Despite earning a simple, decent salary, I have contributed to my monthly savings with a yearly goal of saving around $401k. Although I have been financially disoriented all my life, personal finance is a skill that can be easily acquired, just the way I did. I have some friends, who earn 3x of what I do, but still, end up having issues saving money. The difference between them and me is PRACTICE. I have always saved a part of my pocket money in a green tin box since I was a child, and when I grew up, this green tin box got replaced with bank accounts.
In this article, I would be sharing my all-time favorite saving tips that you can incorporate in your life and be actually able to save up to 25k a year. To guide you about the same, I will be sharing Best 6 Tips that have worked a charm for my savings and are likely to work for you as well.
How to Save 25000 in 6 Months?
Saving 25K in 6 months or a year is achievable if a person has a high salary or passive income. Online business, e-commerce websites, and freelancer services are the best ideas for creating additional income. Moderate spending of money is an excellent way to save 25K in a year if you have 5K family income per month.
See calculation how to save 25000 in a year:
Play The Exciting Money Game
I have always admired the secretive nature of money, and because of this, I have been curious to find ways in which I can play around with money. It sometimes comes as a shocker to me that how my shared money gets griped over the drinks, but it is not comprehendible to let hard-earned money slips right through their fingers in the same of sheer enjoyment.
From the very beginning, I was told to put 10% of whatever I earned, put it away in a separate account, and forget about it. I took this advice word by word and lived by it all my life. In full honesty, I do not realize, but over time I actually admire its incremental growth.
Keep An Eye For Quality Sales
Deals, sales, and discounts. These are pretty common everywhere around, but for me? Let us say I have added my own art of patience and timing to it. Why do I say this? The reason is that I understand the fact that just because something is on sale does not mean it is still worth the money. One should develop the art of finding smart and quality sales; because of this, I have some really high quality branded fashion articles in my closet costing me less than a latte price. No Lies!
Treat yourself for less.
Since adolescence, I have been absurdly drawn to hair care, and my cabinet full of products is proof of that. But when I realized that a simple haircut is costing me a Benjamin, the thought irked me to the core. And when I saw that hair treatment rates such as Ombre cost no less than a plane ticket, I was blown away. That’s when I searched the web for a solution and came across a website namely as salonapprentice.com.
Hack The Expensive Travel
I have always loved collecting passport stamps, traveling to many places. Since last year, I have visited several destinations such as Copenhagen, Belgium, France, Canada, New Mexico, Colorado, to name a few. And the best part was being able to do so and that to be in an affordable fashion.
Deals are becoming better and better, as the internet is always on the rescue. All you need to do is SEARCH! My non-stop round-trip to Paris cost me about $425. I only spend about $60 for the accommodation because I majorly paid for hotels by the points earned from credit cards, and even stayed at a $600 super exclusive and luxurious Intercontinental by redeeming my FREE night from IHG. Also, I could crack some really cool travel deals by using skyscanner.com, which allowed me to search the most economical places to travel for that particular month.
Don’t Get Stuck In The Trap Of Spending Showcase.
No lies, to understand this vital point, I walked the hard path ashore. When we are in our early 20s, several spending needs to be done, such as birthday dinners, guilty shopping trips, exclusive high-priced brunch reservations with our crushes, and another hundred expensive-guilty activities that we could have easily spared, oh but we did not.
Stay Honest With Yourself
I have several credit cards drawn onto my name, and I use each one of them to cash out a different set of rewards, but this does mean that I mindlessly spend all of my balance. I track and use personal finance tools such as Mint.com to store all of my bills, transactions, and accounts in one place.
These were the best practices that I use to take hold of my overall finances, which eventually gives me the power to save up to 25k in a year. Adopt to these strategies in your own personalized ways, and save on!
After leaving Wells Fargo Bank in 2014, Daniel began a career as a finance consultant, advising companies and individuals on economic policy, labor relations, and financial management.
At Promtfinance.com, Daniel writes about personal finance topics, value estimation, budgeting strategies, retirement planning, and portfolio diversification.
Read more on Daniel Smith's biography page.
Contact Daniel: daniel@promtfinance.com