essay how to save money

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The first step people might take is recording their spending. It is a practical decision that allows for transparency and calculation. According to Better Money Habits, “Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might seem painstaking, but this process will help you to note how payments and purchases affect your balance, and savings ultimately.

Another important factor in saving money is creating a budget. This is usually done after reviewing all your transactions and what you need to use your money for in order to survive. As stated by America Saves, “Create a budget that you can stick to. Look at places you can cut back in order to pay down high-interest debt and save. Each week, check your finances to make sure you are staying within your budget” (Bryan, Katie). The most essential factor in creating a budget is knowing you can keep to it through the bumps on the road of your finances.

As an extension of your budget, you can create a plan for your spending. You can give exact percentages and figures. According to Better Money Habits, “Try to save 10 to 15 percent of your income. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment and dining out, and find ways to save on your fixed monthly expenses” (“Saving Money Tips – 8 Simple Ways to Save Money”). It might be painful to slash out certain areas of your life you enjoy spending money on, but in order to save money, you have to sacrifice some of your desires in order to achieve your goals.

A useful tip in addition to the previously mentioned points is that you can save money with a certain item or items in mind. Sometimes focusing on a certain object of desire can work better for people in terms of saving money. According to Better Money Habits, “One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—perhaps you’re getting married, planning a vacation or saving for retirement. Then figure out how much money you’ll need and how long it might take you to save it” (“Saving Money Tips – 8 Simple Ways to Save Money”). Whether short-term or long-term, it is good to have a goal in mind while saving money.

Finally, prioritizing the way you spend and save money is a key element. According to The Balance, “Each individual will have slightly different priorities, but no matter what those priorities are retirement and your emergency fund will come first. After that, you can focus on your other goals and building wealth. Once you determine your priorities, you can create a chart or excel sheet that lets you track your progress on your goals” (Caldwell, Miriam). So, setting priorities is a nuance you should take into account while creating your spending and saving plans.

Looking back, we can say for certain that saving money is possible for the average citizen. However, there are certain ways you have to go about it: noting down your spending, making a budget, creating a plan for saving money, setting a savings goal for particular items, and figuring out your priorities.

Works Cited

“Saving Money Tips – 8 Simple Ways to Save Money.” Better Money Habits, Bank of America, 6 Sept. 2018, bettermoneyhabits.bankofamerica.com/en/saving-budgeting/ways-to-save-money.

Bryan, Katie. “Creating a Budget.” America Saves, americasaves.org/for-savers/make-a-plan-how-to-save-money/creating-a-budget.

Caldwell, Miriam. “How Should I Prioritize My Savings Goals?” The Balance, www.thebalance.com/how-should-i-prioritize-my-savings-goals-2386146.

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Essay on Ways to Save Money

Students are often asked to write an essay on Ways to Save Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Ways to Save Money

Importance of saving money.

Saving money is a crucial life skill. It helps us prepare for unexpected expenses, achieve financial goals, and secure our future.

Creating a Budget

One of the best ways to save money is by creating a budget. It helps track income and expenses, allowing us to identify areas where we can save.

Limiting Unnecessary Spending

Avoiding impulse buying and unnecessary expenses can significantly increase savings. Always ask, “Do I really need this?”

Using Discounts and Coupons

Using discounts, sales, and coupons can help save a lot of money. They reduce the cost of items, allowing us to save more.

Saving Small Amounts

Even saving small amounts can add up over time. Start with saving a small portion of your pocket money. Every penny counts!

250 Words Essay on Ways to Save Money

Introduction.

Money management is a critical skill, especially for college students who often operate on tight budgets. The ability to save money can contribute to financial independence and stability. Here are a few ways to save money.

Create a Budget

The first step towards saving money is creating a budget. It allows you to understand where your money is going and how much you can save. Prioritize your needs over wants and make adjustments accordingly.

Automate Savings

Automate a portion of your income to go directly into a savings account. This ensures you save before you start spending. It’s a simple, yet effective way to build your savings over time.

Utilize Student Discounts

Many businesses offer student discounts. Use these to save on everything from meals to textbooks. It’s a small step that can add up to significant savings.

Limit Eating Out

Eating out frequently can significantly impact your budget. Opt for cooking at home or using meal plans provided by the college. It’s healthier and more cost-effective.

Buy Second-Hand

Consider buying second-hand items. Whether it’s textbooks or furniture, you can find quality used items at a fraction of the cost of new ones.

Saving money in college might seem challenging, but with a few strategic changes, it’s achievable. Remember, every penny saved today is a step towards a financially secure future.

500 Words Essay on Ways to Save Money

Financial management is a crucial life skill, especially for college students who are just beginning to navigate their own financial waters. With increasing expenses and limited income, it becomes essential to identify effective ways to save money. This essay explores some advanced strategies to manage finances better and save money.

A well-structured budget is the cornerstone of effective financial management. It provides a clear picture of income and expenses, allowing for better financial decisions. A budget not only helps in tracking spending habits but also in identifying areas where one can cut back. Using budgeting apps or simple spreadsheets can simplify this process.

