Ways to Save Money

Saving money is much easier said than done; Everyone understands that saving money is a wise choice, but it is difficult to implement. Saving money is not simply spending less, but it can also be seen as a challenge. Smart savers need to consider how they spend their money as well as maximize their income. Please read the article below for more details.

Table of Contents

Save Money Responsible

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Pay yourself first. The simplest way to save money instead of spending it is to make sure you don’t give yourself the opportunity to spend it in the first place . Deduct part of your salary directly into a savings or retirement account, so you don’t have to worry about how much money you have to save each month; This is basically automatic savings and you can use the savings each month when you need it. Over time, the small amount of savings each month will add up (especially when using an interest-bearing account) so start as early as possible to maximize returns.

To set up automatic deposit, you can talk to your pay staff at work (if you are a contract worker, work with a payroll intermediary). If you can provide your savings account information separately from your regular salary account, you should be able to create an automatic deposit program without any problems.
If for some reason you can’t set up an automatic deposit for every paycheck (whether freelance or cash-in), decide for yourself how much to deposit each month and always accomplish the goal .

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Avoid accumulating new debt. There are some debt that cannot be avoided. For example, the rich have enough money to buy a house with a one-time payment, but there are millions of people who can only buy a home on installments. Therefore, you need to avoid borrowing money if possible. Paying once is always more economical than paying in installments because interest accumulates over time.

If debt cannot be avoided, try to pay as much in advance as possible. The larger the upfront payment, the faster the installment process and the smaller the amount of interest.
Although everyone’s financial situation is different, banks recommend paying off debt equal to 10% of total income before tax, or keeping it below 20% is best. The 36% level is the “upper limit” of the debt. ^{[1] X Research Source}

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Set reasonable savings goals. If you have a goal to save, it will be much easier to achieve. Setting reasonable goals for self-motivation, making decisions can be difficult but essential to saving responsibly. With big goals like buying a home or retirement, it can take years or decades to complete. In this case, you need to monitor the process regularly. Only when looking at the whole picture can you get a sense of the distance you have come and how long it takes to reach your goal.

Big goals like a pension take a long time to complete. During the necessary period, financial markets will be subject to many fluctuations. You can spend time researching future financial market predictions before setting goals. For example, if you have a good income this time around, according to financial commentators, you need to save at least 60-85% of your annual income to maintain your current life in retirement. ^{[2] X Research Source}

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Design a timetable for your goals. Setting an ambitious (but reasonable) time limit for achieving a goal can be a great motivator. For example, you set a goal to buy a house within 2 years. In that case, you need to consult the average price of your dream home and start saving money to buy a house (by law, you must pay a minimum of 20% of the house value). ^{[3] X Research Sources}

So in our example, if the house costs 600 million VND then you need to pay at least 600,000,000 x 20% = 120 million VND. Depending on your income level to consider this price is feasible or not.
Setting a timetable is extremely important for short-term goals. For example, if you want to change your car but don’t have enough money, you need to save up for a car change as soon as possible to make sure you have a vehicle to go to work. An ambitious but reasonable timetable can help you achieve your goals.

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Tight budget. Setting a savings goal is simple, but if you don’t know how to track your spending, it can be difficult to achieve it. To track your spending, try creating a spending chart at the beginning of the month. Dividing your expenses specifically can save you money, especially if you want to save a paycheck as soon as possible.

For example, your income is 8 million VND per month, you can make a spending table as follows:
- Housing/utilities: 3 million VND
  
  Student loan: 500 thousand VND
  
  Food: 1 million VND
  
  Internet: 300 thousand VND
  
  Gas: 200 thousand dong
  
  Savings: 1 million 500 thousand VND
  
  Error: 500 thousand VND
  
  Shopping: 1 million VND

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Record spending. Tight budgeting is a must if you want to save money, if you don’t track your spending, it will be difficult to achieve your goals. Tracking how much money you spend in different categories each month can help you identify “problems” and adjust your spending habits to fit within your budget. However, tracking spending requires a focus on details. Anyone can track big expenses like buying a house, paying off debt; But you need to focus on even small expenses depending on your financial level.

You can take notes in a notebook. Make it a habit to record each expense and keep receipts (especially large ones). If possible, copy it into a large notebook or import the data into a spreadsheet program for long-term storage.
You can now download many apps to your phone to track your spending (some of which are completely free).
If the spending problem becomes serious, don’t hesitate to keep the entire bill. At the end of the month, you divide bills into categories and then summarize. You may be stunned by the amount of money you spend on shopping that exceeds your need.

