How to Save Money - 8 Simple Ways to Start Saving Money - Deepstash
How To Become a Better Decision-Maker

Learn more about moneyandinvestments with this collection

Understanding the importance of decision-making

Identifying biases that affect decision-making

Analyzing the potential outcomes of a decision

How To Become a Better Decision-Maker

Discover 102 similar ideas in

It takes just

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Watch your savings grow

Watch your savings grow

The first step to start saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip.

132

1.79K reads

Set s budget

Set s budget

Once you have an idea of what you spend in a month, you can begin to organize your recorded expenses into a workable budget . Your budget should outline how your expenses measure up to your income—so you can plan your spending and limit overspending.

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616 reads

Cut short your spending

Cut short your spending

  • Use resources such as community event listings to find free or low-cost events to reduce entertainment spending.
  • Cancel subscriptions and memberships you don’t use—especially if they renew automatically.
  • Commit to eating out only once a month and trying places that fall into the “cheap eats” category.
  • Give yourself a “cooling off period”: When tempted by a nonessential purchase, wait a few days. You may be glad you passed—or ready to save up for it.

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554 reads

Set a saving target

Set a saving target

One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it.

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Short-term (1–3 years)

Short-term (1–3 years)

  • Emergency fund (3–9 months
  • of living expenses, just in case)
  • Vacation
  • Down payment for a car

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746 reads

Decide on your priorities

Decide on your priorities

After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs.

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482 reads

Make saving automatic

Make saving automatic

Almost all banks offer automated transfers between your checking and savings accounts. You can choose when, how much and where to transfer money or even split your direct deposit so a portion of every paycheck goes directly into your savings account.

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480 reads

Watch your savings grow

Watch your savings grow

Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.

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506 reads

CURATED BY

ramijr32_insta

A Teacher in A Senior Secondary School. Follow me on Instagram @Ramijr32. Love to be with you.

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