After paying off all debts, the next thing to do is to save money. For a self-proclaimed shopaholic like me, getting started to save takes a lot of work. Saving is an important habit to develop, but it needs discipline and commitment for financial stability. So I compiled below ways on how I will start saving money. 

Set A Goal- To be motivated and focused, determine how much money you want to save. Then, write it down in a notebook or post it where you would see it. You can also set a goal on what you are saving for. It can be for an emergency fund, significant purchases, or future travels. 

Create A Budget- A budget will help you plan and prioritize tracking your expenses. You’ll be able to identify areas to cut back on unnecessary spending. Once you have a specific budget, you’ll know how much money you can put into your savings. 

Start Small- It takes work to save a large amount of money immediately. Slowly start saving at least a tiny portion of your income. Then, as you feel comfortable saving money, you can gradually increase your savings. 

Automate Your Savings- Set up automatic transfers from your checking account to your savings account, putting in a certain amount every month. I have been doing this too, so I will have a habit to save each month. 

Use Credit Cards Like Cash- Credit cards are helpful if you handle them responsibly, like cash. Specially credit cards wherein you can accumulate points because you can use these points to convert them into cash or travel miles. Whenever you buy something, and you use a credit card, pay the amount used right away. Also, avoid accumulating debt or loans to save money from paying interest.

Use Cash- If it’s difficult not to overspend when using a credit card, use cash instead so you’ll be able to stay within the set budget. 

Use Coupons or Discounts- Find ways to save money on everyday expenses such as shopping for sales, coupons, or discounted items when buying clothes or grocery products.

Buy Used Items- Consider buying second-hand items instead of new things because they will be cheaper, and you will be able to have some money to save. 

Buy Generic Items- Well-known branded name items usually cost more than generic brands, such as household items or toiletries. Therefore, buying generic items can be cheaper. 

Cut Back On Unnecessary Expenses- Avoid eating out, buying expensive food or items, or subscribing to services you don’t use.

Negotiate Bills- To get a better deal, you can call internet services to negotiate bills.

Cook at Home- As much as it is nice to eat out, it is better to prepare and cook meals at home as it will be cheaper.

Save Energy- Save money on energy bills by turning off lights and appliances when not in use and installing energy-efficient light bulbs.

Consider Different Savings Options- Explore different savings options, such as high-yield savings accounts, certificates of deposit (CDs), and retirement accounts. Choose the option that works best for your financial goals and situation.

Like the journey to being debt-free, saving money also takes time and effort. However, developing good saving habits and minor changes to one’s daily routine can help build a financial safety net for the future and be better prepared for unexpected events. 

How about you? Have you started saving? What do you do to be able to start saving? Kindly share it in the comment section below!

Thank you for reading! Continue to adapt to change and enjoy life!