5 effective ways to save money without feeling a pinch

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Saving money is such a daunting task to many most especially if your sources are limited. This, however, is not an excuse. No matter the situation you are in, you can still save some money for a future plan. It doesn’t matter whether you have tried and failed what matters is how you got up dusted yourself and made it happen. Giving up is not an option since someone else in a worst situation could save and achieve his goal, then what stops you from doing same. This article will teach you how to save money without feeling its effect.

Consider drinking more water

One of the reasons why saving money is difficult is that we spend too much, and what we spend more on is on drinks. You may think your drinking habit is not contributing to your poverty until you seat and calculate the considerable amount cumulatively that you spend monthly on that. I am not saying you shouldn’t drink at all; I am only saying you have to cut down the number of bottles you take each day. For instance, a person with total monthly returns of 50000 naira who consumes 5 bottles of alcohol which cost 250naira daily will have spent about 37500 in 30 days. How much will he have left? He can’t save anything.

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Always consider clearing your debt first

The truth is, you can’t save money if you are indebted. It just doesn’t make sense. Saving money only makes sense when you don’t have debt on you so, before considering saving any amount, first of all, clear your debt. Let me give you an example. Someone plans on saving 10000 naira monthly towards a project, but the funny thing that happened was that, for every 10000 naira the person saves, he borrows the same amount. Can you imagine this, what a dump saving mentality.

Try to discover where your money goes most of the time.

To better understand how to save, you have to seat and figure out where your money goes the most, the area you spend frequently. This is a very crucial point if saving money is your goal.

Put your budget in black and white

Putting your budget in black and white means writing down your expenses as they happen. Doing that will help you easily track down the faulty area or areas. What I suggest you do is to get a ledger for effective record keeping.

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When purchasing stuff, always negotiate

I consider purchasing stuff without negotiation reckless most especially if your resources are insufficient. Negotiating helps you reduce cost no matter how small. Cultivating the habit of negotiating will help you save even more. Don’t get me wrong, negotiating does not mean you should be a jackass when purchasing stuff. In fact, the truth is, you can cut down unnecessary expenses, then you won’t have to negotiate for everything.

We understand very well that most people have their own strategy when it comes to saving, that is why the comment section is there so you can share your knowledge with us. Remember to share.

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