Tips on how to save money!

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This is a common issue of people all over the world. How to save money! Whether you're rich or poor, people need to save for emergency purposes and other contingencies. Even companies have reserves for contingencies and they set a certain percentage for that. As soon as we receive money, we immediately think of the things that we want or need to buy. We keep on spending and spending for things that aren't really needed until we ask other people for money and that only adds up to the long list of your debts. Your needs and wants are never ending but money is limited. So the question is, how will you handle a limited source of money with an unlimited list of wants and needs?

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First thing that you should put in your mind is never resort in loaning money unless it is really NEEDED, and when I say needed, it means for emergency purposes. It's better to have no money than to have debts to pay. Although you can loan for things such as houses, cars, and tuition fees since these are important, however, if you borrow money only for material things such a signature bag, shoes, and many other things that is only a WANT, then you better take that off your list to save yourself from creating another liability. When buying money, you should always categorize the WANTS from the NEEDS. The WANTS are things such as your favorite latte frappe, your colorful bags, your liquid matte lipstick, and many others. You can buy these things but you should first prioritize the NEEDS as they are essential to your daily living. The NEEDS are things such as your utility bills, groceries, gasoline, and the like. Every time you see some stuff you wanted to buy at the mall, always ask yourself first if "Do you really NEED it?" Ask yourself again and again until you reach the answer "no." Of course, you shouldn't deprive yourself from the things you want. You should also reward yourself from all the hardwork that you've done and have some leisure time, but also, do not take it overboard.

To be happy in life, you must learn the difference between what you WANT vs NEED

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The typical savings routine of people is that they spend their money and whatever's left is their savings. That's a big NO NO! We people tend to spend and spend if we still see paper bills in our wallet until there's nothing left but the right thing to do is to take a portion of your money as your savings first and leave the rest for your spending. You must have a certain amount or perhaps a percentage of your salary as your savings and allocate the rest of it for your other expenses. When you plan for trips or you have to buy a car or hospital bills, then you can lessen your savings. If it comes to a point that your money isn't enough for your bills, then you can take your portion of the savings and add it up to your other expenses, but remember, if it's not that NEEDED, do not borrow money from others.

Saving money needs discipline and you must discipline yourself to do it! Do not procrastinate. Start saving money now.