Five tips on saving

There is absolutely no reason any person can give for failing to increase his financial worth, most times we deliberately create our financial misfortunes due to lack of knowledge on saving culture. Our mindsets and plans play a very big role in shaping our financial status. We must learn and accept the changing trend in the economy as it will help us determine how much to expend, save and when. Knowing the economy means knowing the efforts we must put to achieve our goals. Anyone can turn their financial life around, it only takes the first step, first decision and the need to succeed. There are many financial tips but these five will tremendously change your bank account figures.
1. Own a bank account and move from one bank to another.
Having a bank account reduces the risk of spending cash all the time. Always discover what other banks have to offer and take advantage of their interest rates. Never be stagnant with one bank without knowing the benefits from other banks.
2. Reduce expenditure on luxuries.
Expenditures on things like television, cars and others. Cutting television cost not only mean saving money but time. The time spent on watching television can be translated in monetary value.
3. Stop purchase and focus on sale.
Increase in purchase will definitely reduce the amount one is left with. Purchase should only be made in situations where we expect sale of something in return. Clothes, bikes, shoes, books shouldn’t be bought unnecessarily instead we must always think of selling the ones we do not use all the time.

4. Make a shopping list and budget before purchase.
A shopping list helps one avoid unnecessary expenditure. Shopping with a budget helps us to buy everything we need at a bargain and keep the change after the shopping is done. Budgeting enables us to answer correctly the questions of what, when and where to buy commodities which helps in approximating our savings and expenditures.
5. Figure out the need for saving.
Saving aimlessly always fails, we must know what we are saving for, when we intend to have it done and how much it will cost. Are you saving for the future or you are just saving to have one item that you desire to have, these two goals can never have the same objectives so it’s very important to distinguish need for savings. Save to achieve a dream, do not save to have an item because items can be stolen or depreciated but our dreams remain our legacy.
By: Irene Ageno Julu.
business and finance

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