Simple Ways to Save Money

“Do not save what is left after spending, but spend what is left after saving”- Warren Buffet

We all have some financial plans to accomplish. But, not all the plan comes to reality if we do not have smart savings habit. Only a realistic strategy can help you to save more money and make your dream true. So, keep your life simple and plan properly for your savings.

  1. Plan Your Budget: Budgeting ensures you to create a plan for how you are spending your money. It balances your expenses with your income. Many people do not budget, as a result, they spend more than they earn and fall into debt every year. When you make your first spending plan, start to utilize it and get a decent vibe for how it can keep your funds on track.
  2. Record All Your Expenses: This can be called as the second stage of budgeting. though this work may seem overwhelming or tedious, in the end, it’s always worth it. tracking your spending can help you to save a lot of money. You can use simple budgeting apps of mobile or excel sheet to do this.
  3. Pay Yourself First: Open an auto-debit savings plan from your salary account. Whether the amount is Tk. 500 or Tk. 5000. Don’t cheat yourself, do this on the very first day of each month. It will give you a good return on your emergency.
  4. Get Rid of Your Debts: Debts are your enemies. It will lead you to poor money management and deprive you of building your wealth. If you are trying to save money while carrying a large debt, it’s troublesome. So, try to get rid of your debts and put the same monthly installments to your savings.
  5. Find Way to Cut Your Expenditure: Do not spend even if it is a single dime without necessity. Find ways where you can cut your spending. Identify non-essential spending and cut them out.
  6. Set Savings Goal: Setting a savings goal will always help you to start saving. If you do not have a specific goal it can be easier to withdraw money for many reasons. For this reason, you must save your money toward a specific goal. You can create a monthly goal, a yearly goal or any other goal that you desire to attain.
  7. Set Your Priority List: This you want to do in a month or a year will impact your savings. You can not do all the things in a day. it requires time. So, try to make a priority list.
Your savings will grow year by year and it will not only give you peace of mind but also lead you toward a secured life. So, what are you waiting for? Start now !!

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