Freeman Cebu Business

9 Ways to save more money with less effort

INVESTING ON THE GO - Vernon Go - The Freeman

It’s never too late for new year’s resolutions since the Chinese New year is coming up. Saving money is way harder than spending it. Many people think that saving requires a lot of time and energy into saving money. But there are ways that anyone can save money without even trying!

I may have written something similar to this in the past, but I made some tweaks in words and perspective. Because sometimes that small change makes all the difference.

Here are a few strategies that most people can use to make saving much simpler and easier.

Save your change

As they say, great things come from small beginnings. One tip that has worked very well for me as well as for children is simply to save your loose change.

Over time, these small coins start to pile up, and before long you’ll find that you have a healthy pot of savings – without having done any hard work whatsoever, just the power of simple action and habit.

Try automatically paying yourself first

Using the word ‘SAVE’ may seem like a task for other people so why not change the words and way of seeing savings?

You probably have automatic payments set up for at least a few of your bills and expenses, so why not try the same method with your savings? Yes it’s automated savings but think of it as paying yourself instead.

Pause before you buy

Waiting a week before making major purchases can help you to avoid impulse shopping. Pausing before a purchase can help you get over the initial urge to buy an item and give you the time to thoughtfully consider whether the purchase is a wise one (is it a need? A want?)

Self denial for salary raises

Pretend you didn't get that raise. By sticking to your pre-raise budget, you can prevent accumulating more debt or higher (and often times useless) expenses.

Save your windfalls

Windfalls may come from unexpected sources like mid-year or annual bonuses. But if you have a side hustle or multiple ones, those could be considered windfalls as well.

Put barriers between you and your savings

Delete that online banking app to keep you from easily transferring money. Although it may be tempting to dip into your savings when shopping or when you're a few bucks short of an unnecessary purchase, placing a few barriers between you and your money might keep you from making impulsive spending decisions.

Delete those shopping apps

This is a no-brainer really, avoid temptations. Additionally, shopping sites save your credit card information. It's so easy to shop online, especially when a shopping site has filled in all of your card details for you. So, remove that information from those sites.

This is also a good practice to avoid hacks or fraud that may happen to your account.

Change food brands

You go to the supermarket to buy food anyway, so what could be easier than simply swapping a few of your standard groceries to lower-cost alternatives? This requires some trial and error and some changes in your preferences.

Just don’t spend on unnecessary things

There are advertisements out there that outright tell you to get their products or service because it’s on sale and you can save more. That is incorrect. To save more means not to buy into that marketing strategy.

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Vernon Joseph Go is an RFP®–Registered Financial Planner | Licensed Real Estate Broker | Content Creator | Podcast-on-the-go Producer & Host

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