Want to know how to save money effectively? You’re on the right page! This post is also a part of our “money saving tips” lessons where in we educate readers on how to manage their hard earned money wisely. There are people who are not aware about financial literacy, what is the benefits of financial literacy in our lives, we have to tackle them one by one, as you have notice i just blog about money and career opportunities and other meaningful topics about successes in simple manner using simple words.
There are people who is very afraid in losing money, that’s why they just save money rather than invest their money in different forms of investment products such as stocks, mutual funds, UITF etc.
We don’t blame them because that is the way they treat their money, it is better to save than to spend money in non useful things or the things that easily depreciates value like (gadgets and alike), but it is better to invest money than to save your money in typical bank account which gave us only a low interest rate per year.
How to Save Money Effectively?
Today, we have to talk the different types of money saving styles that you can follow, it is up to you which style you can use because (you are afraid of investing money), right?
Save Money in Your Bank Savings Account
This is one of the popular saving styles, people has their savings account in their favorite bank, and they feel satisfied in their financial management whenever they have a bank account savings.
Savings account can also help you grow your money but it takes time because it offers only low interest rate. But it is better to save money in the bank rather than the other money saving styles below.
Save Money in Your Closet or Jewelry Box
There are people who put their money in their closet or cabinet or in your old jewelry box, why? For they believe it is easy to get anytime you want it. What is the purpose of saving money if you will just get it anytime, the reason in saving money is to “make it grow” and help you plan the future.
Do not ever put money in your closet unless it is your excess money for your “transportation” expenses and other form of expenses.
Save Money in Your Wallet
You can save money using your wallet, let’s assume you are in your work and you bring your money, your co-workers invites you for a hang out, do you think they are the one who will spend for your foods and drinks, nope, unless they are really kind.
But for sure you will spend money, another thing is when you are at the mall, and there is a “sale”, you can’t easily control yourself to buy “sale” stuffs because you know you have money in your wallet, these are just simple ideas on how to save money.
Invest Money Instead of Just Saving It in the Bank
Again, if you are want to save money, it is better to put them in the bank, open a savings account and choose a bank that gives higher interest rates, rather than put your money in closet, jewelry box, or the worst case is you put your money in your wallet.
If you are really serious about making your money grow overtime, you don’t have to spend researching how to save money but have time to read the tips in investing money wisely.