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Ways of saving money

Ways to save money on this savings day

National Savings Day is celebrated on October 12th. While we should always make attempts to save throughout the year, this holiday is a fantastic time to brush up on your knowledge of savings tactics and discover new ways to save a few dollars. Take a look at some of our suggestions and see what you can include in your budget and savings strategies. 

Begin Budgeting

Budgeting

You don’t need complicated, you need easy. You need step by step instructions on how to start a budget that will actually work for you. 

Consider every dollar you spend when you begin to create a budget. Gather all of your receipts for every purchase so you can understand where your money is going and where you may save money.

Cancel Unused Subscriptions

There's your music, movie streaming, gym membership, internet storage, cell phone service, and possibly a lot more. Companies make it easy to join up for their services, and it's often easy to let them continue long after you no longer require them, either because you forgot about the subscription or because unsubscribing is difficult.

You can have automatic payments deducted from your account that you don't even realize you're paying for each month. Cancel any subscriptions or memberships that you don't use.

OTT platforms subscription

Build an emergency fund

emergency funds

Unexpected expenses can arise as a result of unexpected unemployment, illness, injury, or a leaking roof. This is why we advocate opening a separate savings account just for emergencies.

Finally, this fund should have enough money to cover non-discretionary expenses for at least six months (i.e., mortgage, utilities, car loans, and other bills that must be paid each month). Because most people won't be able to fund this account completely at once, set up an automated sweep from your checking account to gradually grow it. 

Set Up Automatic Savings

Several new apps and bank accounts have made automatic savings transfers easier than ever before. Saving money and keeping it saved has become easier thanks to automatic savings schemes. Setting up monthly automatic savings transfers eliminates the stress and excuses we all use to avoid saving.

automatic savings through bank

Invest in rightful things

investing in right things - lumicharge T2W - LED desk lamp with wireless charger and Bluetooth speaker

Consider purchasing items with various functions rather than multiple devices with a single major functionality.

For example, purchasing the Lumicharge T2W, which includes an LED desk lamp, charging points (wireless charger & USB port) with Qi fast charging, Bluetooth speaker, Calendar display, and Pencil holder, among other features, is a better investment because it is a single product with multiple functions.