Last Updated on October 29, 2019
It is estimated that someone who smokes a pack of cigarettes a day ($6.28), spends around $207 a week and about $10,800 every year.
Instead, you could save the money you spend on cigarettes and turn it into an emergency fund!
#3 – Break free from debt
If you’re carrying the burden of debt on your shoulders, try to get out of it first and start saving up later.
Here is how to eliminate debt faster:
You should set a number to pay off each month and pay more than the minimum amount.
Pay bills on time and, try not to add more debt to the pile you already have.
Get debt consolidation loans to control and pay off your current debt. While getting a loan to pay off debt isn’t always the best option, at least with a debt consolidation loan your numerous payments will be reduced into one repayment which will be easier to keep track of and manage your payments without having to deal with several creditors at once.
#4 – Set saving goals
We all need a bit of motivation to save more, that is why setting saving targets is the perfect way to do it.
Make a budget plan by creating a list of what you need and what you want to spend your money on in the future.
You can download budgeting apps like Mint, Personal Capital or Pokcetguard that can help create a budget and stick to it, and track your spendings.
If you have a big goal like buying a house or car in three years, you have a big reason to save!
Once you find your motivation to save money, you will learn to separate between what you want and what you need and become a careful and expert spender instead of an impulse spender!
