Saving money is easier said than done. It’s always an uphill battle to find ways to save money. Have you ever thought of using your talents, skills, or aptitudes in a way that can help you save money? This is where creative thinking comes in handy! In this article, I’m going to share with you 5 creative ways that will help you save money and still live your life the way you want.
Here are the five creative and challenging strategies that can help you save money in a fun way!
1. The 30-day savings rule
Have you ever wanted to buy something you do not need online while browsing? We all encounter things like that most often leads us to impulsive purchases.
The 30-day savings rule helps us to avoid buying not important stuff. When a product piques your interest online, you click it and add it to your cart. Applying the rule, let the product stay in your cart for a while, and do not place an order yet. Give yourself 30 days before ordering the product, in this way, you will be able to think if it is necessary to buy it and you will be able to check your budget before buying it. There are also instances when shops and sellers saw their products in your cart, they will send you discount vouchers to encourage you in placing an order.
If 30 days might be too long for you, you can decide by yourself how many days you will decide before placing your order.
2. Envelope budgeting method
If you want to do budgeting with physical money in your hand, then the envelope budgeting method is for you. It’s the easiest and most popular technique to save money.
You just have to make different envelopes with labels for your expenses, it is up to you what labels you are going to put. When the envelopes are ready, you have to withdraw your money. Allot the amount of money you think you need in each envelope. By doing this you must limit your spending based on the amount that is only inside the envelope. Thus, preventing overspending.
3. 50-30-20 budget plan
It is a way to save money by calculating your income after your taxes into percentages. This way of budgeting requires computation. The percentages are breakdown into 50% for necessities, 30% for your wants, and 20% to pay your existing debt or for savings.
After paying your tax, the remaining amount of your income should be computed into percentages. The 50% of your income should be allotted to important things you need to buy and pay like groceries, utility bills, fares, and medications. Then, 30% of your income can go to leisure activities like traveling, dates, or for things that you want to buy for yourself. Meanwhile, the remaining 20% can be used in paying your existing debts (if you have any) or you can put it into your savings as emergency funds.
You also have the choice if you will spend the entire 30% of your income or add it to your savings too. This budget plan will help you to save money by getting the exact amount to use for your expenses. You can calculate the percentages of your income in this online percentage calculator.
4. Pay-yourself-first method
This technique to save money prioritizes savings before anything else. It encourages you to put enough amount of money first before using your income to purchase essential things and your desires.
This is also regarded as an investor mentality and often use in retirement-planning literature. It is a golden rule in personal finance that entails automatically routing a predetermined savings contribution from each paycheck when it is received. It negates the tendency to skip a contribution and spend the funds on non-savings expenses. This type of saving aims for long-term financial benefits.
5. 52 Weeks Money Challenge
This will challenge you to save money more. For 52 weeks you have to save a certain amount of money. You have to increase the amount of money you will save each week based on the amount you save on the first week.
For example, on the first week, you save 50 pesos, on the 2nd week you have to double the amount making 100 pesos, on the 3rd week you have to triple the amount which is a total of 150 pesos and so on until you reach the 52nd week where you have to save 2,600 pesos. It’s your initial amount multiplied by the number of weeks in a year.
You have the discretion to determine how much is your initial amount, you just have to follow the formula and take on the challenge to save money!
Don’t just save money, grow your money!
Let’s be real, saving money is essential but growing your money is a smart move! Saving money will probably secure you but it will not make you rich.
Vidalia Lending Corp. is a lending company that can help you grow your money. You can apply for Business Loan, Small Business Loan, and E-commerce loan to start your business and grow your money.
Vidalia offers new and established small business owners low rates and the flexibility to focus on their business’s success. We have both fixed-rate loans that account for changes in interest rates, and collateral loans that offer more protection from loss. Apply now!