Automating Savings

One of the best ways to ensure regular savings is by automating the process. Most banks offer automatic transfers from checking to savings accounts. By setting up a monthly transfer, one can ensure they save a portion of their income before they get a chance to spend it. This method is often referred to as ‘paying yourself first’.

Embracing Minimalism

Minimalism is a lifestyle choice that focuses on reducing unnecessary possessions and living with only what is needed. By embracing minimalism, college students can significantly reduce their expenses. This approach allows them to save money by avoiding impulsive purchases and focusing on quality over quantity.

Utilizing Student Discounts

Many businesses offer discounts to students, which can lead to substantial savings. From software subscriptions to movie tickets, these discounts can significantly reduce expenses. It’s always worth asking if a student discount is available before making a purchase.

Investing in Education

While this may seem counterintuitive, investing in one’s education can lead to long-term financial benefits. Acquiring skills that are in high demand can lead to better job opportunities and higher income in the future. Online courses, certifications, and workshops can provide these skills at a fraction of the cost of traditional education.

Cooking at Home

Eating out or ordering in can quickly add up. Cooking at home not only saves money but also promotes healthier eating habits. Learning to cook basic meals and prepping meals in advance can significantly reduce food expenses.

Saving money as a college student may seem challenging, but with careful planning and discipline, it is achievable. By creating a budget, automating savings, embracing minimalism, utilizing student discounts, investing in education, and cooking at home, students can significantly improve their financial health. These strategies not only help in saving money but also inculcate valuable financial management skills that will serve them throughout their lives.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

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Sample Essay on How to Save Money: How to Be in Good Funds When You Are a Student

Students are always looking for ways to save money. Some turn to part-time jobs while others resort to reducing their expenditure. This is a sample essay on how to save money that could inspire you to write a masterpiece on this issue.

The life of a college student is not as rosy as most people imagine it to be. Well, there are amazing parties and all sorts of fun things to do when in college, but that’s just it. Students have societal expectations to deal with. They have assignments and projects to deliver and exams to ace. This is no easy task since some of the courses in college are tough and ever-absent professors don’t make things easier as well. There is also the issue of student finances to deal with. Without a steady income, college students are forced to rely on student loans and funds from their parents to see out a semester. These funds, however, are not always enough and students are forced to turn to unorthodox means to make sure they have enough for their education. Students are forced to reduce their spending on certain items, and this usually comes with harsh consequences.

In an attempt to save more, students would resort to cheap meals or even skip some of them altogether. These cheap meals are usually very unhealthy, and the students miss out on the vital nutrients that are needed for healthy growth and development. Some of the cheap meals that students turn to in an attempt to save money include fast foods such as French fries and burgers. These meals are unhealthy, and their regular consumption has a bad impact on people’s health.

Cutting out on entertainment is another ‘luxury’ that students do away with to save money. Movies and music concerts cost money and students avoid them so as to save as much as they can. Some even avoid going out with their friends and spend most of their time in their rooms. Entertainment, however, is very important for the emotional development of a human being, and students are advised to take time for entertainment. A lack of entertainment among college students may cause depression and other emotional issues since all that the students will be thinking about is books and their academic assignments.

Students also turn to free software and applications so as to save money. These non-premium versions, however, come with a lot of bugs and students are at risk of virus attacks to the minimum.

Some would even terminate their gym membership to save money. Most colleges have gyms on campus, but they are usually in a poor state and that is why students visit gyms that are off campus. When times get tough, most students would terminate their membership so as to save as much as they can. Without working out, students get unhealthy, and this brings a lot of challenges.

Tough times call for tough measures. Students resort to the above-mentioned activities to save money, but these methods have some harsh consequences attached to them.

References:

Boatman, A., Evans, B., & Soliz, A. (2014). Applying the lessons of behavioral economics to improve the federal student loan programs: Six policy recommendations. Policy report written for the Lumina Foundation .
Buckley, A., Soilemetzidis, I., & Hillman, N. (2015). The 2015 student academic experience survey. The Higher Education Policy Institute and Higher Education Academy .
Duclos, R., & Khamitov, M. (2016). Is Cash Almighty? Effects of Hard vs. Soft Money on Saving/Investment Behavior.
Fagerstrøm, A., & Hantula, D. A. (2013). Buy it now and pay for it later: An experimental study of student credit card use. The Psychological Record , 63 (2), 323.
Garbinsky, E. N., Klesse, A. K., & Aaker, J. (2014). Money in the bank: Feeling powerful increases saving. Journal of Consumer Research , 41 (3), 610-623.
Karlan, D., & Linden, L. L. (2014). Loose knots: strong versus weak commitments to save for education in Uganda (No. w19863). National Bureau of Economic Research.
Thompson, S., Cross, W., Rigling, L., & Vickery, J. (2017). Data-informed open education advocacy: A new approach to saving students money and backaches. Journal of Access Services , 14 (3), 118-125.