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Importance Of Simple Ways To Save Money Essay

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8 Simple ways to save money

1. Record expenses
The first and important step in saving is to know how much you spends. A person who doesn't know how much he spends cannot save even a single penny.
Keep a record of everything how much you spends and on which thing you spends for one month. That means food, clothing, fuel, luxuries, etc. Everyone keeps a record of their major expenses but you should give attention to your minor expenses. This requires a serious attention while recording your expenses.
Tips for recording expenses:
• Keep a notebook with you all the time.
• Record each and every expense in that notebook or you can use apps that are available to keep your record of expenses.
• Save your receipts and divide them into categories at the end of the month

2. Make a budget
It is easy to set goals for saving, but if you …show more content…

Spend money carefully
It is important to spend carefully when you are saving money. This is the area that needs attention to save money. If you spend your money carefully then you can save a lot.
Tips for spending money carefully:
• First spend money on essential things such as food, water, housing and clothing.
• Then save some money for an emergency. This will help you when you are in great need of money means in the case of emergency.
• Then pay your debt. If you are not paying your debt regularly then it can derail your effort to save money to achieve your goals.
• Now save money according to your savings plan means if you have a plan for 1 year to save $6000 then you have to save $500 monthly from your income.
• Then spend some money on non-essentials. This may include buying a new water heater or television that needs to be replaced. You can buy premium food and drinking.
• Lastly comes luxuries. If you have some money left after spending on the above-mentioned things then you can spend on luxuries such as dinner in expensive restaurants, vacations, new gadget and much more.

7. Different saving strategies for different savings

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