Key tips to increase your savings
It’s time to increase your savings
Hola welcome back to another week of Mediocre To Mogul. This week we talking savings! More specifically how to increase your savings. Everyone likes to spend some dough but we aren’t all Bill Gates. Thus we can’t spend, spend, spend we have to accrue and save in order to spend.
These are some really simple methods to use to save more money. In addition to that, they are effective especially if you really need to save some cash. let’s get into it
Get a coin pan
yes, A coin pan. I know for a lot of us we owned a coin pan from we were
probably three years old. It’s just one of those things that our parents ensured we had.
And they were right; because this is one of the easiest ways to rack up some cash without even knowing.
Who can relate? when I was younger I used to enjoy saving coins because
it means I could pay for ice cream on Sundays when the ice cream man came around.
Whenever I would take my coin train out the house and run to the ice cream
truck fully prepared to order any flavour I wanted, I felt like a boss, I felt like me and my coin pan owned the place.
Trust me it takes nothing out of you to throw a few coins in a pan. It’s the most simple method of saving money in my opinion.
Therefore, let’s all just go back to our childhood days. Just for fun drops some coins in a pan to prepare for the ice cream man.
Opportunity cost – in school I was taught that opportunity cost is
the value of the next best thing one has to give up to earn a profit. Yeah, something like that…
you might be wondering how the heck does that apply to me increasing my savings? well, it does just that…
A lot of the times we don’t save because we are busy buying, buying and paying for stuff.
Never denying ourselves instant gratification. However, when you practise opportunity
cost, you resist the urge to buy stuff. That’s because the benefits of acquiring the item versus
the benefits of saving money are weighed against each other.
For example, if I see a cute purse for $500 I may want that purse really bad. However, that 500 can
contribute to the money I’m saving up to kickstart another blog. Which is more beneficial: a blog or a purse?
pink Louis Vuitton shoes staring at you, think “If I buy this, will I be able to pay my rent?”
If your interest in learning how to make money just by having a laptop and WiFi you
can visit my last blog post 3 great ways to make money you wish you had started years ago
The Envelope Method
To increase your savings
I found this method years ago on YouTube and this year I implemented it. Thus far it has been a true game changer.
“Heres what to do. Place your money in an envelope or an object that has a
compartment and you label each compartment. You spend only whats in that envelope for the month or for the week.
For example, you have an envelope with money and it’s solely to spend on entertainment for the month.
When that money has run out it means you have no more money to
spend on entertainment for that particular month. What this does is that it
stops you from overspending and it builds discipline.”
To not have 50 different envelopes for your bills
and miscellaneous just have an envelope for your most problematic area.
For example, if you like to shop, that’s your most problematic area when it
comes to saving. Put a set amount of money in an envelope monthly solely for shopping.
Once that money has run out it means you can not shop for the rest of the month.
This method goes hand in hand with budgeting.
For more detail on how to use this method you can visit money crashers.com
If your a teenager and your eager to make some money but don’t know how or have
minimal resources you can visit my blog post 5 incredible and simple ways teens can make money now
Thank you for making it Mediocre to Mogul, I really hope you enjoyed these simple tips to help increase your savings. See you next week with another post on how to slay the summer. If you found this post insightful please be sure to share it with others too so they can come along on the saving train. Comment below if you have found any other successful method of saving that it simple and effective. Addio.