How to Save Money, Even if You Don't Like Long Calculations
Written by: Tirzak Bipratip, Software Engineering Student
Money is important, and making money is an art. Learning how to save your money makes the task of making money much easier. Now, you may question why you should start saving so early. After all, you have not even finished the university yet. The thing is, you do not have to start early. However, was it not easier to learn your first language so early too? You should consider this as a head start; it will make your future budget plans much easier to develop. Financial Technology has improved by a substantial amount since the dawn of computers. Today we will be looking at two of the ways of saving money, and how technology can make that happen. There is another reason why we will be focusing on digital methods. It is because COVID-19 has forced us to stay home, and most of the purchases that we are making are online purchases.
The first thing I am going to talk about is something I believe is the most important thing one could do to save money. Pay yourself. Yes, you heard me right! You have worked very hard to earn this money, and it is only fair that you pay yourself for that hard work. You have to decide on the amount of money that you deserve. Now, take that money, keep it somewhere safe and promise that you will only spend it in times of need. However, we have to agree that not all months are same. Putting this money aside will help you deal with unexpected expenses and save you from unnecessary worries. You can use technology to help you automate this process. You just have to go to your banking portal and set up automatic deposits to a different account (Savings account preferably). That way you could focus on the next thing we are going to talk about.
Sorry to interrupt, but it is important. Even if you are not working in a job, it is still beneficial to follow the advice I mentioned above. Studying takes a lot of energy; you deserve the money.
Tracking your spending is another way to save your money. Worksheets can help you in this matter. Using Microsoft Excel or Google Sheets you could easily develop your personalized budget tracker. Best thing about using a digital worksheet is that banks use them too. So, if most of your purchases are online, your bank statements will reflect that. You can download a copy of the statement in your preferred format and merge it with your worksheet in a matter of seconds. Now, if you are short on time then you can categorize your expenditure under large categories (Personal, essential etc.) This will help you to gain an overview of the money outflow. However, it can help you a quadruple times if your worksheet includes detailed information about the expenditures. With more data, you will be able to gain a good understanding of your spending habits. This will allow you to reduce, if not cut unnecessary expenses. Nonetheless, it is okay if you do not use a worksheet to track your spending. You could use apps like Mint or just make a note on your phone and track your transactions on that one. Your smartphone is a powerful tool; you should use it up to its full potential.
Before I end, I just want to say is trust yourself. You know what is best for you. There are millions of ways to make money. As long as you are not spending irresponsibly, you should be fine for now.