Do not save what is left after spending, but spend what is left after saving”

 – Warren Buffet


I think it’s rightly said!


Every time we receive our weekly or monthly pay packet, most of us pay our bills first! And try to save what is remaining at the end of the month! But is it good for our financial life?


By doing this, you might save a certain amount of money. But is that enough? So, how about saving more money?


Now you might be thinking that you need to follow any hard and fast rule to save more money! But let me tell you, you can save more money by following some simple yet effective tips!


So, here we have listed some of the best possible simple tricks you can try out to stash more money!


Let’s start!


Simple and Effective Tips to Save More Money

Stash your money automatically.


Can you spend the money you don’t know you have?


Hopefully, your answer is going to be a big “NO”!


And that is the psychology behind making your saving process automatic. Doing so, a certain amount of money will be automatically transferred from your checking account to your savings account!


Now, you might think that you need to save a minimum amount of money every month! If you think so, you are wrong my friend!


Start with any amount, whatever you feel like! And you can increase your contribution with time. This way, you won’t feel tempted to spend that sum of money randomly! Rather, you are saving your hard-earned money for a bright future!


Create an emergency fund.


You might be thinking that how will you save money by creating an emergency fund? Rather you have to keep aside some money for that fund!


Okay! Let’s think differently!


Can you predict your future?


Of course not! After all, we all are human beings!


So, what if you face some sort of emergency? At least, if you are financially prepared, you might handle the situation in a better way!


Else, it can become quite tough for you to handle any sudden expenses. And ultimately, all your savings might drain away to bear the expenses.


Yes, you heard it right! And during this time, many people get vulnerable to fast cash options for taking out a loan of a moderate amount.


So, I would say that one of the steps to prepare for a personal financial crisis is creating an emergency fund!


If you face any exigency, you can cover the expenses from the rainy day fund. Thereby you don’t need to hurt your savings and think about taking out loans!


So, aren’t you saving money?


Adopt the 30-day rule.


One of the golden rules of personal finance is to avoid instant gratification! Let’s say, you wish to buy something! But what if I tell you to wait for 30 days before buying?


I know, you might be annoyed! But the main concept behind this waiting period is to make decisions in a better way!


Sometimes, we wish to buy something which is not necessary or too expensive to buy! In short, you might feel enticed to see eye candy!


But it happens that if you wait for a long time, you might not feel like buying that stuff! The reason being, your urge to buy has passed!


So, obviously, you are saving money by not spending on unnecessary things!


Make a list before going out shopping.


Yes, you heard it right! Make a list of the things which you need to buy before you go shopping! By doing so, you won’t end up buying unnecessary things or making unplanned purchases.


Because either of these can make you spend more and your savings become zero!


Secondly, there will be no chance of missing out on anything you need to buy!


Stay away from debts.


Ideally, you should have an emergency fund to tackle any sudden expenses. But some situations may arise where your emergency fund can fall short. And you are in dire need of money.


At this point in time, loans, especially short-term ones become the saviour! But you might overlook the terms and conditions. And due to urgency, you might take out a loan with an incessantly high-interest rate!


You might be able to cover sudden expenses due to exigency. But trust me, your finances are gonna hurt badly. You have to pay off your debt along with the interest. It’s quite hurtful to your financial life to see a substantial part of your paycheck getting debited every month to pay off your debts.


So, if you have to take out a loan, try to pay it off at the earliest! It can help you to save a substantial amount of money! After all,


Rather go to bed without dinner than to rise in debt.”

                                                                  –  Benjamin Franklin


Isn’t it obvious?


Use cash as much as possible.


Well, I know that the reward points and cashback offers are enough to entice you to swipe your credit card(s) to pay your bills.


But at the end of the day, you might end up spending more by using plastic money! In fact, a study shows that people tend to spend less when they carry cash!


The reason is, plastic money gives you false security that you have more money than you actually have!


You are just swiping your cards and thereby you are unable to feel how much you are shelling out in reality!


You will face the harsh reality when you will go through your credit card statement. And the outstanding balance amount of your credit card can burn a hole in your pocket!


So, from next time onwards carry enough cash and pay your bills by cash as much as possible. In the long run, you can make a substantial amount of savings.


Try the envelope budgeting method.

You might know that a realistic budget is a stepping stone to a stable financial life! Not only that! It can help you to make a habit of saving money and refrain from overspending!


But to save more money, you can try envelope budgeting rather than traditional budgeting. As the name says, you need to have different envelopes for different categories of your expenses!


Let’s say, you have allocated five different envelopes for categories like rent, groceries, transportation costs, entertainment, emergency fund.


Firstly, you have to decide how much dollars you want to allocate to each category! Based on that, you have to fill those envelopes with cash. Because always remember that envelope budgeting works better when you are using physical currency.


Still, if you make an online payment for any category, write that on the back of the envelope of the same! It will help you to track down your expenses!


And whenever you run out of funds in an envelope, you have to stop spending in that particular category!


Cancel your magazine subscriptions.


Do you have a stash of unread magazines at your home?


If yes, then it means you are just spending your money on the magazines which you aren’t reading!


So, how about cancelling your subscription? Yes, you heard it right! Cancel your subscription asap. And you can ask for a refund of your subscription fees by calling the magazine’s respective department.


Install CFLs and LEDs at your home.

Well, energy-efficient light bulbs can pinch your pocket initially. But if you compare with the normal incandescent bulbs, they have a much longer life!


And guess what? CFLs and LEDs consume relatively less electricity! CFLs use a quarter of the energy of incandescent bulbs. But on the other hand, CFLs can last for years and are the cheapest option after the traditional bulbs!


Whereas, LEDs are way more expensive! But they are the best lighting option available! LEDs can light up instantly and produce a warm glow without getting too hot to touch!


So, you can easily save some money on your electricity bills by installing CFLs and LEDs at your home!


So, what are you thinking?


Aren’t these tips easy to follow? I hope your answer will be “Yes!”


So, what are you waiting for?


Follow these tips to save more money and plan for a financially stable life ahead!


Other articles you may find useful include:

15 Of The Best Money Saving Apps.

Simple Ways To Get Free Amazon Gift Cards.

60+ Ways To Make Money From Home.

How To Make Money Drop Shipping Products.

Make Quick Cash From Home.

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