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Posted 8 October 2020
Saving money is nice, but there should be a reason for doing so. You can’t just pile up cash only because of the tradition or what your parents taught you to do. You have to aim for the best. In this article on CNBC, you can find out how a young lady saved up over $100,000 in three years before she was 27.
I know this might look big for you to accomplish, but she said the reason she started saving was that her mother inspired her. When she was younger, her mother worked so hard to pay off her student loans, so she decided after school, she'd start saving to invest in her retirement savings accounts.
In this post, she listed some of the strategies she used to achieve this milestone.
She invested in 401(k), saved frugally, and lived below her means.
We can learn a lot from her success, but the question is, “Is it possible to replicate?” Oh, yes, it is.
Below you will see some of the strategic ways you can use to save money.
1. Change Your Mindset About Money
Yeah, I know you have heard this saying a million times, but it’s a fact. If you see things as impossible to achieve, then you’ll never achieve them. Even if you win the lottery, you can still lose all those millions of dollars just because of the way you see the money.
It is essential to see money as a tool to get things done. If you see money as just freedom, then you are up for failure.
Aiming to have money just to be able to quit your nine to five is not bad. Yeah, it’s good to set smaller goals, but what is not right is when after you have accomplished a plan, then you relax. Before you know it, you’ll eat up all the money saved up, and then you are back to your job.
You have to be on the offense always. You have to find ways to make more money and add to what you already have. This Dave Ramseys’ article explained in detail the way you should look at money. Some of the methods are:
2. Have a budget
Budgeting is very lovely, especially when you are saving money for your goal. At this point, you can’t just walk into a store and buy anything that gets your attention. Most times, some people write down what they want to purchase so that they know.
Grocery stores and shops have mastered the selling game. They know what you want, so they will keep or position things in a place you can’t miss them. Of course, you will notice, but you shouldn’t buy them.
In this Nerdwallet’s post, they discussed in detail how to budget. You will also learn how you can understand the budgeting process, commit %20 percent of your income to savings and debt repayment, and many more.
3. Never Accept the selling price
It doesn’t necessarily mean you are a cheap person, but you know you are on a budget, so you need to negotiate or find a place that sells cheaper.
One of the reasons amazon became popular is because of its competitive prices. Sometimes amazon takes losses on products just to attract customers. It’s a strategic move, and it always benefits the customers.
Before you go out to buy something, you can do a quick google search. You never know, a company might be running a promo that day.
In this Bon Appetit blog post, you will learn many ways you can save some money on your groceries.
3. Have extra Income
Like it or not, you need extra income to grow your savings. You know that money can vanish just because of one emergency, but if you have an income, then you can be assured you’ll be back to your feet soon.
You might still have a job right now, but you can have a side job. I know you might come back home feeling tired, and you might think there’s no time for side jobs. But these days, you can still have a side job just by working from home.
In this blog post by thebalancecareers, they listed fifteen side income jobs. Some of them are:
4. Connect with like-minded people
There’s no doubt the people around you influence every action you make. If you are married, you have to make sure your wife is on board. It will help the process move faster.
If you are saving to pay off your home, you will need this support, because sometimes it might look impossible, but if you have someone who can cheer you up, you will keep moving forward.
There are many places you can find like-minded people. It could be churches, Facebook groups, or even seminars.
In this blog post by Socialpro, you will find out the fourteen ways to locate like-minded people.