Saving Money

Many people think that in order to start saving money, they need to make more money. While it is true that earning a higher income can help you save more money, it is not the only factor that determines how much money you can save. Your spending habits play a big role in how much money you have left over at the end of the month. If you can learn to curb your spending, you will be able to save a lot of money, even if your income is relatively low.

Read more: How To Save $5000 This Year

There are a number of ways that you can cut back on your spending. One way is to make a budget and stick to it. Determine how much money you need to spend on essential items like housing, food, transportation, and utilities. Then, figure out how much money you have leftover for discretionary items like entertainment and clothing. Once you know how much money you have to work with, you can be more mindful of your spending.

Another way to save money is to avoid impulse purchases. When you see something that you want, take a step back and ask yourself if you really need it. If you can live without it, chances are you don’t really need it. Impulse purchases can add up quickly and before you know it, you’ve spent a lot of money on things that you don’t really need.

Finally, don’t be afraid to shop around for the best deals. Don’t just buy something because it is on sale. Make sure that you are getting a good deal by comparing prices at different stores. There are even Amazon hacks to help! Otherwise, consider buying items used instead of new. You can often find great deals on things like clothing and furniture by shopping at second-hand stores or online auction sites.

For these reasons, controlling your spending is the best way to save money. Doing so will give you more financial stability and freedom in the long run. So, start working on curbing your spending today and you’ll be well on your way to saving money.

Personal Finance Tips: The Ultimate Guide To Bookmark

In this article, I round up the top 100 personal finance tips provided by our experts from diverse backgrounds, locations, and education. At over 16,000 words, this is certainly a long read and the biggest anthology I ever put together. I don’t expect you to read it all in one go. Rather, I recommend bookmarking … Read more

The Zero Waste Lifestyle: Save Money & The Planet

friends buying clothes from a second hand store

Many millennials are conscious of their environmental footprint and bank balance so zero-waste living could be the perfect solution to multiple concerns. The zero-waste lifestyle involves reducing the trash that would go to the landfill to an absolute minimum by either finding recyclable alternatives or relying on zero-waste products.  This article will focus on zero-waste, … Read more

How to Improve Your Credit Score [FAST] Using These 29 Best Ways

a group of millennials happy about improving their credit scores

If you’re like millions of others, you’ve probably wondered, at least at some point, how to improve your credit score. My goal is to discover and pick apart all the moving parts that make up a credit score in this article. Your credit score is just one piece to improve from your financial puzzle. However, … Read more

How Millennials Can Cope With Their Finances Amid COVID19

millennial working from home amid the covid19 pandemic

COVID19 has impacted millennials’ finances in a way that no one could have predicted. The world has been hit with the full force of this pandemic, emotionally, physically, and economically. If you’ve found yourself in a difficult position financially for any reason, it can be extremely stressful and daunting. Try not to worry, as there … Read more

Going to College: 12 GREAT Ways Not To Get Student Loans

Two girls who graduated college with no student loans

Today, everyone is trying to get ahead by going to college, but few consider the implications of graduating with student loans. At the same time, eighth-graders start to study for their SATs, 10th graders are looking for summer internships, and 11th graders look to take as many AP (advanced placement) classes as possible, all to … Read more

15585

Stay in Touch With Us

Get latest from The Financially Independent Millennial in our Friday Newsletter

15856