If you are like the majority of people then you have to save money and invest it to build your wealth in order to achieve financial security. Saving money though is not easy, as is evidenced by the large number of people who live pay check to pay check without making any savings on their income.

Saving is important for security in case of loss of income or an emergency and it also enables you to make the right move when you find suitable investment options. In addition to the savings you should be making on your income, you can make further savings on your income. Here’s how to do it.

Have a budget

A budget helps you keep track of your expenses. Without one, it is impossible to account for your money and know how exactly you spend it. With this careless approach to your finances, you can make any meaningful savings on your income. In fact, there is a high possibility of you living beyond your means and making financial mistakes that damage your financial security. Worse, you might find yourself borrowing to meet your living expenses.

Wait before you buy

The stuff you spend your money on is mostly wants rather than needs. To be sure you really need to purchase an item, wait for at least two days before completing the transaction. This is a particularly helpful tip when shopping online where you can get tempted to buy items because of an ostensible discount offer on it. Let the cart remain full but don’t complete the transaction just in case you have a change of heart.

Also, making your purchases in cash can help you rein in on your impulse buying since you are likely to reconsider your decision if you use hard cash.

Spend smartly

You will save a fortune by being smart about your expenses. For instance, there is no use taking a loan and a study break from your work that comes with a loss of income if you can get a scholarship from sites like Usascholarships.Com to foot your tuition fees.

Similarly, you will save a lot of money by cutting your cable TV and subscribing to streaming sites that have vast entertainment options at a considerably lower cost. You will also save money by consuming your news online instead of keeping your newspaper subscriptions.


You will make a lot of savings by learning a few DIY lessons to make some of the products and services you use often. You can get DIY tutorials on YouTube and blogs.

Using these tutorials, you can learn how to apply makeup, take care of your skin and make your hair saving you the cost and time of going to the salon. You can also save on car maintenance by making basic changes like oil and air filter and replacing broken accessories that you would have otherwise paid for at the repair shop.

There is no bigger DIY than making your meals at home. You not only ear healthier but also save money as well.