4 Tips on How to Save Money – 2021
While it would be nice to just keep all of your money in the bank so you can save more and save up faster, life doesn’t work that way. Remember, just because you’re saving money, doesn’t mean you can stop paying bills or stop taking care of your physical, mental, and spiritual well being. To help you find balance between spending wisely while tucking some away for a rainy day, here are some money saving tips for 2021:
Related: How to Save Money in Your 20s
1. Start with your “Why”
First, figure out what exactly you are saving for and why that matters to you. Is it for retirement? Is it for emergencies? Are you saving up for your children’s education? Whatever your goals are, having your ultimate “Why” in the forefront of your mind strengthens your resolve to stop spending unnecessarily.
2. Apply the “out of sight, out of mind” money principle
You may have heard that the best way to save is to immediately tuck away your savings as soon as you receive your paycheck. This works because of the “out of sight, out of mind” money principle. Money that is not in your spending account or money that you don’t have easy access to, must be treated as if it doesn’t exist. This way, you’re forced to limit your spending to what is left after your savings.
3. Purchase things you can afford today
Credit cards are not inherently evil, it’s the misuse of them that get people into trouble. As a rule of thumb, especially if you are saving, swipe only for things that you can afford right now. Unless there is a dire need, it’s impractical for you to use your credit card for big ticket items that you don’t have the capacity to pay for in one go upon swiping.
4. Take advantage of rewards systems
If you’re going to pay for something anyway, you might as well take advantage of points, discounts, cash back, and rewards systems. Spending less while living a full life is key and one of the best ways to do this is to save up with existing rewards programs. In example, if you pay your bills with Coins, you get PHP 5 cash back for each unique bill paid! You can also get 10% rebates when you buy regular load from your Coins Wallet app.
Just because you’re saving money doesn’t mean you have to stop all of the things that make life worth living. The key is the right mindset coupled with practicality and balance, and you can go on spending for the fun stuff without sacrificing your financial goals. Good luck!
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