Everybody likes to save money, for security, a new wardrobe or a life change. Whether it's by denying yourself that regular $4 caramel cappucino addiciton, by putting off an exotic family vacation, or by investing in the right cryptocurrencies/ICO: we all have our own ways to save $$$. Here are mine!
1 - Investing in Privacy Coins
As we have seen in all of the latest news stories, more and more banks and government organisations are threatening to crack down on cryptocurrency investment, bring in regulations and charge us all tax. This is likely to introduce major charges to our earnings - for example, in Ireland, the revenue offices are likely to claim approximately 33% of all bank deposits over €3000, and further tax to peoples crypto earnings in the new year. In the future, we are sure to find our ways around this, but until then, it's recommended to invest in cryptocurrencies that will enable us to anonymise transactions to avoid these extra charges. My personal favourites at the moment at VERGE (XVG), and MONERO (XMR). I believe they're the future of saving!
2 - Eliminating Debts ASAP
If you're trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you'll quickly see. Once you're free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.
3 - Build your Savings up in BITCOIN
When building up a savings account, I used to be all about the banks, credit unions etc. But now, I prefer to avoid institutions that will be quicker to charge me interest than to pay it to me. I believe the best way is to wait for a dip in the BTC chart and put in any amount that you can, and then just forget about it! From previous experience, I know that when you come back in a few weeks to check your balance, you're likely to get a wonderful surprise.
4 - Set Savings GOALS, and Stick to them
One of the best ways to save money is by visualising what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!
5 - Record Your Expenses
An important step to help with saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, newspaper and snack you buy. Ideally, you can account for every penny. 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. If you bank online, you may be able to filter your statements to easily break down your spending.