- 50% for basic expenses (housing, food, transportation, and services, among others).
- 30% of personal expenses are for hobbies, recreation, and leisure, clothing, and beauty.
- 20% is set aside for savings, which could be used to go on a trip, buy a house, or save for retirement in case something goes wrong.
There is a lot of difference between theory and practice. Perhaps it may seem impossible for you to get this balance, considering that the salary does not reach you and you always arrive adjusted at the end of the month.
However, there are some small tricks that will help you save money faster.
Learn how to save money with these 30 tips.
- Eat homemade. Preparing your own food (whether to eat at home or to take to the office) is a good first step to start saving, since it is cheaper and, in addition, you will have more control of the portions.With what you have for lunch on the street, you can buy fresh ingredients to prepare several dishes, thus reducing the amount of money you must allocate to your diet each month.
Decrease the consumption of services:
The less you consume, the less their impact will be on your budget. Some ideas and recommendations:
- Make sure you don’t have any water or gas leaks at home, as they represent a risk and an additional expense on the month’s bill.
- Save data from the cell phone plan by always connecting it to Wi-Fi in the office or at home.
- Use the air conditioning and heating in moderation.
- Turn off and disconnect the electrical appliances when you don’t use them.
- Do not waste water: take short baths; do not leave the faucet open while washing the dishes or brushing your teeth; Turn off the tap and, if you can, reuse the water.
Sell what you no longer use:
Perform a general cleaning and identify objects (appliances, clothes) that you no longer use. Put them on sale online to get an additional income and save that money quickly.
Eliminate unnecessary expenses:
- drawing up a budget and keeping a record of expenses is an efficient way to identify unnecessary expenses that can be reduced. Eliminate those unnecessary appetizers, desserts, subscriptions, and impulsive purchases!
don’t go for the first offer. Check prices in several stores or supermarkets; you will surely identify opportunities to save yourself a few pesos.There are a large number of online price comparison tools that allow you to know where you can find a product at the best price. Locomparas.com, Comparando.co, and Google Shopping are a few examples.
Make a shopping list:
when you go to the supermarket, bring a list of what you need and stick to it, so you will avoid going over budget or overshopping. He also buys seasonal fruits and vegetables, which are usually at a good price.
stores usually do auctions when their clothes are “not the latest news.” Make this work in your favor and take advantage of the discounts.
Buy clothes at markets and fairs:
you can get second-hand clothes at great prices, which will allow you to save. You can also support local artisans by buying their pieces, which you can get, in some cases, at lower prices.
Avoid using your credit cards;
they usually have high interest rates, in addition to increasing your debts. Don’t use it unless you have no other choice.
- Do not make impulsive purchases outside of what is planned for whims, luxury, or non-need items.
- Don’t use them unless you have to, like when you need basic items, there’s an emergency, or something bad happens.
- If you used them, pay your fees and interest on time so as not to make the debt bigger.
Don’t be impulsive: before purchasing anything, especially non-essentials, ask yourself if you really need it.
Is it within your budget? Will it represent a debt?
Consider requesting a wallet purchase;
this is an option if you already have different debts. By paying one installment, you can arrange yourself better and get out of debt faster, so you can start saving sooner with a bigger amount
Check the conditions of your bank:
driving fees, interest rates, annuities, etc.Each bank has its own conditions for products and services.
Support local products: purchasing from a local market can result in significant savings.
Find out which one is close to home and check what it offers.
Start a schedule of savings
that consists of depositing a defined amount of money every month for a period of time agreed upon with the bank. At the end of the term, you will be able to withdraw the amount saved.
Don’t spend more than you have. This is
essential when managing your budget. Apply for a credit card or use your credit cards only when an unforeseen event arises or when you have to make a large expense, such as buying a house, a car, or investing in your business.
Set financial goals.
Giving a name, but also deadlines and monthly installments, to your dreams will motivate you to save to achieve them.
Change your means of transport:
If you go to a place close to home, walk or use your bike to save the money for the ticket or fuel. It’s also a way to exercise, so you win everywhere.
Make investments: Look into the various ways you can save money in Colombia.
Bonds, investment funds, Certificates of Deposit (CDTs), scheduled savings, or foreign currency accounts are some other options.
Try new free plans:
- each city offers its own low-cost entertainment plans: have a picnic in the park, research the days with free admission to museums, or see what free (or cheap) musical events will be in your area.
Do not link your cards to the applications.
It has recently become very common to leave our credit card information stored in various applications; for homes, ticket purchases, clothing, mobile payments, and so on..Stop doing it!
- You avoid being tempted to buy and incurring unnecessary costs.
- you safeguard your banking information.
Withdraw the money.
If you have to make cash payments, just take what you need from the ATM. When you have money in your wallet, it is much easier to make those “annoying expenses” and quickly return to zero.
Don’t share the account:
when we go out with friends, not everyone buys the same thing, and many times the consumption of other people is several times higher than ours. If the account is divided equally, you may end up being harmed and spending more than planned.
Include savings as a family activity:
involve your family in this process so everyone will work as a team and feel more motivated to collaborate. Set family goals to fulfill those dreams with the money that they manage to save.
some chain stores offer discounts or special promotions to their customers; use them! On the other hand, there are sites like Groupon.com.co, Ganacupon.com, Cuponatic.com.co, and Cuponomia.com.co that only offer coupons at a discount.
- Join subscriber clubs or benefit programs: certain brands seek to engage their customers by offering them benefits for being part of their “exclusive club,” including discounts, prizes, and gifts, among others. Some of these are free.
Eliminate vices: smoking affects
not only your health but also your pocketbook. as well as drinking, betting, compulsive shopping, and coffee, among others. Work on leaving them, as they will benefit you in many ways.
Take a vacation at home.
To have fun on your day off, you don’t need a luxurious trip to distant lands.Use this time to explore your city, take your kids to historical sites, and visit parks.
You’ll be surprised to learn new things and how to save while having fun.
Make wholesale purchases. If you have a family,
It is undoubtedly more convenient for you to buy from chains that sell their products through this mode of distribution. If you buy for dozens, for many kilos or gallons, you will receive better prices than when buying in detail. Take the exam as well as the accounts.
Reduce services that you can do yourself,
such as laundry, ironing, or cleaning in general. Plan for you to do those activities without having to turn them into an additional expense.Focus on your savings plan and goal-setting to stay motivated: results won’t come soon.