By Foteini Lioliou,
In a world with economic crises, financial struggles and consumerism, it is imperative to use money carefully and wisely. Saving up is the key to overcoming any economic obstacle that may arise or the key to creating the life you have always desired. This project might sound very difficult due to the economic depression, yet there is always a way to do it.
Many people have been saving up for years and that is the reason why they have been able to afford things such as college tuition, expensive trips abroad, fancy cars and designer clothes. To put it simply, keeping money aside is an actual investment, as it can ensure a financially secure future. Even though, nowadays, we live in a society that lies upon consumerism, we need to find our inner strength and combat this obsession.
Consumerism is basically the act of producing and buying more goods. This ideology has both positive and negative effects. However, in this case, consumerism is considered an enemy, since it encourages more and more people to buy products that do not need and cannot afford. That is to say, everyone should cope with this obsession first, before starting to collect money and save up.
Here are some of the tips on how to stop spending your money and start saving up:
- Think of the main reason you want to keep money aside. If, for example, you want to purchase a new car, you will do your best to collect the money as you have this goal that you want to achieve in mind.
- Sort out your priorities. You may want to buy a number of things, nonetheless you have to prioritize the ones that matter the most and you must acquire urgently. Use your salary to pay the bills and purchase the necessities and leave the rest of it to the (piggy) bank.
- One good idea would be to make a plan of your expenses and your budget. In this way, you are more likely to refrain from unnecessary expenses.
- Start with baby steps. You can begin by saving up one or two Euros per day or ten per week. If you can afford saving up more, do so.
- Avoid distractions. It is crucial to prevent yourself from squandering the money you have kept aside. Try your best not to give in the shopping spree especially in today’s consumerist society
- Put your money in a safe and secure place. The bank is always a good idea, yet there are other places to hide your money even inside your house. My advice would be to choose the first option.
- Say no to Spending Sundays. If you truly feel that you will successfully waste all of your money just to buy drinks on a Sunday night, then you should probably find another way to spend your day off. Having fun is not about overspending. You can go for a walk in the park or watch a movie at home to relax.
- Do online shopping. There are thousands of websites that allow you to purchase a specific product at a low price. Sometimes even lower than at the actual store.
- Buy stocks. A useful suggestion on how to invest your money is to buy stocks that you are certain will provide you with some profit in the near future.
- Increase your income. If you can find a way to raise your income, then you will be a lot more successful in your saving project.
Taking everything into account, in spite of the economic difficulties, these tips and tricks are really practical and will actually assist you in this project. All you need to do is find the right motivation that will inspire you to boost your savings and start investing in your future.
- Ways to save money. bettermoneyhabits.bankofamerica.com. Available here
- Saving tips. barclays.com.uk. Available here
- What you need to know about consumerism. swiftmoney.com. Available here