Emergencies never knock on the door before they come so it’s better to save money as emergency funds for your financial requirements. It does not save money after your spending, you have to save first and then start spending on your expenses because it is a big challenge in today’s recession time that no one has any idea what will be the situation occur tomorrow. So it’s better to stand on the safe side rather than ask for help from others.
Here in this blog, we going to discuss some important strategies to save enough money in a fewer time:
1- Establish Short Term Goals to Save Money
Most people start thinking to save $1000 in a year or more of that but it’s too hard so you don’t need to set long-term saving goals, you just need to create your own short-term goals like you can easily save $5 in a day so when you start saving as $5 in a day, you will find that you have saved $150 in a month which will become $1800 in a year and it will be very helpful when you need money. Sounds good? Yes, you can easily achieve this goal but you need to be stuck on it.
2- Stop Unnecessary Purchase
You have to avoid yourself to purchase unnecessary things on daily basis and you need to continue it for 24 Hours after you will purchase after 24 Hours, you can add the items to your cart but stick to the thought that you will purchase them on the next day so you will get enough time to think about your purchasing plan.
3- Save Money on You Fast Food
Many people take lunch outside during their office time but the fact is making lunch at home costs only $2.50 instead of $5 at work, so in a year, you could create a $500 emergency fund and still have money left over.
4- Cut Expenses on Your Entertainment
Generally, most people spend their weekend in a movie hall or with friends but instead of this you can also go for a natural view like you can go Park, Zoo or you can also search for low-cost entertainment, you can spend your time with your family at your home also.
5- Start Saving at Early Age
It’s better to start saving on your college days even before that. When you are in college toy would get pocket money or you would be working for your daily expenses so you can also start savings from that time. On average as we discussed in our first strategy that once you will start saving on a daily basis, you will find enough amount after a few times.
6- 10k in 100 Days Challenge
Have heard of this challenge before? Yes, 10k in 100 days challenge is a better way to save money rather than any of these strategies because once you will follow all the steps which are required for this challenge, you will be found that you have saved lots of amount in a short time. Let’s discuss what you will have to do for this challenge-
You need to take 100 envelopes on which you can mention the numbers which start from 1 to 100 now, the first thing you need to do is take out envelope number 1 and put $2 inside. Take envelope number 2 out of the box and put $4 in it. Add that much money to the envelope by multiplying the envelope number by 2.
The envelope number for day 15 is 15, so 15 x 2 = $30, so put $30 in the envelope.
Conclusion
We have discussed many strategies here, hope it will help you to save enough amount on your decided time period. You just need to strictly follow all the procedures without being diverted so you will find the drastic change in your habits with an attractive amount as your saving and don’t need to borrow from others for your financial requirements.