7 Tricks To Saving Money

If you want to build wealth and have financial freedom, you need to be very good at making money, keeping money and multiplying money. 

One of the things that will hinder us from this is spending money on things that are not essential and we don’t need. 

I have at one point in time fallen short in this. In this article, I will share 7 tricks on how to save money and keep you on the right track. Let’s dive into it.

1. Always buy with your eyes open

When we buy stuff, they make us feel good. It shows that you are updated on current trends and are keeping up with the competition. When we are angry, feeling down or anxious, we tend to buy stuff. This is called “impulse buying”. The best way to limit impulse buying is to follow the 24-hour rule. That leads to the next trick. This will help you calm down and figure out a different way to make you feel good rather than buying stuff.

2. Follow the 24-hour rule

This may seem dumb but actually does work. This rule suggests that before you buy anything that is not important, you should wait for about 24 hours after conceiving the idea to buy. By the end of the day, you may realise that you don’t need the stuff.

3. Ask yourself the real question

Before you buy anything that is not essential, you should ask yourself, “Who benefits from this?”. If you buy stuff that you don’t need, you are making the other person wealthy. On the other hand, you are making yourself wealthy when you buy things that will help your business grow or will give you money in the long run. 

4. Limit the usage of credit cards or mobile transfers

If it is possible, go with cash when you want to buy anything. When you take enough cash that you need from your bank account, you will learn to manage that. In fact, it might be difficult to let go of a large sum of money for something you don’t need. You will always think twice before making a purchase. This is a psychological trick that will help you keep your money.

5. Have a Savings Account

It is quite funny that most people think they have a savings account. If you have the usual savings account, get a new one. The new savings account is where you drop money that you will not likely to spend soon. This leads us to the next trick, Lock the account.

6. Lock your Savings Account

This account should be limited to savings alone. If possible, don’t connect your cheque or cards to this account. Since we don’t have easy access to this account, it will make it difficult for us to spend the money on it. 

7. Startup a real investment

While it is important to lock our savings, it is also key to investing in a business or stocks. When you consider the future value of money, your locked-in money in the bank will help you save more, but your investment will help you grow wealth. Saving money in the bank will give you about a 3% return in 5 years, but when you invest, you can get up to 50% return in 5 years. 

In Conclusion,

These are the 7 tricks to help us save money. This strategy will help you multiply your money as well as grow your wealth. Ultimately, these tricks will help you obtain financial freedom. Have any comments or remarks, share them in the comment below.