5 easy ways to save money
Saving money is a real and a chronic dilemma for many people, but it's not impossible if you find a way to suit your circumstances and personality.
In a report published in the Spanish magazine TechBit, author Andrea Nunez outlined five of the most widespread and effective ways when it comes to leaving part of monthly financial income and improving financial management.
Modern technologies are now used in all areas of life and can also be used to address the problem of saving money, the author says, most notably the emergence of mobile applications to regulate and encourage this, and to solve the problems of the savings that people have faced since the advent of money as a means of business transactions.
The aim of saving may be to ensure a good standard of living when referring to retirement, to save on the costs of making a dream trip, to invest in a business, or to the anticipation of expenses and emergencies.
1-Japanese way "Kakibo"
This traditional method, which appeared in Japan, also known as the "home account book", revolutionized financial savings, and has been talked about by many writers in Western countries, and advised by economists.
It is a bookkeeping to record all expenses and incomes, which enables you to think about your habits, learn how to save, and improve your financial management skills.
At the beginning of the month, you write down a certain amount of income and expenses, how much you want to save for and the various expenses you may face this month, then start recording every amount you spend and then look at your balancer.
The Japanese consider that the Kakibo method not only enables them to save money, but also gives them psychological calm.
Modern apps you can use to help save money
2-piggy bank
This method is old, requires the purchase of a sturdy, large-sized shop, and then you start throwing coins and small amounts that the seller returns to you or what's left in your pocket when you go out shopping and don't allow yourself to open or break the meat until it's full.
You can use several methods of saving, by placing only coins or putting 10% of the banknotes inside the mat, and you'll be surprised by the amount you've collected when your pebble is full and you bring a hammer until you break it.
3-52-week challenge
This method is very widespread in Anglo-Saxon countries, and it is to save money on an upward trend every week since if you save only $1 in the first week, you are in the second week saving $2, then three, and so on.
In this way, the amount you will save will increase each week, as it will exceed $200 in the last month of the year, and can also be done in this way, but inversely, by starting with large amounts and ending with $1, which may simply enable you to save $1,378 a year.
4-Hard Iker Method
In his book Secrets of the Millionaire's Mind, Canadian writer Harf Iker proposes a simple system for distributing monthly incomes based on percentages, which must be divided every month as follows:
55% for basic needs and necessary facilities, such as rent, bills, bank premiums, and food.
10% savings, which is untouchable, and will enable you to raise money over time.
10% for sports and personal development, by purchasing, sports equipment, attending courses and events, and buying books.
10% for long-term investments, which are the huge expenses you may face in the future, such as getting a driver's license, going on a family trip, or renovating home furniture.
10% for entertainment and enjoyment, and 5% of donations.
Thinking about your habits and improving your financial management skills helps you save
5-The way the envelope
This method aims to improve your ability to dispose of the home economy, which has been in use for many decades and requires you to raise all the money in one place and calculate your expenses throughout the month, after which you must decide how to divide the money, but each amount in an envelope and write down its destination.
Once the money is organized and divided in this way you will know how much is left in your balance to cover basic expenses and how much you have for entertainment and secondary things.