What's the best way to save money these days?

What's the best way to save money today? is a common question among Brazilians. This procedure is complicated for everyone, especially those who don't know the concepts of financial education. But there are strategies that can help. Check them out below. 

What's the best way to save money today?

Most consumers have doubts about what's the best way to save money today. At first, you need to understand the basic concepts of financial education, which can help you get organized financially.

Our relationship with money extends to other spheres of our lives, not just the economic one, and being in good financial health is important for our general well-being. That's why it's essential to follow strategies to save money and achieve your goals. 

In order to establish comfortable financial health, consumers must not overspend. In addition, it's important to create a financial plan and have the discipline to save the indicated amount each month. See below:

1. Create a monthly budget spreadsheet

The first step to saving money is to create a monthly budget spreadsheet. In other words, reflect on the money coming in and going out of your account each month, stipulating how much you spend on the following items:

• Renting or providing real estate;
• Expenses related to health and well-being;
• Fixed bills for your home, such as electricity, internet and water;
• Credit card bills and invoices;
• Food (including delivery costs);
• Leisure. 

It's important to write down these figures to get an idea of your monthly spending on bills that are useful for survival. What's more, with this spreadsheet, consumers can see the superfluous expenses in their lives. 

Remember: write down all the expenses made during the month, including the smaller ones, such as cell phone credit, streaming service subscriptions, car maintenance, non-recurring expenses, among others. 

2. Establish the amount you can save each month 

Now that you've created a spreadsheet with all your expenses and earnings for the month, the next step is to establish an amount you can save. Using this data, you can look at the items that can be discarded, such as takeaways or leisure activities. 

From that moment on, people need to see the amount established as a fixed account. In other words, avoid at all costs the famous "I'll only save when there's money left over". This means that you need to prioritize your savings. 

Another important step at this stage is to define what your expenses are. Also, define which bills are important on paper, and which are not. This is the best way to start avoiding unnecessary purchases and saving even more. 

When people manage to save a certain amount during the month, it becomes a habit. In this way, it is possible to monitor all the extra expenses and create a financial projection based on this information.

3. Develop an extra source of income

Instead of having your main salary as your sole source of income, look for alternatives to make more money during the month. There are many ways to earn money these days, including online income. 

If you can make sweets or snacks, for example, you can market them to friends, family or work colleagues. On the other hand, there are freelance jobs suitable for those with experience in certain areas. 

4. Whenever you can, buy with cash

In principle, if you're on a tight budget, it's best to make your purchases in cash whenever possible. On the other hand, if you don't have the full amount on hand, create a plan to save monthly and make the purchase as soon as possible.

In this way, consumers avoid unnecessary credit card charges, which tend to have high fees. In addition, some establishments offer customers discounts on cash purchases. 

5. Follow the 70-20-10 method

The 70-20-10 method is for people who want to save money. It's a simple and practical rule to follow. The procedure consists of dividing your expenses into three categories, reserving part of your monthly income for each one. See below:

• 70% of income goes towards essential expenses, such as electricity, water, internet, rent, supermarket bills, etc;
• 20% of income earmarked for investment in profitable applications;
• 10% of your income is earmarked for the spending you want.

6. Study the concepts of financial education

A consumer's best friend is undoubtedly knowledge of financial education. In other words, the more you read about economic issues, the better you'll be at managing your money. 

In this sense, it's important to increase your knowledge of personal finance. Little by little, consumers can find solutions for saving money, as well as discovering the best investments for their profile. 

In short, by understanding the basics of financial education, it is possible to improve the process of saving money. In this way, consumers can save money in a practical way and achieve their financial goals with peace of mind. 

7. Be realistic

Before you start saving money, it's important to set realistic goals. Some experts suggest keeping at least 10% to 30% of your net income each month. 

If you have a net salary of R $2,000.00, for example, the ideal is to save around R $200.00 per month. However, this rule can change depending on your reality and financial goals. 

Consumers can start by saving smaller amounts, such as R$1.00 per week. Even if it's less than 10% of the minimum wage, it's a start towards having more focus and discipline in the process of saving money. 

8. Start saving now

Most people don't understand the importance of saving money. The truth is that the time to start saving money is now. 

When the process of saving money becomes a habit, you can easily achieve your financial goals. What's more, it's the first step towards realizing your dreams.