “Can I manage without using this?” You can also try out the “48-hour rule” and give yourself 48 hours to think about your purchase before completing the order. This can help you cut down on unnecessary impulse purchases.

6. List out fixed and variable expenses

It is important is to know what is a fixed and what is a variable expense when categorizing expenses.

Why is it important? Fixed expenses have the least chance of saving money. On the other hand, variable expenses have a lot of opportunities where you can save money.

Examples of fixed expenses are:

  • Mortgage bill
  • Rent
  • Insurance bill
  • Loan payment
  • School/College fee
  • Electricity bill
  • Internet/Wi-Fi bill

However, Electricity and Internet/Wi-Fi bill depends on usage. In fixed expenses, you can’t do anything unless you reach the completion of the loan or fee.

Examples of variable expenses are:

  • Grocery items
  • Restaurant bills
  • Medical bills
  • Shopping bills
  • Credit card bills
  • Travel expenses
  • Unusual Purchase
  • Gym/health center fees
  • Party expenses

Once you finish the bifurcation of the items, you will get more visibility on expenses. You can also take a look at your variable expenses and consider what you can do to cut down on these expenses.

7. Buy in bulk

Buying with a calculator is an excellent idea when buying in bulk. Cost per unit calculation helps you to decide whether to buy in bulk or not. A simple math term is involved here. Look for the lowest cost-per-item and balance that with the quantity being sold.

Item price ÷ Items weight or number = price per item

When buying in bulk, the shelf-life of the items is also important. Here are some items you can buy in bulk:

  • Dry fruits
  • Toiletries
  • Dental care (Toothpaste, Brush, Mouth Freshener)
  • Tissue papers
  • Candy
  • Edible oils
  • Cereal
  • Canned food
  • Tetra packed food
  • Rice
  • Sugar
  • Dry beans

These items you probably shouldn’t buy in bulk:

  • Fresh vegetables and fruits
  • Fermented items
  • Dairy products
  • Condiments
  • Spices

In addition to saving money on items, this analysis can be a good financial habit. To save consistently can give you the motivation to save more and more.

Takeaway

Ready for something inspiration?

“A penny saved is a penny earned.” ~ Benjamin Franklin.

In today’s time, the absolute safest way to invest is to save money. The strategies above ensure you save big returns on your money, which is surely risk-free and guaranteed. Now that you must have known the smartest ways to start saving for yourself for the long-term.

Embrace these tips to save without feeling broke and depriving yourself. By applying these sure methods, you can develop a sense of discipline around saving and enhance your financial situation.

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As we know, money and financial stress can be extremely common issues for many individuals and couples. Your financial state impacts the way you’re able to live your life and contribute to society day-to-day. This is why it’s often challenging for couples to determine the best time to merge their finances, and how to do so without impacting their relationship in a negative way. When combining finances with your partner, it’s important to strategize together and take the proper steps that are agreed upon in order to avoid any unnecessary strain in your relationship.

9 Unknown Ways Hiking and Walking can Make You More Productive

Given all of these distractions around you, you need to look for different ways to foster a productive environment for you. With that said, there are activities that you can do that will help make you more productive. One such activity would be going hiking or walking. Are you wondering how hiking or walking can make you more productive? Well, here are the reasons why.

How Much Money Should I Put Back Into My Business – And How to Use the Surplus Wisely

If a business is going to grow, it requires additional investments. These can range from buying new office equipment, which will increase the speed and quality of work, additional training, which will help employees tackle more complex tasks, or marketing, which will allow the business to attract more clients. Of course, funding such investments will require money, and if your business is up and running, the easiest way to get this money is from your own profits. But how much money is it sensible to put back into your business? And once a reinvestment budget has been established, what is the best use for any surplus cash?

Steps to Take Before Starting a Startup

Many people today want to start their own venture. However, starting a business is a lot more complicated than it meets the eye.

Signs Entrepreneurs Should Know To Ensure Effective Calendar Management

As an entrepreneur, you must make sure that you manage your calendar both effectively and efficiently. If you do not, you will soon find yourself lagging behind your close competitors. Therefore, it is important that you know about the signs that will indicate whether or not you are managing your calendar properly.

Working at Home: How to Become a More Productive Remote Employee

Being a remote employee doesn’t mean that you can’t be as productive as any regular office employee in your company. In fact, you might just be more productive if you know how to play your cards right. Whether you’re a veteran or new to working remotely, here are some tips on how you can become a more productive remote employee.

Traveling With Makeup: Business Trip Tips and Hacks

When traveling for business, it’s pretty common to have a meeting soon after landing. Check out the tips below about travelling with makeup. Maybe it will save you some time and sanity on your next flight!

8 Facets of a Leader’s Weekend

What is the reason behind a leader’s weekend being different? Here are eight reasons that I have seen that are consistent for many leaders.

Major Business Financial Blunders Made By Small Business Owners

The U.S. Small Business Administration reports that almost 50 percent of small businesses close within the first five years. Many optimistic entrepreneurs end up underestimating the costs associated with starting and running a business. They accumulate overpowering debts or they end up with bad personal credit and even bankruptcy. As per business gurus, starting a business is all about determining the right budget and maintaining consistently a healthy and robust bottom line to allow your small business to grow and prosper and achieve new heights.

Workplace Wellness Hacks for Every Woman

At one point or another, you’ve probably felt stressed or overwhelmed at work. That’s why integrating wellness into the workplace is essential for your mental health and personal well-being. To get the ball rolling, try out these workplace wellness hacks!

5 Funding Opportunities for E-Commerce Startups You Should Know About

Starting a business can be extremely difficult, especially due to the limited funds available. There are many ways to gain funding. Here are five funding opportunities for e-commerce start-ups.

How to Make Tech Your Secret to Healthy Aging

You may already use tech to keep up with family and friends. However, did you know that you can also use tech to keep up with your health and wellness?

Top Personal Finance Apps of 2019 & Beyond

Managing your finances could be overwhelming for some, as it is not an easy exercise. However, thanks to the digital era, you have easy access to a host of brilliant personal finance apps.

Achieving Balance: Honoring Parent’s Day by Empowering Careers and Effective Management

Achieving Balance: Honoring Parent’s Day by Empowering Careers and Effective Management

To honor Parent’s Day while empowering careers, employers can establish flexible work schedules, provide generous parental leave, encourage transparent communication, lead by example, automate property management processes, offer financial education, and create mentorship programs. These strategies foster a balanced work-life environment, benefiting both employees and the organization, and recognizing the value of family and career commitments.

Taxes That Need to Be Deducted From Employees’ Paychecks

Taxes That Need to Be Deducted From Employees’ Paychecks

An integral part of running a business involves the complex dance of payroll taxes. As an employer, it's a legal responsibility to deduct certain taxes from an employee's paycheck. Understandably, it may seem like navigating through a maze, but the core components of...

The Impact of Steel on The American Economy

The Impact of Steel on The American Economy

Steel is a crucial construction material with a significant impact on the American economy. The World Steel Association predicts increasing demand for steel in the 21st century, driven by the construction sector and its eco-friendly nature. The manufacturing sector, employing millions of workers, relies heavily on steel production. As the steel industry moves towards digitalization, there is a growing need for low-carbon steel. The global reach of the steel industry has transformed international trade and commerce, creating economic interdependence among nations. To secure its future role, the steel industry must address workforce transformations, adopt cleaner production methods, and invest in material science and research.

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