How Reduced Spending increases Savings
“A penny saved is a penny earned” well, a lot of people believe this and some do not believe in this school of thought, but I am not here to debunk any of the motions. My main position in this post is to help a lot of people that want to start saving, learn how to save properly. A lot of people want to save but do not know how to do it properly and in this post, I will be helping people who want to save understand how and why they should save.
Let us be sincere, savings become very profitable if you are not spending any money, which means the best way to save money is by not spending money. The more money you spend, the less likely you are to save money. Anytime a penny isn’t spend, then a penny is saved but there is no way you can completely stop spending money, so it is better to stop spending money on less important things. There are a few things that people do that I do not see as relevant, one of them is paying for subscriptions and premium services they do not need, and another thing is overpaying for things they already own. A lot of people do save a lot of money for cutting down unnecessary spending on subscription, and on bills that are not needed.
Use automated saving plans to save up your funds with no stress also you can use a high interest savings account to save your money but nevertheless, do not expect that high interest savings account will give you that much return but also, it will keep your money save and will give you a few bucks at the end of the month.
Food consumes a lot and it is something that has made a lot of people lose money. Eatables consume a lot of money, from food, drinks, and other things. These things consume a lot of money and the best way to keep your account cool is save money on food and other eatable items.
In conclusion, savings is no doubt a good way to have more cash in your account for projects or for other investing process and by cutting down a lot of expenses, savings can be very productive.
Infact cutting down unnecessary spending is one of the major key of saving money and you will agree with me that it take self discipline to do that.
I agree that it takes a lot of self discipline to do that, thanks for reading.
I tell you the truth, less spending is highly productive thing to do but the time you begin to enjoy those benefits of your sacrifice is even more sweet.
You have provided a really strong point, thanks for reading.
@tipu curate
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Saving and Spending are always on opposite sides of the bar, increase in one leads to the decrease of the other. Great post you shared.
You are correct friend, thanks for reading.
The world we live in regularly provides us with reasons and the urge to keep spending but wisdom is required to manage the things we have and seek growth continuously.
Thank you very much for your helpful comment.
I agree with you depending on how you distribute yourself at home, businesses, jobs, with regard to expenses, if more we spend less possibilities of saving we have but if we plan well how we are going to distribute can be profitable for all. Greetings and thanks for your article
Good planning will help us watch the way we spend, thank you for the helpful comment.
Spending and saving are opposite words, one must be controlled in order to achieve the other.
Thanks for the helpful comment.
Love this post @gbenga! And very good advice.
Thank you @fijimermaid.
Very good contribution friend, certainly cultivating the culture of saving is difficult for many, but perhaps adopting a culture of minimizing expenses is a better way to look at it, since in countries with high inflation leaving money in the bank is a problem, but reducing unnecessary expenses is a form of saving.