22 Jul
22Jul

You are the Chief Financial Officer (CFO) of your money and the money choices you make on a daily basis. you are completely in charge of every decision. And all the responsibility when it comes to your financial resources is in your hands. From small to major spending, You have absolutely no one to blame. It's all on you.

But the good part is you have the power to make things better for yourself, It's time you fully embrace this power and decisively take control of your finances.

Here are some money saving tips that could help put your finances in order.

1. Pay Yourself First.

     As an adult, it's in your best interest to start saving and making plans towards early retirement as early as possible, whether you're working a job or own a business, the earlier you start, the best for yourself and everyone that depends on you.

You may have a long-term plan to own or build a home, buy a car, travel the world or start a business. paying yourself first will certainly keep you on track towards achieving this goals. it could take months or a few years but its not impossible, just take some action and start small. 

2. Try Lowering Your Energy Bill.

     Electrical appliances should be turned off when not in use, and sometimes using a fan should be preferred to an air-conditioner, put on a sweater/jacket instead of turning on the heater and try paying your bills timely before the due date to avoid additional charges, these tips could help you save up more.

3. Have Spending Limits.

     A trick for saving money fast that has personally helped me a lot is setting a limit on how much i can spend on my debit cards. this stops you from overspending of course and will instill some discipline in you to check your daily expenditures in advance. many banks offer this service, take advantage of it.

4. Cancel Unused Subscriptions.

     Most people are paying monthly for services they hardly ever use, in their subconscious there's this belief that the service might be used or important eventually in the near future.

You will be saving yourself a lot of money by cancelling some unnecessary subs, or just contact the company and choose a much cheaper package option.

5. Eating Out/Ordering.

     Sometimes packing your own lunch is really not a bad idea and could save you from a lot of daily spending. Even if the meal is not expensive, $7 buying lunch at work like 5 times every week will cost you $1850 yearly. This amount could be redirected towards a better goal.

 6. Fixing Things Yourself.

     Thanks to the vastness of the internet, YouTube in particular, You can get information or learn to fix almost anything online, From broken water pipes, changing a socket or light bulb and so on, learning to fix broken things yourself will help you make some significant savings instead of replacing them entirely or paying someone else to get them fixed.

7.Stop Giving-in To Instant Gratification.

     This applies to cutting down on your grocery spending each week too, you will be surprised at how much you could save by planning how much you will spend and deciding on not exceeding a limit before you go shopping.

Before making any significant spending or purchases, give yourself like 2-3 days to think it over. and decide if you really need whatever it is you're buying. Instant gratification and money saving are like opponents to each other or opposites, you know what they say about opposites ? they attract each other

     In conclusion, In other to achieve important goals in your life, you need to make some sacrifices and compromises most times, Use some of these tips, and they'll help you become a better CFO of your finances, it'll be worth it in the end.

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