It is not always easy to save money on a daily basis.
But it’s often not nearly as difficult as you think. Because in reality, putting money aside is more a question of priorities and habits than of mathematics .
In the end, the goal when you want to set aside is simple. It’s about saving to make the things you care about the most a reality .
Instead of telling yourself that you’ll really start saving when you get a raise — or any other excuse to put off until tomorrow what you can do today — focus on your current needs to start saving slowly but surely.
To help you monitor your spending habits and reduce your expenses, here are 10 easy ways to save money every day.
Calculate exactly how much you earn and spend per month
The best way to start saving money on a daily basis?
Know exactly how much money you receive and how much money you spend each month.
If you don’t already keep a full monthly budget , you probably have a rough idea of your salary (this is usually the most interesting part). But what about your expenses? Do you know exactly where your money is going?
It is, however, an essential step. You probably won’t be able to reduce your expenses if you don’t know where your money is going.
There are several very simple ways to track your cash inflows and outflows:
- Use an app like YNAB , Linxo , or Bankin’ , popular expense tracking software.
- Use a special budget Excel spreadsheet (or create your own).
- Tracking your expenses will help you understand which ones to cut without feeling like you’re depriving yourself. Because the goal is not to stop spending at all, but to prioritize between your different expenses.
- And to understand that every time you say yes to something, you are saying no to something else.
- It’s all about knowing what to say yes to and what to say no to.
2.Analyze your expenses with a monthly budget
- Do you now understand where your money comes from and where you spend it?
- Now is the time to build a solid monthly budget and use it to help you save money every day.
- Look through the list of purchases you tend to spend the most money on, and look for categories where you could reduce your spending.
- For example, you may find that your phone bill seems high. Why not take a few minutes out of your week to scour the web for cheaper alternatives?
- Or you may notice that a good portion of your money goes to cover food expenses like restaurants, fast food, etc. What if you were looking for some easy-to-implement ways to save on food ?
- Remember: knowledge is power. The better you know your expenses, the easier it will be to control them and save money on a daily basis without depriving yourself.
Saving is hard enough for many. So when you manage to put some money aside, it’s essential to make the most of it by placing it in an attractive savings account.
The same is true for bank charges for current accounts which, once accumulated over the year, can really impact your budget.
The bank is one of the pillars of your personal finances. Take the time to compare your current contract with other options on the market. Especially if you are still in a traditional bank: today there are many free online banks .
4.Know your “why”
You can save money every day in different ways. Like buying gas at the cheapest stations or cooking your favorite meals at home rather than eating out.
But behind each of these small decisions should be something much more important: the reason you want to save money .
When you take the time to know your ” why” , it will be much easier and faster to save money.
Because the goal is not to deprive you, but to use your money to give you the things that matter most to you and that make you truly happy.
Once you have found your “why”, managing your personal finances will be much easier… and will even become a pleasure!
5.Monitor your personal finances closely
Creating your budget and changing your banking contracts will certainly help you in your goal of saving money on a daily basis.
But that’s not all: to become master of your money, you will have to manage your finances regularly.
Personally, I try to go over my monthly budget and recent expenses at least once a week. This “appointment” helps me to make sure that there is no problem with my accounts (fraud, duplicate direct debits, well-paid invoices, etc.), but also that I don’t have too much spent in a category.
It shouldn’t take much more than an hour a week, which is very little compared to the significant savings you can get.
Then, monthly, I generally take about an hour either on the last day of the month or on payday to analyze my expenses for the past month and draw lessons from it for the construction of my budget for the following month.
6.Set ambitious (but realistic) financial goals
Most of the time, we think that putting aside what is left of our pay at the end of the month is a way like any other to contribute to our savings.
But it’s actually one of the best ways not to succeed.
Because you have surely already experienced it: in general, there is nothing left.
And it may seem logical: why deprive myself now of spending just to put aside?
If you ask yourself this question, it is certainly that you have never defined your financial objectives.
Too often, we are afraid to set concrete and ambitious savings goals for fear of not achieving them or of failing. However, setting financial goals is essential to succeed in really putting money aside, preparing for the future and making your dreams come true.
Setting achievable goals goes beyond, “ It would be great if I could save $5,000 this year ”. It’s about writing down in black and white what you want to set aside, for what date, but also the methods you plan to put in place to get there.
7.Choose the right insurance
Understanding how insurance works can seem quite complicated. However, it is essential to fully understand your contract and your needs to avoid finding yourself in a delicate situation.
Choosing the right insurance and getting it right can really make a difference in both the price you pay each month and in getting the best possible coverage to protect your lifestyle, possessions and personal property.
And in the age of the internet, you no longer need to study entire pages of information and terms and conditions to understand your insurance contract. Often free platforms like Assurland allow you to compare hundreds of insurance contracts in various fields such as auto, life insurance, home… and find the contract that best suits you at the best price for save money every day by reducing bills.
8.Do a ‘Zero Spend’ challenge
A ‘Zero Spend’ challenge consists of deciding not to spend any money for a specific period of time (apart from, of course, essential or compulsory expenses).
A perfect way to save money every day without the extra effort. It’s up to you to choose the period: you can start with a weekend, a week or even a month during which you will not buy anything.
The objective of the Zero Expenses challenge is both to get you back on track financially and to allow you to save money easily (nothing more radical than not spending anything at all), but also to allow you to better understand what expenses are essential and which are not.
9.Find an Accountability Partner
The Accountability Partner strategy is a fun and effective way to keep commitments when it comes to managing personal finances and saving money every day.
Whether you are single or in a relationship, use the Accountability Partner strategy by choosing someone you know to support you in your savings goals.
It may be a colleague who agrees to bring with you his meal prepared in advance every midday to reduce lunch expenses. Or your friends who agree not to buy more than one drink in the evening. Or a sister you decide not to buy new clothes with this month.
No matter who it is, having a partner to share those goals with can be the difference between sticking to your commitments or giving up.
10.Question all his purchases
Another effective way to save money on a daily basis is to get into the habit of questioning all of your purchases .
Rather than spending lavishly, ask yourself if your purchases are really what you want in life. Would you rather go on vacation with your friends, or buy that packet of Oreos? Eat fast food three times a week, or limit yourself to once to save money and finance your dream of starting your own business?
The goal is not to stop buying anything, but to stop buying things without thinking . Ask yourself if your spending brings you happiness or brings you closer to your goals. If not, delete them.