The Antidote For Being Broke- Ademola-Law Faith

There is only one antidote to being broke and penniless and that is saving. Saving money can be quite difficult especially for people who are used to splurging and also people with many financial responsibilities. There is no particular way to make saving painless but here are 5 saving tips you can try.

Make a budget– Creating and strictly following a budget is one for the best ways to save money. For first-time savers, this could be the most difficult things to do. Budgeting will allow you to know and control the outflow of your money. You can allocate money for savings, transport, food and miscellaneous. The 50/20/30 rule, also called the 50/30/20 budget, is a proportional guideline that can help you keep your spending in alignment with your savings goals. Read more on the 50/20/30 rule here.

Think before you buy-Buy only necessary things. We all know of the “needs and wants” thing. Learn to separate your needs from your wants and apply a scale of preference whenever you feel the need to buy things. Buy only things you need urgently and can’t do without.

Go on a Spending diet-You can designate two days a week as no-spend. Pay only for essentials, like bus fare or tolls for work, and skip using money on non essentials like coffee or lunches out or candy bars—or any of the other little things we waste money on.

Pay off your debtPaying off your debts will make saving easy. You should be aggressive about paying off your debts.

Don’t wait to invest– I have heard of some people waiting till they are almost retired before looking to invest. It is advisable to look into promising businesses and industries to invest in and once you have saved enough to invest do not hesitate to. There is no age specification for investing.

-Ademola-Law’ Adeola Faith

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