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Double check all payments. Always ask for receipts when shopping, and always print out the quantity of goods purchased online. Make sure they don’t charge you wrong or sell you unnecessary things; You’d be surprised how often that happens.

Let’s say you go out for drinks with friends and one of them orders a strawberry smoothie for the group, but then you shouldn’t be paying for the group. With the thought that one day you pay the next day someone else pays equally, but that will create a financial hole for you, a huge hole.
Don’t share payments just for the sake of convenience. If your meal costs 1/3 of the group meal, you shouldn’t pay half the bill.
Consider getting a phone app that helps you calculate the exact amount of the tip.

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Start saving as soon as possible. Money stored in a savings account earns interest on a percentage basis. The longer you save, the more interest you will earn. So deposit early, you have more advantages. Even though you only make a small deposit each month when you’re in your twenties, don’t hesitate. Small amounts of long-term savings can accumulate to many times the original value.

For example, when you are 20 years old, you work at a low-income job, you save 10 million dong and deposit it in a high-interest savings account, 4%/year. After 5 years, the profit is about 2 million VND. However, if you deposit this amount 1 year earlier, the interest will increase by VND 500,000.

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Consider depositing money in a retirement account. In the period when you are young, healthy and full of energy, you may not think about retirement because it is too far away. But as you get older and lose your strength, that’s all you can think about. Unless you’re one of the lucky few to have inherited a fortune, retirement savings are something to think about sooner or later when you have a steady career. As noted above, everyone’s situation is different, so saving 60-85% of your annual income to maintain your old age is a wise decision.

If you haven’t already, talk to your employer about whether you can open a 401k savings account. This retirement account will automatically deduct a portion of your paycheck, making saving easy. What’s more, the money saved in a 401k account is not taxed on income like your paycheck. Many employers offer a variety of 401k service-compatible plans, which will match a certain percentage of each paycheck.
In 2014, the maximum amount allowed to deposit into 401k account per year is 350 million VND. ^{[4] X Research Sources}

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Invest in stocks with caution. If you’re saving money and have a small amount of money left over, investing in stocks can be an attractive (but risky) opportunity to make a lot of extra money. Before investing in stocks, you need to understand that you can lose your investment, especially if you do not control the action, do not use this method for long-term savings. Instead, see the stock market as an opportunity to make more money. In general, many people who do not need to invest in stocks can still save money for retirement. ^{[5] X Research Sources}

To refer to smart stock investment information, you can see more articles online.

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Do not give up. When it comes to saving money, it can be daunting. Your situation may be hopeless, saving money to achieve your long-term goals seems impossible. However, even if your start is small, you can always work on saving money. The sooner you start, the sooner you’ll be on the road to financial security.

If you are discouraged about your financial situation, talk to a financial counseling service. These agencies often give free advice or charge a very cheap fee, they will save you money to achieve your goal. The National Foundation for Credit Counseling (NFCC) is a nonprofit organization, a good place to start. ^{[6] X Research Sources}

Spending cuts

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Cut luxury spending from the budget. If you’re having trouble saving, start here. We often spend unnecessary things, so limiting luxury spending is the first step to improving your financial situation because it does not affect your quality of life or ability to work. conspicuous way. Although it’s a bit of a pain to live without a scooter or cable TV, you’ll get used to it eventually. Here are a few simple ways to minimize luxury spending:

Unsubscribe from TV options and internet plans.
Switch to a savings plan for your phone.
Swap an expensive car for a fuel-efficient car at a cheaper price.
Sell unused electrical equipment.
Buy clothes and home furnishings at thrift stores.

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Find cheaper homes. For many people, housing is the biggest expense in the budget. So saving on rent can create a large surplus to use for important activities, such as retirement savings. Although it is difficult to change living conditions, if you want to balance your budget, you should seriously consider housing costs.

If you’re renting, you can negotiate with your landlord to lower your rent. Landlords often avoid finding new tenants, so you can discuss this with them. If necessary, you can work to deduct the rent (like gardening).
If you’re paying off a mortgage, talk to your lender about refinancing. You can negotiate to get a better deal. When re-administering, try to pay in the shortest amount of time possible.
You can move on to the cheaper housing market. According to recent research, the cheapest housing market in the US is in Detroit, Michigan; Lake County, Michigan; Cleveland, Ohio; Palm Bay, Florida; and Tpedo, Ohio. ^{[7] X Research Sources}

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Cheap eats. Many people spend more money on food than necessary. While you’ll forget about spending your savings when you eat delicious food at your favorite restaurant, dining-related expenses can add up to a huge amount you can’t control. In general, buying in bulk will be cheaper than buying small items every day, please make a membership card at the supermarket/retail system to enjoy the discount. Eating out at restaurants is the most expensive option, so buy home-cooked meals instead of eating out to save money.

