How to save money exclusively

What is savings

Savings we know is income that is not spent or consumed.  Saving also is the act of preserving the income so you don’t spend it. In saving we reserve part of our planned expenditure (i.e. a set aside money to spend).

Why saving is important?

Before we move into ways on how to save money, let’s see why saving is essential to income growth and increment. If you don’t earn much and can barely get money for yourself, you will definitely see why saving is essential.

Firstly saving gives you extra options

This is when you save it opens your menu box and expands your choice option. Le t’s take a look at things this way,{if you earn $5 per month and you plan of buying an item of $8 but you have saved for 3 months making your savings a total of $10-$15, this gives you an expanded option to even take an item of $10-$13 or more.

   Secondly saving gives you peace of mind

 in cases where the work you have done or doing at that time doesn’t cover the expenses you want it to cover, it is the overall work of your savings to cover it up and if it definitely does, you will there after relieved and relaxed.

Thirdly saving reduces stress and workout

If you stress your ass out just to pay bills and still spend a lot you work output is so much and stress increases but you try saving and spend less, it cuts short stress and much work output and still you can pay for bills.

When saving you can say that your savings are doing the work while you get what you want at the end of the day.

Now we are done with analysis on why saving is essential to income growth / increment.

Exclusive money saving ways

These following ways explained below are exclusively refined ways to help foster your income growth.

Create a Budget

  There is no saving without this step; this step is the main step in saving. Making plans on what to do with your money “creating a budget”. 

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       When you are creating your budget you try as much as possible to outline your income (the amount you have at hand, the amount you are expecting after work and the amount you want to save) these three (3) layers should be brought forward for a better saving budget. In as much as you have outlined your budget in a good way, you should finally get amount to spend in total.

Emergency funds

If you set up an emergency fund you are a step ahead in saving success, because emergency funds help in extreme cases. If you do not really understand or have a complex knowledge on emergency funds take this instance; when you send money to account that you obviously don’t have easy access to and its setup for an emergency case like when you lose your job or source of funds. An emergency fund is a big deal if you look at it in the right perspective.

Cancel all debts

In saving money you are not expected to be spending from it (the savings) but by keeping debts, you have already spent from your savings. So the initial step to take in saving is clearing all outstanding debts and begin saving afresh.

Terminate all subscriptions

We easily subscribe to a lot of things, so that we can get updated and receive them constantly. But subscriptions most times cause unnecessary spending, especially when you subscribe to an online service that may seem cheap/interesting/free but the little payments made hinders exclusive saving.

Set saving goals to achieve

We know one of the best ways to achieve something is to set a goal, and in setting a goal you have to short list what you plan to gain at the end of the saving process. This will give you a go ahead to what to look out for.

Make quality choices

This step helps a lot to save, when you make quality choices they last longer and free you from unnecessary spending. For e.g. if you buy a shoe of $5 instead of $10 and it only lasts for a month and you buy another after that and again after that, while if you had bought the $10 it may have lasted for 3 months or 2&half month.

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