The New Year brings new resolutions and saving more money is one of the most popular ones. Well, OGPay wants to give you a few useful tips you can start implementing NOW to reach your savings goals! Whether it is to pay debt, go on vacation or get your dream house or car, you can achieve them with determination and organization.
Check your expenses
Sometimes we spend more money on little things that really add up to big sums. Next time, think about the cost of that daily coffee (that you could be brewing at home with 5 minutes of your time) and how it adds up to even 150 dollars a month.
Revising your expenses and cutting those unnecessary fees will give you the room to save, even small amounts, to make a difference at the end of the year.
Make it automatic
Saving starts by making the choice to do it as painless as possible. Automating the process of saving is ideal since you can choose when and how much you want set aside from your account. Most banks offer this option and give you the peace of mind of doing the right call every month.
Keep the spare change
If you start saving the spare change of every cash transaction you make, you’ll be surprised at how much you can get by the end of the month. Throw the coins and small bills on a savings jar every time you purchase something.
Save your tax refund
Instead of treating yourself, why not save to make a big treat later? When you receive your tax refund, try to save as much as you can from it. This will give you a head start on a bigger savings plan or can even make a good emergency fund.
Cancel subscriptions you don’t use too often
We all see how cheap subscriptions are nowadays: “Oh, it’s only 10 dollars a month!”… But how much do you use them? If there is a service you’re paying for and you’re barely using a couple of hours a week, it doesn’t make sense to pay on a monthly basis. Decide which subscriptions are worth keeping and cut the others, you’ll be able to find new alternatives or will even notice you don’t miss them that much.
Follow the 50:30:20 rule
This rule is very popular and effective! It goes like this: Spend no more than 50% of your income on needs, 30% on wants and save the remaining 20%, always.
You can adjust your current expenses and see how much they are taking, if debt and livelihood take more than 50% you may want to cut the “wants” area and still be able to save the 20% of your total income.
The trick with saving is being constant and understanding the value it has for your future. Seeing savings as a parachute isn’t bad, but the ideal is to not touch them when emergencies appear (that’s what your emergency fund is for!). And don’t forget: whether your goal is big or small, start saving now!
Founded in 2008 as Organo Gold, ORGANO™ is dedicated to bringing the benefits of the earth’s nutritional riches to people throughout the world via its premium products that can be used daily to help to achieve a more energetic and healthier lifestyle.