6 ways to grow your personal savings during the month

gboyinwa ajomale

September 20, 2017 2:52 PM

As difficult as it is to save every month, there are simple ways to grow your personal savings out of your income.

The world is experiencing a tough economic downturn and it is a herculean task not to touch your personal savings for when it will be needed.

An average income earner lives every day just as it comes, struggling to save from the salary he collects every month and still not being able to do so. As difficult as it is to save every month, there are simple ways to grow your personal savings out of your income.

Here are six ways to save money during the month

1. Make a budget

It is always important to create a budget on how much of income you'll be spending in a month. So before payday, do a list of what you want to spend your money on, factoring how much to save from your monthly income. Budgeting curbs your expenses.

2. Stop making spontaneous financial decisions

If you are the type who makes financial decisions like going to the mall and you see an expensive pair of shoe or wristwatch, you had no intention of purchasing it but because you loved it, you end up getting it. Quit such act, because it doesn't make saving money feasible. Before taking financial decisions, sleep and ponder on it, if it is worth spending on.

3. Reduce energy consumption

Unplug electrical appliances and switch off the light when not in use and also when leaving the house, make sure you put off the power source, in case you forget to switch off something because you don't want the electricity bills to skyrocket. You'll be doing your savings and also the eco-system a favour by conserving energy.

4. Spending less on data services

If not all, most people have either smartphones, computers, or internet tv and they all consume data. Instead of spending separately on each device, it is advisable to find a flexible plan for all devices merged together. People spend a whole lot in a month on data. Spending less on data makes it easier to save more monthly.

5. Sell old stuff

Stuff you don't use anymore or forgot you bought or existed, go through old stuff, sort them out and sell off things you really don't need anymore. Either you auction online or go to a thrift shop to sell it off at a not too expensive price. The extra profit gotten from selling old stuff can be put into savings.

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6. Engage in a side hustle

During free time, off-days or weekends to engage in a side hustle just to earn extra cash. Try out selling products like fashion and beauty items and also services, if you know you are good at marketing things. You don't need to have a huge amount of money to start a side hustle, you can start little and watch it grow.

You also find out that your expenses reduce because you are busy with your side hustle during free time, you don't think about spending. Make sure you keep don't spend out of the profit from side hustle, keep the profit in a savings account only spending out of your monthly income.

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