How to save money?

1 June, 2020

How to save money?
A person who is getting into saving money will have greater security than someone who doesn’t. Even though they have similar incomes. TrueMoney gives you effective ways of how to save money;

-Record your expenses
Keep a record of how much you spent so that you can review and reflect at the month’s end.

-Set saving goals
Set a goal of how much you will save money in a day or in a month. If you save just 1,000 MMK a day, you will save 18 Lakh MMK in five years.

– Choose your priorities
You have to admit that sometimes you shop impulsively. Thus, you should take a moment to ask yourself “is it necessary to buy or not” before buying something.

-Stop dipping into your saving
It is important to make your savings untouchable.

-Save money in the bank
If you save money at home where it is easy to access, you might end up using your savings. Saving money in the bank keeps your money safe as well as gets you a modest interest.

-Plan your grocery shopping
Make a list of what you will need for a week and ensure you don’t buy anything that is not on your list.

-Only buy what you will use regularly or consume
Do not buy the things that you don’t use frequently or things you can rent easily when needed.

-Cook at home
Take away food or dining at a restaurant costs you more and it isn’t as good for your health in the long term. Cooking at home saves money and can improve your health.

-Lower your mobile bill and usage
Sometimes you can see that you have been paying a lot for your internet data bill, use your phones data management tools to ensure you don’t go over your limit. Also, don’t forget taking a long time on a mobile phone could harm your health too.

-Visit your local library
Some people don’t realize that the library is full of great resources and end up spending regularly on buying books. Visit the library to save money and get inspiration on your next read.

-DIY Gifts (Do It Yourself)
When you have to give a birthday gift or any type of gift, consider making DIY gifts You will definitely find happiness in making it yourself and it will mean more to the recipient too.

-Try to avoid alcohol, cigarette and eating betel
When you track your spending you could realize the monthly cost of alcohol, cigarette, and betel costs is the same as your whole month’s food costs.

-Track your saving
It will give you more motivation to save money when you track your savings growing in your piggy bank or saving book.

-Second-Hand Items
Ask friends and family members if they have what you need first before buying new. This is also better for the environment as it means we waste less. This is especially true of borrowing clothes and toys for your children from family members who have older children.

If you need to send money, send it with TMN as we offer one of the lowest transfer fees for agent money transfer. We hope you achieve your financial goal and spend wisely your savings

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