Now that you finally realized the importance of saving money, implementation is the next step.
This could get harder if you don’t fully understand what you are doing and this is usually true with first-timers. Saving money encompasses self-discipline, better judgment and outmost repression.
The problem with this is sometimes we don’t see the immediate need for saving money hence the delay to do so. To avoid cramming when the urgency arises, it is best to save even small amounts of your monthly pay check for the things you will need in the future. Even a humble 10 % of your salary would do.
Taking up a part time job would also help you save money. You can set aside your small earnings from this job and let it grow. If you do this daily, you will have a little extra by the end of the year to spend for holidays.
Credit cards are made to provide comfort while shopping. This comfort quickly vanishes when the bills pile up and you now have collectors hounding you in every waking hour. When you are saving your money, it is best to consider your credit card as an emergency fund, not emergency cash. Funds are meant to be saved while cash is for spending, so the two is very different from one another. And yes, pay cash whenever possible so you could keep track with your spending habits.
While it is not bad to engage in activities that can make you happy, like having a drink or two after work or smoking your lungs out, consider your activities in terms of how it affect your finances. While you were busy making yourself happy, you may not notice how it shaves up on your allowance.
There are many ways to save money, all you have to do is reflect on your spending and deliberate on things you need and do not need. After doing this, implement strict rules and do not waver.