Tips on How to Save Money, Successfully

The other day a young executive came to me and asked for some tips on how to save money. She felt it was extremely difficult to save money especially at entry-level pay. I'm sure we all know how it feels to make just enough to get by.

The truth is saving money no matter how little your pay is or how huge your expenses are - is possible. The tip on how to save money is to always start small. Like all habits, once you get the ball rolling, it becomes easier. There are a few things you can do in order to increase your chances of succeeding.

Through my personal experience, here are some tips on how to save money:

1. Give Yourself A Target
Mentally tell yourself how much you want to save by when. Better yet, write it down. For example, by the end of the year you would have XXX amount in your savings account. It can be a small target. It doesn’t matter. Achieving small targets in the beginning gives you the confidence it works. I started with less than USD$25 per month in the early days of my career.

2. Budget Your Expenses
This is one tip on how to save money that is familiar to most of us. I wasn’t every good at this initially but eventually got a hang of it. What you need to do is distinguish between your ‘must haves’ and ‘nice to have’. If you are strict with yourself, trust me a lot of things are ‘nice to have’.

3. Discipline Yourself
There will always be that temptation to spend on a new pair of shoes or a night out partying or whatever ‘nice to have’ you have ‘persuaded’ yourself that is a ‘must have’. Have the tenacity to see this goal through. Focus on the target and challenge yourself to achieve it.

4. Reward Yourself
I know it sounds contradictory to “Discipline Yourself”. You must remember this tip on how to save money is not saying indulge yourself. It basically means, give yourself a simple reward. It can be as simple as an extra scoop of ice cream. The idea is that while you need to stay focus, you will also need to make yourself feel good doing it. If you feel forced doing it then the habit would not last long.

These tips on how to save money are simple steps to get something rolling. Start now no matter now small, as it will all add up. You WILL get better when you do it often.

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