In these complex times that we are living, many people are looking for a way to obtain an economic mattress. We will not deny it, these are difficult times in which too many jobs are on the line. That is why we are going to review what are the best ways to save money and be able to face tough times with a little more slack. You have to prepare for everything that may happen.
What is savings?
In practice, we know what it is about, but in economic terms saving is the part of income that is not consumed. It is what is saved for a future investment. This can be from a common or unforeseen expense. Or it can be used for a purpose, such as buying a vehicle. If you spend less than you enter, savings are produced. In 2019 in Nigeria, the savings rate stood at a good value, 7.4 percent , according to the National Institute of Statistics.
Ways to save money easily
In the first place, saving is a matter of will and often arises out of need. Although it may not seem like it, saving money is possible if we put our mind to it. To begin, it is necessary to make an analysis of all those expenses that we have. Are any superfluous? How much do I pay for essential services? Are there alternatives? All these questions you should ask yourself if your purpose is to save. Reviewing expenses always works and can be done in the traditional way, paper and pencil, or with a mobile app.
The handy piggy bank and the savings account
The piggy bank method is always effective, although it can be upgraded to something simpler. Transferring an amount of money each month to another account from which we cannot easily withdraw cash. It is not advisable to set goals that are too high that we cannot meet, but rather start from a realistic base.
If you choose the piggy bank, we propose an easy way to save that you can start every January 1. You know that each year has 52 weeks. It consists of entering each week the amount of euros for the week in which the year is located. That is, the first week you put € 1, the second 2 and so on. Remember that in December you will have to put in almost 200 euros! It is still almost a game with which you will find on December 31 with 1,378 euros.
Little sacrifices and review
Also think about how many coffees you have every day on the street, maybe you can spend one less. Apply it to everyday activities. Check if you don't already have it at home before buying anything. Avoid making unnecessary and compulsive purchases, and if you have a very loose hand, stay away from credit cards. You can buy things you don't really need and get into debt.
Review all those subscriptions that you do not use and unsubscribe them. For example, a magazine that you receive monthly and ends up unread in the blue container. If you have fixed expenses such as electricity, gas or insurance, you don't lose anything by calling and requesting a rate change. You may be overpaying for simple ignorance or neglect.
Saving in banks is possible
Check what your bank charges you for credit cards, maintenance fees and more. Probably with a call or visit to the entity itself you will get significant savings. If not, there is a wide range of benches to choose from that will welcome you with open arms. And speaking of banking products, allocate part of the savings to reduce debt that you have contracted , the saving in interest is remarkable.
In short, saving does not mean leading a Spartan life away from all whims. It is setting a goal and trying to achieve it. If it becomes a habit , you will live more easily and have a surplus of money that can come in handy in difficult times like this.