Even if you don’t make an eight-figure salary, it’s possible to strive for a life of luxury and comfort. Don’t give up on saving money and pursuing your goals.
Someone said we became adults at the worst time, and that is correct.
When our parents were adults, they didn’t work as hard or earn as much as we do, yet they had comfortable lives and built a family, but with inflation all over the world, the cost of living for millennials and Gen Zs is high.
Why is saving money important?
- Saving money is a great way to make sure you are never stranded.
If you spend every single penny you come across, there is a high chance you will end up broke.
- You can save money towards a particular goal
If you have a project that might take a lot of money to start or begin, or if there is something you want to buy, you can save towards it.
- Saving money with interest secures your finances
Many financial apps and even bank apps accrue interest when you save, so your money isn’t just lying around.
Here are some life-changing money-saving tips for you;
1. Get a job
The best way to have savings is to have a job or a business. If you have neither, forget about saving money and go get a steady stream of income. You can’t save what you don’t have.
2. Set aside the smallest amount of money
You can’t ‘save like crazy’ when times are hard, but that doesn’t mean you shouldn’t save at all. The way to go about it is to put aside even the smallest amount, it could be daily or weekly or monthly, even if it’s R500. Putting aside even the smallest amount is how to make sure you have some savings.
3. Focus on your most essential needs
You won’t save any money if you spend your money on pleasures and wants before your needs. Pay your bills or debts. There is also no point in saving money when you have bills to pay or are in debt.
In times of economic hardship, you don’t want to start spending money on wants like outings, new phones and clothes. Your priorities should be the bare necessities, i.e., food, rent, and utilities. After those are taken care of, you can convince yourself that you deserve a treat or save the money.
4. Join a saving groups
Like everything else in life, you are more likely to do it better when you have people you are accountable to. A group of friends or colleagues can come together to save money. Usually, it’s best to keep the money in a bank and not with a person – don’t tempt them. We don’t want to hear touching stories of how someone ran away with ‘contribution money.’
5. Get more streams of wealth
If you have a job, get another job or try doing business. If you have a business, expand it. When it comes to getting more streams of wealth, the key is never to get too greedy.
Putting your money in a Ponzi scheme or a venture with a very high-interest rate will most likely lead to tears. Investing your money in tangible assets is a safer and wiser choice rather than following the allure of high-interest rates or novel investment opportunities that are being marketed to you. When you have more streams of income, you can earn more money.
