What's Inside
A penny saved is money to be used some other time, This is what saving is all about, setting aside some to use later. I dunno why you save but I save for future travels, big ticket item purchases in the wants bin, and yes unexpected hospital bills.
I am sure saving has been a challenge since the pandemic, with all the lockdown, work stoppage, and insecure and unsure working conditions. The past two years have become a money drain for most of us and now everything has opened and trying to go back to normal, we all too are trying to build our savings again.
Here are some practical money savings tips I did in the past year
Use Grocery Apps
This will help you save on fuel parking fees and get vouchers and discounts. Shopping or convenience fees are just over US$1, the same as the delivery fee, sometimes it’s free. I used to love going to the grocery but since the pandemic, I have been dependent on food and grocery delivery apps. People think this is a luxury but honestly, it is a necessity, especially during the lockdowns. It saved me cab money, saves me from anxiety being close proximity to people, and I don’t have to deal with so many unnecessary items my daughter would pick up while passing through some grocery aisle.
When shopping physically with your child
If we ever go to the grocery physically, I don’t use a cart or basket anymore, I just tell my daughter that we will only buy what you can hold! It works! But sometimes she can be very smart and will try so hard to carry everything she wants. I don’t have a picture but it does happen!
Use online shopping apps
I know it sounds counterproductive but honestly using online shopping apps has saved me a lot of money especially when I buy during a sale. A lot of online shopping sites and apps now have promotions for discounted prices and free delivery every payday sale or double-digit days of the month. Cashbacks or money-back points are also great, in time you get enough to get more discount on the item you want to purchase.
Use membership cards/apps
A money-saving tip that everyone still needs to get used to is using membership cards or apps. When you forget or loss your card you can always use the app. Now that fuel prices are shy-rocketing, most petrol companies offer memberships that give their members good discounts on fuel prices. Some superstores’ membership cards also get you a discount in some gasoline stations. You can also use accumulated points on your membership cards for freebies and vouchers you can use for your purchases of not just fuel but food, grocery, gadgets, and more. Some membership cards are now virtual as well, you just need to download their apps and use a QR code to scan your membership and discounts.
Use Money Apps or Banking Apps
Since the pandemic, I hardly use cash for purchases and payments. The one that I’ve been using is my ultimate favorite (comment below for the reveal haha!) the best money-saving tip is to use your cellphone to your advantage. The money app I use has cashback on all activities I do with it like pay for my grocery or food delivery, pay my bills, withdraw money or cash in, send money from bank to bank, etc. Now they also improved their interface which includes cryptocurrency trading, savings account, and credit account. It’s an all-in-one money app that makes money management easier for me.
Use a debit card
Cut up your credit cards, and use a debit card. When you use credit cards you pay on interest and balance and everything else and the payments on late fees and you will realize how much money you can save on those extra fee payments
Use cash on things you most likely overspend on
This is one of the most practical money-saving tips to do. Use cash. Because visually when the money’s gone it’s gone! You are gone and you are done spending. It is going to help you stay accountable. Like when I go to the mall and I saw some pretty things I want and then look and they don’t accept any electronic payments and I don’t have cash, I just walk away! Money not spent is money saved!
Use a savings account that gives you a good interest rate!
The money app I use that I mentioned above gives an introductory rate of 6% per anum on a savings account. They don’t require a maintaining balance and you can move your money from your savings to your wallet anytime you need no restrictions or fees.
If you want to see how much you can earn on your savings you can try the Savings Calculator. The calculator on their site uses the US Dollar as the default currency symbol, but the calculation for figuring compound savings is the same almost everywhere, especially as their calculator allows different compounding frequencies. It also has a feature that allows you to create a growth table of savings over time.
Quit the comparisons
This will help you keep your budget intact. It is easy to look at what everyone has, do that and you tend to overspend. Put your blinders on and just focus on your life, your budget, and your goal.
Set some goals!
No matter where you are or who you are on your financial status, goals will help keep you motivated. This will set your whys, why are you doing this? Put your goals out there and celebrate your wins big or small it will help you stay motivated.
How about you, what are the money-saving tips you can share with us that you did during the pandemic and still work
What's Inside
