Best Money-Saving Tips in 2019

We’ve prepared 5 tips for you to adopt the right habits to save money on a daily basis in 2019.

Tip 1: Do your accounting regularly

We advise you to record your expenses and income every day using a specialized software. It may seem time-consuming, but it should not take more than ten minutes a day. If you prefer to do your accounts once a week or once a month rather than every day, do so.

Do not put pressure on yourself. Organize yourself according to what suits you best. The most important thing is to do this action regularly, at least once a month. We advise you to do this every day, simply because it will take you very little time. This action will become automatic after a few days or a few weeks. By becoming a habit, it will no longer be a constraint.

By recording your expenses, you will realize what you are actually spending. When you withdraw money and especially when you pay with your credit card, you do not realize the expenses that accumulate. It is at the end of the month that we realize that we have more money.

By keeping your accounts, you will realize the unnecessary expenses that could be avoided or reduced.

Tip 2: Make your bank reconciliations

Based on your account statements, do not forget to do the bank reconciliation in your software. That is, to strike out the transactions and the amounts as well as the balances of your accounts. This operation is useful because it allows you:

  • To have the real vision of the balance of your bank account
  • Check that you have not forgotten operations
  • Add bank expenses

We recommend doing this bank reconciliation once a week.

Tip 3: Make a statement of your accounts

Make a statement of your accounts twice a month:

  • Once before the 15th of the month
  • Once before 30

Make this assessment and on these dates will allow you:

  • Analyzing the situation of your account
  • Forecasting future expenses. Have you spent too much at the beginning of the month and will you have to pay attention to what you spend the rest of the month?
  • Determine how much you can save for the current month

Tip 4: No more excuses!

Do not find excuses for not saving at least the amount you have set! We are all champions to find excuses when we have to accomplish an important project. Starting to save on a daily basis will require effort, especially at the beginning. But do not give up, it’s worth it. Each month, saving will become easier and after several months, it will become a habit.

If you have set $30 as a monthly goal when implementing your “save on a daily basis” plan, simply:

  • Do not buy unnecessary products such as soft drinks, gadgets or other items that you do not really need
  • Limit your impulsive expenses like clothes, accessories or unnecessary toys for your children
  • Compare prices off different retailers or brands while doing your daily shopping.

Tip 5: Minimize your impulse purchases

We all love impulsive buys whether you have small or big income. We are all human and the consumer society we live in constantly pushes us to buy through well-crafted marketing and communication strategies. It makes it difficult to resist. But certainly not impossible. For that, you have to start thinking before buying: Do you really need this product? Or do you think that you have been influenced by this consumer society (advertising, friends…)? This simple query will initially allow you to reduce your impulse purchases.