Welcome, we are back again with a new financial tip! This week’s tip is about easy ways to save some extra cash.
Set a Goal
Setting a goal for your savings is important because a goal will help to keep you focused. It is also easier to keep track and control your finances this way. If you want more help on creating financial goals or want to know more about it, take a look at our Wisdom tip #5.
The Envelope Method
This method will make you more aware of your spending. Here is what you have to do; you have to put cash for specific things in different envelopes. Once it’s empty you can’t spend on this category anymore, you can still get cash from other envelopes in case of an emergency, but it’s best not to do so. This method is similar to the 25% method which we explained more about in last week’s article Wisdom tip #15.
Only Use Cash
Cash is more difficult to spend than using a credit/debit card. With a card, you swipe and you’re done, it doesn’t feel like you have to make an effort for it. This is the reason people tend to spend more cashless. With cash, you actually have to hand something over and that is the part that people dislike. Paying with only cash will help you think twice about your decision instead of just buying it.
Multiple Income Streams
If you have multiple income streams, you can save more or you can spend it on something you really want without touching on other category of expenses. This gives you the opportunity to spend more without feeling guilty. To earn more money, you can, for example, look for a side job, to know more about this subject please look back at our Wisdom tip #11.
We hope that today’s tip gave you some great insight on how you can easily save cash. Stay tuned for upcoming tips!