Choose cheap, nutritious food. Instead of buying processed foods, buy fresh foods at the grocery store. You will be surprised at how cheap healthy food is! For example, brown rice is a nutritious but cheap food.
Take advantage of promotions and discounts. Many grocery stores (especially large chain stores) offer coupons and discounts at the checkout. Don’t waste them!
If you often eat out, stop now! Cooking at home is much cheaper than eating out. Cooking regularly by yourself also trains many skills to use when entertaining friends, family, or dating a lover.
Don’t be afraid to take advantage of the free food supply at the store if the situation is urgent. Food banks, charity kitchens, shelters can provide free food if needed. If you need help, contact the Department of Social Services for more information.

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Reduce energy use. Many people accept the monthly utility rate without complaining. In fact, you can completely reduce your energy use with just a few simple steps. These tips are easy and there’s no reason not to follow them if you’re looking to save money. Above all, reducing energy use is also reducing pollution, reducing the impact on the global environment.

Turn off the lights when we do not use. There’s no reason to leave the lights on if you’re not in the room (or in the house), so turn them off when you’re out. Post a reminder by the door if you forget.
Avoid using heaters and air conditioners when not needed. To reduce the temperature, open a window or use a fan. If you want to stay warm, dress in layers, cover yourself with blankets, or use a heater in your room.
Invest in good insulation. If you can afford to pay for a home upgrade, replacing old and leaky insulation with a new, more efficient model will save you money in the long run by preventing heat from escaping.
Invest in solar panels if possible. This is a serious investment for your future (and the planet’s), solar panels are a wise choice. Despite the high cost, solar technology will save you significant costs.

Spend Money Wisely

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Spend money on essentials first. Spend your money on what you have to do. Things like (food, water, house, clothes) are top priorities for using money. This is too obvious, if you are homeless or starve, you cannot achieve your financial goals. So you need to make sure you have enough money to cover the minimum requirements before spending money on something else.

However, just because things like food, water, and shelter are important, doesn’t mean you’re squandering it. For example, cutting the cost of eating out is the simplest way to reduce food spending. Also, moving to an area with cheaper rent or buying a home is a great way to save on housing costs.
Depending on where you live, housing costs can take a big chunk of your income. Experts recommend that you shouldn’t rent a home that costs more than a third of your gross income. ^{[12] X Research Source}

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Next is saving for an emergency fund. If you don’t already have an emergency fund with enough money to live on if you lose your source of income, start accumulating immediately. Saving a moderate amount in a security account helps you sustain life even if you lose your job. After making the necessary payments, you can deduct an amount into the emergency fund until you have saved enough living expenses for 3-6 months .

Note that the cost of living is entirely dependent on the local financial situation. You can live a few months on just $1,500 in Detroit or Phoenix, but with that same amount of money, you can’t afford a month’s rent in a New York apartment. If you live in an expensive area, your emergency fund should have more money.
Besides helping you live well even when your career is tough, an emergency fund is profitable in the long run. If you lose your job and don’t have an emergency fund, you can take any job even if it doesn’t pay well. On the other hand, if you can live without working for a while, you will have more options and more likely to get a higher paying job.

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The next step is to pay off the debt. Outstanding debts can jeopardize your efforts to save money. If you pay in small installments, you’ll end up paying more than trying to pay it off quickly. Save money long term by setting aside a paycheck to pay off debt as quickly as possible. Often, paying off the loan with the highest interest rate first is the most efficient use of money.

Once you’ve covered the important things and accumulated a reasonable emergency fund, you can completely deduct most of your salary to pay off the debt. On the other hand, if you don’t have an emergency fund, you have to split your income into two parts, one to pay off your monthly debt and the other to put into an emergency fund.
If you’ve borrowed from multiple places and it’s overwhelming you, learn how to consolidate debts. You can pool your debts into one lower-interest loan. It is important to note that the maturity of this consolidated debt may be longer than the original debt.
You may want to try negotiating with a lender for a lower interest rate. If you go bankrupt, the lender won’t benefit either, so they can lower the interest rate for you to pay off the debt.
Get more information to pay off your debt.

