With the living cost skyrocketing each year, it’s time we need to resort to saving money. But where do we start? Thankfully a Youtuber, Lara Joanna Jarvis, is helping her viewers with simple and baby steps towards minimizing our spending. Lara saved $43,430 in a year with a technique, “No buy year”.
Here are few tips that can help you start.
- Restrict Spending
In order to imply this strategy in our life, Lara suggests using a 30-day rule. Anything you want to buy that’s not necessary at the moment, put it on your wish list. Suppose after 30 days. You still want to purchase that item. Then go ahead; you have earned it. This system helps fight the impulse of splurging necessarily.
- Meal Planning
Food, one other category we tend to spend on more than needed. We all throw out stuff from our fridge that has been sitting there, taking up space. So, the solution is meal planning. This technique not only avoids unnecessary spending but saves our time as well making us organized than ever.
- Use cash
Whenever we are saying for our item, using cards can easily lead to overspending. But with cash, we tend to be more vigilant. So, make a habit of purchasing through cash when possible to curb your spending.
- Fight the addiction
One of the biggest culprits in the modern world is online shopping. And it everywhere, when we buy into the impulse of getting clothes that we don’t need. So, to fight the addiction, Lara suggests taking pictures of the wardrobe. Whenever you feel you have nothing to wear, scroll through the snaps and pick out an outfit.
- End Goal
Why are you saving the money? You will need to have an end goal that keeps you on the toes—keeping the finish line in sight. To do so, write about the goal. And when temptation hits you, go through our writing to keep the motivation.
I hope you find these steps helpful for your next saving venture. Please press play and enjoy this video.
Kindly share this informative clip with your loved ones.