1. Create a Budget & Stick to It
The most important part of saving is knowing how much money you earn, how much you spend & how much is left at the end of the month. Regardless of your income, you need to identify your monthly expenses first.
You have to analyze each expense one by one. Most of the time, our monthly income is fixed, but costs can vary. Some months, you might have to spend extra, while other months you might pay less than expected. In such situations, you must be disciplined to act according to the situation.
Once you list down your regular expenses, you’ll find some expenses that aren’t necessary & can be eliminated. Once you spot these, you need the courage to cut them out.
2. Unsubscribe All Unnecessary Subscriptions
Cutting unnecessary subscriptions is a good way to start reducing the monthly expenses. Normally you can live without most of these subscription services. Review all your subscriptions first. Then ask yourself if you use them, are these subscriptions worth holding, or if you can live without them.
Cancel any subscription you rarely use or don’t need. These small cost savings will help you in the future. If you want any subscription service badly then you can share the cost of the subscription with your family members or friends.
3. Find Some Extra Money
With the advancement of technology & internet, you can make some extra money with your laptop & smartphone. It is not rocket science.
Making online money is no longer a magic or impossible thing to do. There are simple ways to make money online. You can start a YouTube channel & upload videos.
If you are a person who can cook well you can record making foods & upload. YouTube ads will pay some money for your content & as time passes you can create videos for famous brands.
Another way to make money online is online selling. If you have any product to sell you can create an online in eBay & you can sell your product.
If you don’t have specific products to sell then you can buy products from Aliexpress for low prices & sell them on eBay. It is always good to have an extra income source.
4. Prepare Your Meals
Cooking at home & preparing your food is an excellent way to save money. Cooking meals not only saves you money but also protects your health.
Cooking at home allows you to control the ingredients leading to healthier eating. Also preparing meals at home is a good way to enjoy quality time with friends & family.
5. Invest Your Savings Wisely
Just saving money never makes you wealthy or even retired. You have to invest your hard-earned money to become wealthy. It is a must. There are different asset categories to invest in.
You can invest in stocks, gold, bonds, real estate, etc. As many great investors mentioned investing in stock over a long period is the best way to protect & build your capital.
I also think that investing in the stock market is the best asset class.
