3 Tips to Save More in 2021

Want to save money?

Who doesn’t!

There are hundreds of ways to do that each month. For instance, you can choose to walk to the park, walk to your office if possible by waking up early, but cutting down on unwanted subscriptions, and etc. 

All of these things can be effective, but these are not mandatory. Instead, we will give you in this article three easy ways to save in a month. And best of all, these do not require sacrificing the small pleasures of life! After all, you may not want to cut off Netflix!

1. Plug your spending leaks: What on earth is a spending leak? And how to plug that? A spending leak is the part of your income or budget that leaks away, or gets spent away, without your knowledge. It can also get spent unconsciously. For instance, you may spend on transportation one day unconsciously because of a certain situation.
   Spending leaks are of two types: unnecessary overspending and cash that you cannot account for. Common spending leaks include food, subscriptions, medicines, and fees.
   How to detect leaks: Use Google Pay or similar apps, or Mint.com. Both of these are free and help you to see where you are spending. Paid for a pizza last night? That cost will end up there too!
   How to unplug the leaks: There are several ways to do that. Firstly, create a 50/30/20 budget. Secondly, question your recurring expenses. Are they necessary? Thirdly, use the 4 Cs. (cancel services, challenge credit card charges, cut down on services, commit to longer subscriptions to get a discount). 

2. Use your card instead of your cash: Sometimes, it is better to use a card to pay with. When you pay with cash, tracking expenses can be tough. For instance, you buy something and pay with cash. But apart from in your memory, you make no note of it. After coming home, you make no record of that expense and it slips off your mind.
   
   But when you pay with a card? Well, if it is a credit card, you will have a bill that you need to repay. If it is a debit card, well, your bank accounts shall have a record of it.
   Cash is tangible. Thus, when you spend it, you have tangibly less cash. But when you pay with cash, it is a more intellectually challenging activity when it comes to keeping track.

3. Save seriously: After doing all the things we said in the article, you’ll be saving a considerable amount of money. What to do with it? Should you spend these right away? Or save these? The latter, of course! To make it easier for yourself, do this: make it an automatic process to deduct a part of your monthly income to your savings account. That way, you won’t be able to spend this amount on a whim.

We at mymoneykarma wish you the best on your journey to save money!