HOW TO SAVE MONEY FOR BRIGHT FUTURE?{17 TIPS}

Think what would happen if you found extra money in your monthly budget. Could you finally afford a real vacation? Could you bash something away for emergencies? Maybe you’d be debt-free at last.

This tips can help you learn how to save money on everyday and monthly expenses. Plus, it contains tips on setting aside funds for the future.

How to Save Money?

Saving money starts with your mindset.

Stop thinking of money-saving techniques as restrictive — though they can often feel that way. At NerdWallet, we think about a budget as a passing plan because saving money doesn’t mean you have to quit spending altogether. It just means you have to prioritize some financial targets over others.

Depending on how much you will to save, here’s how to do it.

Get serious about a budget
Daily money-saving tips
Monthly money-saving tips
Long-term money-saving tips
Additional resources
Get serious about a budget
Ready to get started? We advise the 50/30/20 budget for smart money management. Devote 50% of your income to necessities, 30% to wants and 20% to savings. If you discover one of your allocations exceeds these percentages, make some modifications to fit the formula.

As you work toward your supreme financial goal, ensure to put your newfound funds in a good high-yield savings account to maximize your money. Some of the best online accounts pay interest rates as much as 150 times higher than huge traditional banks.

Daily money-saving tips         

Simple twists to your daily routine can yield small savings that add up over time. Check out the links on internet to find ways to save on everyday activities like grocery shopping, dining out and entertainment.

1. Utilize an automated tool: Find an app or bank account that takes the work out of saving. Digit and Qapital both automatically transfer few amounts from your checking account to a separate savings account. Bank of America does the similar each time you swipe your card. Learn about apps that automate savings for you.

2. Take manual savings actions: Empty your pockets each day and begin to collecting that extra change. Then take your collection to the bank and put it instantly into your savings account instead of your checking account. When you will to watch your spending, use dollar bills instead of credit cards. It’s harder to part with cold, hard cash.

3. Prep for grocery shopping: A little work before you go to the grocery store can go a long way to help you save money on groceries. Check your pantry and get a grocery list, then use coupons and loyalty programs to maximize your savings as you shop.

4. Order smaller servings at restaurants: Your social life doesn’t have to hurt for you to save money. Eating out every day will deal a main blow to your bank account, but you can still dine out and stick to your budget. Opt for appetizers or divide an entree with your dining companion to save money when you eat out.

5. Get discounts on entertainment: Take benefit of free days at museums and national parks to save on entertainment costs. You can also call for about discounts for elders, students, military members and other discounts when purchasing tickets for everything including movies, concerts and theme parks.

6. Map out major purchases:  Time your purchase of appliances, furniture, electronics and more according to annual sale periods. Don’t buy anything hastily, either. Always look a day or two before buying to limit buyer’s remorse.

7. Restrict online shopping: Make it more hard to shop online. When you shop daily at a retailer’s website, it’s convenient to create an online account to save your billing information. But if you push yourself to input your shipping address and credit card number each time you order, you probably will make fewer impulse purchases.

8. Make your own gifts: The price of birthday, wedding and graduation gifts can quickly add up. Go the DIY route or save money with inexpensive gift ideas, like herb gardens and gift baskets.

Monthly money-saving tips      

Lowering recurring payments may need some legwork, but the potential savings make the effort worthwhile. You might save as much as $40 per month by changing your cable package or more than $50 per month by refinancing your car loan. Stay reading for more ways to save on monthly expenses.

9. Lower your car payment: Refinancing your auto loan to take advantage of lower interest rates might save you $1,000 or more over the life of your loan. But that’s just one option. Discover other ways to save on car expenses.

10. Bundle cable and internet: You could lower your cable bill by as much as $40 per month by changing your cable package. And you might save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Find more ways to save on internet service.

11. Switch your cell phone plan: Changing your plan is one way to save money on your cell phone bill, but it’s not the only way. For starters, you may not need insurance. Removing it from your plan might save you nearly $100 per year, per line.

12. Monitor your electric bill: Big and small changes in your energy usage can help you save as much as $550 annually on your electric bill.

13. Lower your student loan payments: Income-driven repayment plans can lower your monthly student loan payments by several hundred dollars each month.

14. Cancel unnecessary subscriptions: Uncheck the auto-renew option on any subscriptions you aren’t using daily, such as subscription boxes or streaming services. That’ll help cross at least a few recurring charges off your monthly credit card statement.

Long-term money-saving tips  

Saving over the long term — to make an emergency fund, take your dream vacation or make a down payment on a new home — doesn’t just happen. It requires planning and discipline. Learn how to set targets, track spending and save on your biggest expenses.

15. Track spending: Get a actual picture of where your money goes today by keeping track of your monthly cash flow — your income minus your expenditures. This will also make it easier to mark progress toward your saving target. NerdWallet offers a free app that helps you track your cash, find new ways to save and even build your credit score. Or you can follow these five steps to help you track your monthly expenses.

16. Refinance your mortgage: Refinancing your mortgage to snag a lower interest rate can save you several hundred dollars each month. You need to get your ducks in a row before refinancing to maximize your savings, so check your credit score and avoid taking on new debt. Use  mortgage refinance calculator you can find it on internet to find out how much you could save.

17. Set savings targets: Think about why you’re saving. Is a wedding on your horizon? Are you being ready to purchase your first home? Keep that picture in mind. It’ll help keep you motivated. Then set a specific but realistic goal. It may be “save $5,000 in an individual retirement account this year” or “pay off my credit card debt faster.” Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal. It’s OK to start small. Little steps add up.

 THANK YOU!