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Save money. If you’ve set up an emergency fund and paid off all (or most of) your debt, you can proceed to deposit it in a savings account. Saving money this way is different from an emergency fund, where you want to use your emergency fund unless you absolutely have to, which is typically used for big, important expenses like auto repair. However, you’ll want to avoid using the savings so they add up over time. If possible, try to save at least 10-15% of your monthly income in your twenties, experts agree this is a great goal. ^{[13] X Research Source}

When you get paid, you’ll be in the mood to shop right away. To avoid this situation, deposit money into a savings account as soon as it is paid . For example, if you save 10% of your income and get paid 8 million dong, immediately deposit 10% or 800,000 dong into a savings account. This habit helps you avoid unnecessary spending and accumulate a decent amount over the years.
A better idea is to automate the saving process as much as possible so that you don’t even have to hold your money to spend. For example, you can talk to your employer to set up an automatic savings system through a bank or an intermediary application. In this way, you can transfer an amount or percentage of your salary to your account without any effort.

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Spend smart on non-essentials. If you still have money left over after saving an extra monthly amount, you can consider non-essential investments that will help you improve your productivity, income potential, and quality of life over the long term. While these types of expenses aren’t as essential as food, water, or housing, they’re still smart long-term choices that can save you money in the long run.

For example, buying a chair to sit in is not really necessary, but this is a wise long-term choice because it helps you work more productively and reduces back pain (this disease costs more money to treat). . Another example is replacing an old, broken water heater. Although the old machine can still be used for a while, buying a new one will save you money in the long run.
Other examples include spending that helps you get around for less, like buying a monthly or yearly transit pass, productivity tools like headphones if your job requires it. have to use hands, buy items that make work easier such as shoe insoles to increase height.

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Spend on ultimate luxuries. Saving money doesn’t mean being miserable. Once you’ve paid off your debt and set up an emergency fund, spending it on smart things that can bring long-term benefits, you can completely spend money on yourself. Spending luxury responsibly is a way to motivate yourself after hard work, don’t be afraid to celebrate with a luxury item for improving your financial situation.

Luxury spending includes all items and services that are unnecessary and do not provide long-term benefits. They can be dining out at a fancy restaurant, going on vacation, buying a new car, cable TV, expensive gadgets, and so on.

Advice

If you receive an unexpected amount, save it all but continue to deduct your savings as usual. You will reach your goal sooner.
Everyone can save something even if it’s not income. Starting to save little by little will help create the habit of saving. Even 100,000 VND per month will help you understand that you don’t need to spend that much money.
Always estimate overspending and below- normal income.
Preservation of personal property. That way you don’t need to replace items often. Also, don’t throw things away until you really don’t use them anymore. For example, if the electric toothbrush is damaged, you can still use it to brush your teeth like a regular toothbrush. Continue using it until you buy a new one, or check the warranty.
Shop with cash, don’t use change, save change. Use a piggy bank or a glass jar to store change and coins. You think change is not worth much, but they will accumulate over time. Some banks provide automatic coin counting machines. When you exchange coins, ask for payment by check so you won’t be tempted to spend money.
If your income is stable, setting a budget will be easier. With variable income, it’s hard to predict expenses, because you don’t know when you’ll get paid. List a budget to accomplish an important goal first. You have to spend carefully because it will be a long time before you receive your salary.
Reasonable spending for your hobbies. An important habit to save is if you have a hobby of collecting model airplanes, scrapbooks, racing bicycles, diving, etc. Set hard and fast rules even if you allow yourself to spend your money for fun, you still need to spend it in line with your savings. For example, if you buy 1 million VND driving gloves, put the remaining 1 million VND in a savings account.
Are you serious about saving? Try doubling your savings! This savings plan will do two things: save money often and quickly, see how much you spend on pleasure, when it costs you twice as much.
If you can afford to share what you have, from food to living space to appliances in your home, go for it. You can find people to live with, close friends, for example, to save costs for both.

Warning

If things get messed up, don’t give up. Try to do better next time you get paid.
Don’t spend like “throwing money out the window”. You’re tempted to get a paycheck and can’t resist it. You should only buy things that are pre-determined.
After a long work week, you want to enjoy luxurious service and say to yourself “I deserve it”. You should remember that the things you buy are not gifts for yourself, they are exchange, exchange of money for products. Of course you deserve it, but can you afford it? If you can’t, you’re still valuable and worthy of reaching your savings goal!
Unless your financial situation is really draining, you shouldn’t cut back on health-related expenses. Preventive care for yourself, your family, and pets can cost 1 million VND to the doctor’s office or 600 thousand VND to prevent heartworm, but ignoring the above steps will lead to serious consequences and even death. spend more money.
If you’re spending your savings with friends, be prepared to tell them why you can’t go out.

Steps

Save Money Responsible

Spending cuts

Spend Money Wisely

Advice

Warning

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