Its human nature not to be content with what they have. Most people want more things than they can afford. This is where dreams come in place since they focus on a want, make it a need and start saving towards that dream or that need.
For you to achieve your target saving goal, you need to strategize and execute a plan on how you will achieve those money goals. Here are a few tips to jump-start your journey to making that dream a reality.
Reduce extra expenses
Instead of eating out every weekend, try eating out once a month, or once every two months, the experience is still the same. Instead of buying coffee, brew your own at home to save some amount of money. Use online DIYs on pedicures and manicures instead of going to the spa every week for the same. Instead of buying expensive gifts, make your own that hold some sentimental value while having you some money.
Buy in bulk
Make a list of the items that you need. Then purchase the items at a wholesale store. It saves you time and money. Items bought in bulk can be stored and used later on. It also saves you money since you do not get the temptations displayed in the stores. Buying also in bulk with friends or family still makes the exercise much cheaper for you saving a few pennies in the process.
Choose quality over quantity
Purchasing of quality products equals saving some money in the future. Over time, quality products usually cost much less since they last longer than the cheaper ones. More so, they always have a classic feel and look that never wears out of style hence saving some money.
Do not keep up with the Jones’
Never pay the ‘keeping up game’ since every one of us was created differently with different likes and dislikes. Instead of comparing yourself with your neighbors, and trying to keep up, revisit your dreams and goal and assess the strategies making sure they are achieved. Instead of comparing yourself to anyone, and trying to live their life, live your own and spend beneath your means.
Financial advisors always inform us that you should save 20% of your total income. However, most of us do not manage to keep that much. The 1 % saved is highly better than nothing. Tracking progress leads to a positive attitude. The amount continues to increase yearly just because you started saving. The beginning of the saving process is the dilemma. However, a start of the initiative makes the realization of a dream more realistic.
Choose a bank with better interest rates
The money market is the same all over the world. Choose a financial institution that creates value for your money. This means that you should choose a savings account that will earn you some more money in the account over the year other than the one you have saved.
Compare store prices
Most of the stores reward customer loyalty. Always be loyal to one store so that when they redeem point, you get to save your money and shop with the points earned. Always keep track of your store price listing and try shop whenever the goods are much cheaper to save some pennies.