Thank you for stopping by, today I will be highlighting 7 Saving Methods every Couple should use. If you haven’t checked my previous article, remember to click the link at the bottom of this article to catch up and know how you can make your relationship better or attain financial freedom with your partner.
Back to the topic, gone are the days when most companies used to include social security and pension plans in their employees’ retirement plans hence the need to adapt good saving methods. Unfortunately, to cover these expenses, some people have to get extra jobs, work extra hard or look for another career opportunity.
However, you can change your financial destiny by embracing good money saving methods regardless of your income. First, you need to know these 11 Rules of Money Management and these 7 Steps to achieve financial freedom as a couple.
Saving Methods every Couple should use
Here are some methods of money-saving that will eventually help you attain financial freedom and knowing the right steps to take will make it much easier.
Save a certain percentage of your income
Saving is about dedication, self-discipline, and sacrifices. Whether you are working on a monthly budget or not, you can start saving as early as today. The key is to take a certain percentage of your income depending on your monthly expenses then set it aside.
You can opt for 5% or 10% of your income to be set aside.
Save the change
Saving your change is another good idea of increasing your emergency or entertainment cash by some dollars or shillings. You can make this a habit by setting aside the little change you remain with from every major purchase since it can be used to cover small future expenses like paying for groceries.
Participate in a saving Challenge
Sometimes we all need a little push to start saving and a challenge can do it better. There are many money-saving challenges that are worthy and this includes:
- Saving older bills
- Saving 1 dollar a day or a week
- Saving all your 1 dollar or 100 shilling notes
Buy in Bulk Whenever Possible
Buying in bulk is another efficient way of saving. Therefore, when shopping for non-perishable goods try buying in bulk since in most cases they are always discounted hence help you save on extra costs.
Consolidate and Pay off Debts
Debts accrue interest and personally I consider this as the worst way of throwing cash. Whenever you in debt make an effort of consolidating it into lower interest and paying it quickly.
Avoid Impulse Buying
It’s fun buying things when you can afford but this does not mean you have to buy everything you see and want unless you have already attained financial independence. Make it a routine to avoid impulse buying since most of the things we buy at that time tend to be less necessary while their price might be high sometimes.
Places to save your Money
There are various places you can save money but I would recommend the following:
- Safety Deposit Box
- Bank Account
- High-interest saving account
- Tax-free saving Account
- Register retirement saving Plan
Sources of Money to Save
Some of you might be asking where do I get the money to save when my budget nearly consumes my entire income? One thing to understand is regardless of how little you have try and save it and try cutting down your expenditure.
Here are 5 places to get you started
- Raises from work
- Bonuses from work
- Overtime pay from work
- Extra commissions you earn
- Cut some expenses
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