Is saving money still effective these days?

Is saving money still effective these days?


Saving money has always been a traditional way to avoid problems, but is it worth it even in 2021? We all have been living in an era where everything is constantly improving. Every person is changing their previous traditions and adapting the newer ones to make their lives easy and better. The same thing goes with the finances. Most people are now shifting towards other methods to invest their money instead of saving it in their bank accounts. Or else, most of them spend all of the money on their monthly expenses and do not leave anything behind to save. 

But the thing is, investing all of your finances and or spending all of the money without saving anything can create massive hassles for you. That is where the question arrives: how can saving money be a good idea even in 2021? Let’s explore with some tips for saving money!

Some vital money saving tips to improve your lifestyle!

Saving money can be quite hard. Especially if you don't know how to save a portion of your income. If you can follow these money saving tips, you will surely not face any difficulties on rainy days.

1 - Avoid dining out

Eating out in a month or two is still a great idea; if you prefer to choose to dine out every single week, then how can you expect saving money? Eating home-made food is always healthy and good because you always know what ingredients are being used. And of course, it is much cheaper, and you can save hundreds of bucks by doing so. This is one of the best saving money tips that people tend to avoid, but you must not!

2 - Use Public Transport

If you are really determined to buy a car or if you have already bought one, you should know how hard it can be to manage one. First of all, you will have to spend a lot of money on maintaining your car every month. Secondly, the fuel cost is unquestionably high, and not everyone can easily afford it. Not only that, but you will also have to find suitable insurance for your car. If you have already got a car, you should check Go Compare and see which insurance company will do best for your car. It will surely help you significantly to save a lot of money and meet your ends with ease. But if you want to avoid the fuel cost and maintenance cost, you can use public transport that is usually very cheap. You can then invest or keep the saved money as per your preferences.

3-  Do not buy overly expensive things

This money saving tip is pretty important. If a simple refrigerator, air conditioner, or television can do what you need, then why go with the one that has better looks or design? You will just be wasting your money, and nothing good will come to you. The experience will remain the same as the cheaper device could also do what the expensive one can (in most cases). So think about how much you can actually save before going for anything that can cost you a fortune.

4 - Minimize your kids’ demands

Toys, mobiles, gaming consoles, and computers are the things that can eat up all of your money. But these types of demands usually come from the kids that most of the parents cannot deny. But if you want to avoid this, you will have to teach them to save money. The best thing is, you can introduce them to Rooster Money, where the kids can save money and let your kids know that they can have whatever they want after saving their own money. This will allow them to understand the importance of saving money, setting goals, and having the patience to buy what they need.

5 - Create a money saving goal

Goals and challenges are what people take seriously. You can create a money saving challenge for yourself by planning a specific amount that you will have to save by the end of the month. It will help you know if you can do it. If you succeed, you can carry on with your goal every single month. If you fail, you will have to see where you are lacking and decrease the budget for that particular aspect. If you're having problems with money saving, you could try using an app like Acorns or Qapital.

Final Verdict

If you are determined on saving money, you will have to implement all the money saving tips mentioned above. In fact, it is not hard to follow them, and you can actually go for them with a proper plan. Want to know more about finances? We've written a guide on personal finances for you to read. Definitely worth the read if you're into saving money and investing. 

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