The Best Ways to Save Money

by Gily Tenorio on January 29, 2011

in Saving

Basically, almost all finance books discussing personal finance on saving money have in common. They have the same advices and principles for its readers.

For example, in saving money, most books discusses how income, expenses and saving should be allocated. Authors may give many tips and ways on how to save money. Actually, there are various ways but for me, the best way is to spend less than what you earn. If you can spend below your monthly income, the money that will be left can go to your savings account.

All of us has expenses every day. As long as we are living here on this world, we will have expenses, you may like it or not. Therefore, it is given that expenses is part of our life. We cannot avoid to have expenses as long as we are breathing.

Many people claim that they cannot save because they have lots of expenses but low income. It is true that you may not be able to save if you have many expenses. But there is a solution for that in order to save money, you must lessen your expenses and you should increase your income.

However, there are also some people with high income than normal employee but still cannot save. Why do you think is the reason? Yeah, you’re right, it is because they have many expenses. They spend their whole income or even more by using their credit cards.

Actually, saving money is a simple and basic idea. It doesn’t requires complicated mathematics or computer software. To save money in the best ways: spend less than what you earn and increase your income.

Make a priority list or a budget plan to help you choose what things you should buy or not. Avoid impulse buying. Think first before you use your credit cards.

Look for ways to increase your income. You can try to sell your excess stuffs in eBay or Craiglist, discover how to make money online, try to have a part time job, or establish a business you can do.

In conclusion, saving money is hard at the beginning especially when you are not in to it. But as the time goes by and as you start to save early, it will become habitual and it would be easy for you to save even small portion of your salary. Make it a target to save at least 5-10% of your monthly income. Remember in order to save money in best ways: spend less than what you earn and increase your income.

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