Effective Ways to Save Money

Top 3 Alternatives to Cash

We all wish to have a mouthwatering savings account. The dream of one day sitting on a pile of hard-earned money and retire early haunts our daily lives. However, getting there is easier said than done.

Whether you are trying to cut down on your daily coffee cups or putting off traveling around the world, you are not different from other wannabe savers. Unfortunately, these tactics don’t work in the long run. So, before you can count your gleanings, you already spend them on something you feel missing from your life.

Fortunately, effective ways to save money exist. Here are the best ones:

1. Get Rid of Your Debt

Saving money is almost impossible when you have debtors. Whether you owe $1 or $1,000, you have to pay it back before you can put anything on the side just for you. Otherwise, you will never feel comfortable with the money you save. 

Sooner or later, you must return the funds. So, look for ways of paying the debt as soon as possible. It does send you back to square one, but at least you’re free of the burdening obligation.

2. Visualize Future Purchases

One of the most motivating ways of saving money is setting a purchase goal for the future. Imagine you need a new phone. Find out its price and then calculate how many weeks or months it would take you to save the exact value. Next, divide it by the number of days you will have to save.

Let’s say you have to save $10 for 100 days. Then, take a tenner from your wallet and put it in a jar every day you go to work. Keep this simple habit for the necessary period, and you should be able to buy it. Once you get the new phone, set new goals and repeat the process.

3. Stop Unnecessary Spending

You can save money by understanding better what you usually spend on it. Keep track of your daily expenses for at least two weeks or a month. Then, draw a line and identify the unnecessary spending.

For instance, you should always earn the necessary funds for basic expenses, such as rent or mortgage, utilities, food, and miscellaneous purchases. Everything else, such as smoking, expensive hobbies, and eating out, may represent avoidable expenses. Stop or minimize them to have some extra money that you can put on the side at the end of the month.

4. Use an Online Financial Platform

Probably the best way to save money nowadays is to use an online service for safer and cheaper financial transactions.

One such platform is Avantpay, an innovative service that allows you to send and receive money in different currencies from almost anywhere in the world. Even more, it practices some of the lowest transaction fees in the industry. As a result, you can save money by paying less every time you use your accounts.

Avantpay brings together all your bank accounts and credit cards into one service for better financial control and the possibility to obtain financial freedom sooner.

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