Last Updated 01 Apr 2020

Budgeting

Category Budgeting
Essay type Research
Words 455 (1 pages)
Views 227

We are living on a single income in a world that requires two or more income sources to survive. This culminates into spending more than the earnings made, thus making saving, a prerequisite for investing an unachievable dream. However, a close look justifies that not all people are cramped up with single income sources. As discussed in this article, few lucky people have managed to utilize easy money saving tips that have enabled them to save money for investments that guarantee a financially stable future.

One of the tips is budgeting, which acts as a guide in controlling what one spends. Outline what you spend on a monthly basis and correlate the spending with the income you earn. Outline a long term plan on what you want to save in a fixed time frame. This will help you determine the amount of money that you should spend or save on a monthly basis. Another tip is cutting one’s spending. To cut on unnecessary spending, you need to change you lifestyle. You can prepare food and eat at home instead of spending a lot of money eating in restaurants.

Considering that replacing goods is more expensive, repair them in advance to avoid hefty costs. More so, ensure that you quit vices such as smoking and drinking among others that could incur hefty health costs and increased spending on a long-term or short-term basis. Limiting debts by going for loans with low and flexible interest rates is also another effective money saving tip. Compare different banks’ interest rates for loans and get the bank that offers the best rate. Supposing you have a business, you could try to haggle for the existing loans.

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For instance, threatening to relocate the business can make lending institutions quite flexible in terms of interest rates and flexibility. This can prevent you from taking unnecessary loans in a bid to repay another high interest loan when the business in not doing well. Besides the above tips, you should detect the slightest opportunities via which you can get what you want without having to spend or incur extra costs. For instance one can join reward programs that give spending point on the purchases made.

With time, the spending points might help you get free stuff and save money that you would have incurred while purchasing the stuff. As we can see, money saving tips narrow down to proper budgeting, having long-term goals and a change of lifestyle. One needs to identify money saving opportunities and also opportunities for cutting down the spending. For people who find saving to be quite difficult, they can use financial advisor’s services. However, if you are well endowed with the above easiest saving tips, you can go ahead, save and transform your life.

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Budgeting. (2018, Jun 12). Retrieved from https://phdessay.com/budgeting/

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