Tips on how to save money and invest them wisely

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The ability to save money today is important for many people in our country. However, many do not know how to save money and from what to start, we will try to give you the best advises on how to save money and how to make money investments.

It does not mean that saving money you will live in poverty, your life will be miserable, and you will not be able to buy even essential goods, it just means to put aside the needed amount for more essential thing.

To learn saving money means to learn how to manage daily budgeting.

We will give you useful tips on how to save money! We will teach you to increase greatly the money!

What is the biggest obstacle to saving and investing money?

Three biggest obstacles to saving money:

Spend more than earn – that is what does not allow to save money and destroys the family budget. Many are accustomed to living on credit, believing that you can afford everything. There are many possibilities to buy on credit an apartment, to get a car loan, buy a TV set on time or even to pay for the products in the supermarket by credit card.

The trouble is that you pay bank charges and a considerable percentage from the family budget. People get used to live for today, sooner or later they will be under financial distress, in this case they should blame only their excessive consumer appetites.

• Buying unnecessary things

Many people for example, change their phones to more fresh model, because it seems better, but actually it has the same functions and just is more modified and designed was changed a bit. In fact, you use your phone to make calls, send SMS and surf the Internet. Of course, there is nothing reprehensible in buying a new fashionable gadget, if your financial situation is stable without any problems. However, if you have lack of money for making repairs in the room or for upgrade of completely worn out furniture, it is not wise to buy expensive things especially if you can do without them.

• The lack of long-term planning

Many people are living paycheck to paycheck. Even having very modest incomes, one must have a clear idea of how he would dispose of his finances in the short and long term, for example, the following summer he would take the family to the resort or improve their living conditions in five years.

Best ways to save money:

• Strict accounting of income and expenses

To keep a record of all income and expenses is easier than many people think. You can control income and expenses, for example, using a usual diary, Excel spreadsheet, special mobile applications etc.

All daily expenses should be distributed by major categories. For example, “The costs for food”, “Utilities and Communications”, “Costs for the car”, “Purchase of clothes and cosmetics”, “Cash Credit”, “Entertainment expenses” and others. Incomes also should be divided into categories: “Salary”, “Freelancing “,”Gifts” and others.

Then you need to divide the page in your diary into two parts, in one you should write your daily expenses, in other – income. At the end of a certain period (week, month, year) just summarize both columns and draw conclusions.

What is the biggest obstacle to saving and investing money?

It is believed that the loss of 5-10% of each salary is unnoticed even in families with modest income.

Formation of the “accumulation fund” should be done in such way that there would not be temptation to spend the money that has been accumulated. To do this, you should immediately exchange the accumulated funds into foreign currency or place an amount to deposit.

Everyone has at least one small daily paper cost, it is possible and sometimes even necessary to refuse from it. Someone smokes expensive cigarettes, someone has a habit to drink a cup of coffee in expensive cafe before going to work, someone is just too lazy to walk a couple of stops and use

transport to get to the place.

If you will count the amount of money that you spend monthly for your habits, you will be surprised. After that, you will understand that buying a good laptop with no credit seems not such a pipe dream.

What is the biggest obstacle to saving and investing money?

Money saving tips that work:

• Never leave home without a list of necessary things.
• Avoid buying goods on credit! You just will have additional expenses for interests. Do you need it?
• Still is wondering: “How to save”, then our advice to you – take it as a habit not to buy anything on the day of payment of wages! Why? It was brought by psychologists, that once a person is paid a salary – he automatically dress pink glasses and it seems that at the moment he receives money that he is very rich and can afford everything!
• Make it a habit to pay in stores only with cash! Plastic cards only prevent saving: we do not consider them as money and spend money like water! It is harder to spend cash!
• If you have a great desire to buy something and maniac thoughts captured your mind – be patient and wait until the morning! If you wake up and still have not lost the desire to buy this thing – then buy.
• Eat before you are going for products to supermarket or to a store department, otherwise you will buy 2 times more than you can eat!
• Save water, turn off lights do not throw away uneaten food.
• If you have not yet decided where you want to invest the accumulated funds for their development – we give a 100% guarantee that you will spend them.
• If you, for example, know for sure where to invest the accumulated savings – the successful accumulation of money will increase in times!
• To save money is very difficult for human nature. You should understand that money investment will bring you more money!

READ ALSO: Money Saving Tips: Start Saving Beyond The Rainy Day

Under no circumstances, do not save money on the following:

It is better to choose not to eat a cake, but to buy a useful book;

Do not buy cheap medicine, do not self-medicate, because all these can lead to the fact that you will spend 5 times more;

Cosmetics, various wetting agents, which you put on our body – should be high quality and do not make harm to your health!

Saving for future money investment

It is not enough to find funds in your budget and to put them aside. Money should work, and does not lie as “dead weight”.

What is the biggest obstacle to saving and investing money?

We propose you the following money types of investment:

• Bank deposits;
• Hedge funds;
• Stock and Bond funds;
• Shares;
• Obligations;
• Forex;
• Property and buildings;
• Business;
• Endowment insurance;
• Gold and precious metals.

READ ALSO: Nigerians shun banks, now prefer to keep money at home

As you can see there are various money investment options, a lot about them you can find via Internet, and choose the one that suits you best.

To save much money is a very difficult task, even having high salary, but nothing is impossible. Now you know how to start saving money and optional ways of investment, so achievement of the desired is round the corner!

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