Saving is one of those things that can make such a big difference in terms of your quality of life and the goals you can achieve. I personally don’t understand why saving skills aren’t taught in High School, so that everyone leaves school with a decent understanding of the benefits of savings and how to really make the most of your finances, no matter what stage of life you’re in. Whether you’re a student at college who’s just getting by, or the middle of your career and wanting to buy your first home, these four tips for saving extra money should help you achieve your goals.
If you’re living in a house with spare bedrooms, or have a spare property in the family you’re not really using, then you could be sitting on a pretty penny. I personally love doing Airbnb because it’s not only a great way to meet travellers from around the world, but it’s a fun way to make a little bit of extra cash that can go a long way in helping you save more. With Airbnb you have a few options, you can either rent out an entire property, or you can rent out a room in a property, which means you have more flexibility in how you make money from your real estate. Check out scottsdale for more information on getting the most out of your real estate.
2. Side Hustle
What’s a side hustle, you might ask? Well it’s basically a side job that you do in order to bring in a little more cash so that you have more free money to help with savings. Side hustles can be anything, from an extra job on the weekends, babysitting, helping out around people’s yards, or even working online. You might want to look into the possibility of writing content online, like Rex Originals, to make some extra cash alongside your normal salary.
3. Track Your Spending
If you don’t know what you’re spending, I’m not sure how you could really save as efficiently as possible. I suggest tracking your spending for a month or two to see what your biggest expenses are and where you can potentially save money. Some easy ways to cut out spending of your monthly budget include eating out less, spending less money on drinks – alcohol and coffee – and taking your own lunches to work. If you spend a lot on gas, it might be worth seeing if you can car pool in order to reduce your transport costs.
4. Monitor Your Payments
No matter if you’re saving or not, I think tracking your payments is really important. Once a week I log into my banking to see what charges have been made against my accounts and credit cards. This is to make sure there’s nothing that’s been taken out of my account without my permission. I personally think it’s so important to check every single payment to make sure you’re not having money spent without your knowledge.
Saving is such an important thing to do and I hope these four simple tips help you earn and save even more.