6 Simple Steps to Save Money and how the Features of Numbrs Support You
The hardest thing about saving money is getting started. With these handy tips you can effectively save money, and with the use of the Numbrs app, it’s simple and even fun.
1. Keep track of your expenses
The first step to gain control over your finances is to find out how much money you spend and what you spend it on. That means tracking the expenses of every coffee, every grocery item, and every movie you watch. The Numbrs app categorises your expenses automatically into neat categories, for example, Transport, Cash, or Groceries. This feature frees you from having to manually write down the expense type yourself and saves you a lot of time and work.
Tip: Take regular as well as irregular costs into the equation, so you are always prepared for all contingencies.
2. Identify unnecessary expenses
The next step is to look at what expenses in which category is the highest and where you have the most savings potential. Let’s say your expenses for the category “Eating out,” are very high, you should consider cooking a delicious meal at home and bring pre-cooked meals to work.
Tip: With the notification feature in the Numbrs app, you are always informed about your finances. You can still eat out at restaurants — Numbrs tells you before you exceed your budget.
3. Put some money aside every month
Now that you’ve set a budget, you effectively save money. Try to save 10 to 15 percent of your income per month. Don’t forget to label your monthly savings as regular expenses, so you won’t spend it on anything else.
4. Define your saving goals
Now that you are saving a fixed amount every month, you can think about your financial goals. This could be a new car, a big wedding with all your friends and family, a trip you’ve always wanted, or simply planning your retirement. Find out how much money you need for your goals but focus on important goal first. You can always add new saving goals, once you are used to your new budget.
Tip: Keep long-term expenses in mind. If you already know you are going to need a new car next year, it’s wise to create a saving goal for it now.
5. Automate your finances
Create standing orders and transfer some money directly to your savings account each month, so you won’t have to think about it anymore. Numbrs categorises many of your expenses automatically and therefore saves you a lot of time, so you can tend to more exciting aspects of your life.
Tip: Schedule your standing orders on the day after your salary payment, so you don’t even consider spending the savings amount for anything else.
6. Lean back and watch your savings grow
With a good overview of your finances and most of it running automatically, you have gained control over your finances. It will become easier to stick to your saving goals, and you can identify and fix problems a lot quicker. If you follow these simple and practical steps you can focus on what you really want and it might even motivate you to save more money and reach your goals faster.
With a healthy household and the security to be prepared for all contingencies, you can live a more relaxed life. The goal of Numbrs and its functions is to support you in the best possible way. We hope this blog post provides you with useful tips to reach your goals.