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05 feb

Ways to Save Money

We all want to save money, but sometimes it can seem like a difficult task. Fortunately, there are several ways to save that are easy to follow.

Ways to Save Money
Autor: Guillem Vestit
Guillem Vestit
Modificado el 20 febrero 2024

In this article, you will learn some simple but effective strategies so you can start saving today. So get ready to take control of your finances and reach your savings goals!

The 50/30/20 Rule

One of the most popular ways to save is by following the 50/30/20 rule. This rule basically suggests that 50% of your income should go towards essential expenses, such as rent, food, and utilities. 30% should be reserved for personal expenses, such as dining out or leisure activities, while the remaining 20% is allocated to savings.

Following this 50, 30 and 20 rule can help you save

Following this rule will help you structure your spending in a balanced way and prioritize saving each month. You can adjust the percentages according to your needs and personal goals, but the main idea is to allocate a portion of your income to savings on a regular basis.

In addition to the 50/30/20 rule, there are other strategies that you can implement to maximize your savings. One option is reducing your fixed expenses, such as renegotiating your rental contract or looking for more economical alternatives for your utilities. You could also consider generating additional income through side activities, like selling handmade products or providing freelance services.

Another way to save is by setting clear and realistic goals. Define short-term and long-term objectives, like saving for a trip or buying a house. Setting goals will give you motivation and help keep you focused on your savings.

Furthermore, it's important to keep detailed records of your expenses. You can use apps or online tools to track your income and expenditures. This will allow you to identify areas where you can cut costs and give you a clear view of your consumption habits.

Using Round-Up Savings

Another smart way to save is by taking advantage of automatic round-up on your purchases. Many apps and banks offer this feature, which automatically rounds up your transactions to the nearest whole number and deposits the difference into a savings account. For example, if you spend €4.70, it would round up to €5 and the remaining €0.30 would be automatically saved.

Save money with rounding up

This strategy might seem insignificant with each transaction but over time those small amounts add up can turn into significant savings.

Taking Advantage of Interest from Deposits and/or Reward Accounts

If you have an amount of money saved up that you don't plan on using in the short term, consider depositing it into an interest-bearing account or a fixed-term deposit. These options allow you to earn interest on your balance which can steadily increase your savings.

Research different options and choose the product that offers the most favorable conditions for you. Remember that interest rates may vary so it's important to choose an option with a competitive rate although currently many deposits and reward accounts offer interests above 2%.

Besides deposits and reward accounts there are other alternatives for earning interest on your savings A popular option is investing in mutual funds where your money is pooled with other investors' funds invested in diversified portfolio assets This allows potentially higher returns though also involves greater risk

Another option is investing government bonds corporate bonds These financial instruments allow lend money entity exchange interest Government bonds are generally considered safer since they're backed by government whereas corporate bonds might offer higher returns but also come with increased risk

Choosing Subscriptions That You Will Use

Nowadays it's common have multiple subscriptions different services It might tempting subscribe every kind streaming platform digital magazines applications However if don't use all these subscriptions regularly paying services don't really benefit from

Review current subscriptions cancel those don't frequently use may find paying services even remember having signed By eliminating unnecessary subscriptions could save significant amount money every month

Besides reviewing current subscriptions also important evaluate frequently used ones really offer added value example subscription movie series streaming platform ask yourself really use enough justify monthly cost If answer no consider canceling look cheaper free alternatives

Another aspect consider when choosing subscriptions quality content they offer Not all streaming platforms digital magazines applications equal Some might have wider varied selection content others might offer exclusive high-quality content Research compare available options before making decision

Sharing Cost Subscriptions With Sharingful

If friends family members who also some same services consider sharing cost subscriptions means everyone contribute part monthly payment

Thanks Sharingful easy organize divide subscription expenses fairly example premium music service invite friends join split cost among everyone way enjoy service without having pay full rate

Taking Advantage Cashback Some Stores

Cashback way save money making online purchases Some stores offer part total purchase refund back account example buy item €100 cashback % would refunded €5

Research stores offer cashback take advantage these offers making online purchases may not become millionaire doing this every little saving counts accumulate over time

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