11 Guaranteed Ways To Save Money: Building Money Habits

Getting my money habits together was and is still a tough thing to do. Committing myself to learn about money and putting into practice all that I've learned over the past few years has helped me get a grip on my money. I consider this to be an important aspect of life (personal finance) that is not exhaustively taught in school. The consequences of inadequate financial behavior are enough motivation to learn about money and put what you've learned into action which is often the hard part. I'm not a finance professional nor do I have a background in finance but you don't need to be to pay attention to your money habit.

I used to think that this money is for spending but I realized that I don't always have money when I need them and I feel pressured to go after money and chase it down. I'm always wondering how to fix this money issue once and for all. Although I thought making more money will solve the problem, I soon realized that more income does not mean that you will always have money waiting for you (tough right?) Instead, the key thing is getting disciplined about building money habits and getting rid of any negative perceptions you've had about money while growing up, especially if the goal is to build wealth. 

Indeed, building wealth is not tied to the fat income you make but your ability to manage properly whatever income that comes in daily, weekly or monthly as the case may be. A meager salary earner who manages his income will end up with more money than a fat salary earner who mismanages his. 

I want to share some practical ways that can help you to start making smart decisions with money and ultimately help you to save more money.

1.    Create A Budget

A budget is a plan that outlines your income and expenses, so you can see exactly where your money is going. To create a budget, start by listing your income from all sources, such as your salary, investments, profits from your business, or rental income. Then, make a list of all your fixed expenses, such as rent, car payments, loan payments, and data subscriptions. Next, add up your variable expenses, such as groceries, entertainment, and dining out. Subtract your total expenses from your income to see if you're spending more than you're earning. If you are, look for ways to cut back on your expenses.

2.    Cut Unnecessary Expenses

Look for areas where you can trim your spending to save money. For example, if you're paying for subscriptions you don't use, consider canceling them. You could also save money by eating out less frequently, or by making your food, drinks, and smoothies at home instead of buying them outside. There is nothing wrong with not being able to afford certain things right now and if you set your priority right and get your finances right you will be able to afford them and even more. But for now, let's focus on building healthy habits with money.

3.    Automate Your Savings

Automating your savings can make it easier to save money because the transfers happen automatically without you having to think about it. To automate your savings, set your automatic transfers from your checking account to your savings account. You can choose to transfer a fixed amount each month or set up a percentage of your income to be transferred to savings. Tons of online saving platforms can help you save and grow your money. I use Cowrywise but there are other options like Piggyvest, Bamboo, Risevest, etc.

4.    Negotiate Your Bills

If you've been a loyal customer for a long time, your service providers or product sellers may be willing to lower your rates to keep you as their customer. It never hurts to ask, and you may be surprised at how much you can save by negotiating your bills.

5.    Save on Transportation Costs

Transportation can be a significant expense, but there are ways you can save on these costs. consider carpooling with coworkers or friends to save on fuel and wear and tear on your car. You can also save money by using public transportation or by walking or biking when possible.

6.    Find Free or Low-cost Entertainment

Entertainment can be a significant expense, but there are plenty of free or low-cost activities you can enjoy. Consider going for a hike or having a picnic in the park, finding free events or activities in your area.

7.    Take Advantage of Employer Benefits

Many employers offer benefits that can help you save money, such as retirement plans, flexible spending accounts, and employee discounts. Be sure to take advantage of these benefits to save money and improve your financial situation.

8.    Save on Groceries

Meal planning and shopping with a list can save you money. Have you ever gone shopping and come back asking yourself why did I buy this item? And as time goes on you end up not using it and the money you spent becomes a waste. (which could have increased your saving or gone into something else) This is what making a list before shopping will save you from, and it doesn't end with just listing but you make sure that you use the list. Stick with it. Before going shopping, take some time to sit down and plan your meals, you can make sure you have all the ingredients you need and avoid unnecessary trips to the store and think about what you need and put them on a list. Remind yourself of buying items that are only on the list, to avoid impulse purchases and stick to your budget. This way you won't be carried away. 

9.    Consider a Side Hustle

If you have a skill or hobby that you could monetize, consider taking on a side hustle to earn extra income. This could be anything from freelance work to selling handmade crafts or products online.

10.    Be Generous

On a personal level, it pays to be generous. While there may not be vast scientific research to cover this claim, a cheerful giver ends up making more money, building relationships, live with positive emotions than the one who cares only about h/herself. Be more intentional about giving especially when it stirs in your heart to do so. Don't hoard everything to yourself find ways to give and give cheerfully.

11.    Set Financial Goals

Having specific financial goals can help you stay motivated to save money and make better financial decisions. Whether you're saving for a down payment on a house, building an emergency fund, or paying off debt, setting financial goals can help you stay focused and on track.

While you are at it I want you to remember this:

• Learn to live within your means
• There is nothing wrong with being broke while figuring out how to increase your earning
• Find a way to create value or solve a problem for a particular audience. They will give you their money.
• Create a saving plan for soft life or pleasure instead of pulling out the whole amount at once.

Someone once said that when money realizes it's in good hands, it wants to stay and multiply in those hands. Cultivating good money habits is the first step to building sustainable wealth and it is never too late to start.

What money habits are you currently building? Share it with me