If you are considering to save money at the end of month or week, the following ways are my best tips.
1.Place Savings Before Spending.
One of the wrong ways to go about saving from your monthly earning is to save what is left after your spendings. No! That wont work. If you truly desire to see the account balance of your savings account go up on a monthly basis, you have to save first and then spend what is left. If you insist on spending and then saving what is left, the chances of having anything left are quite slim.
2.Create a Budget and Monitor it.
If you are planning to save a percentage of your earnings, then you should have a budget, and bear in mind that your budget should include everything you spend money on monthly; even money spent on airtime for your mobile device and money you set aside for charity.
This is not the kind of budget that you carry around in your head; you have to write it out or have it typed out in a document where you can look through it as frequently as you need to.
Write out how much your disposable income is on a monthly basis and how much you intend to save. Also, write out every single item or service that you pay for; right from the salon to the restaurant and others. In other words, ensure everything is covered; every single thing.
At the same time, ensure that you monitor your budget. In situations where you record expenses that were not initially included in the budget, include them in the budget under review and make plans for such recurrence.
Regardless of what comes up, a portion of your salary needs to be saved.
3.Embrace Delayed Gratification.
Delayed gratification refers to when you resist a smaller but more immediate reward in order to receive a larger or more enduring reward later. For instance, if someone offers to sell you a new pair of shoes or a really nice wristwatch, wait for a clear 48 hours before you make a decision on whether to buy or not. This gives you sufficient time to decide if this is something you need or something you want. If you work with this strategy, youll end up not buying quite a number of things you originally wanted to buy. Theres always something to buy; the TV and internet are riddled with advertisements of products and services we love.