Whether we have a debt to pay, we want a new car, a home or a better education for our children, saving is fundamental in our lives and is a priority to learn how to do it better.

Here are a few tips and hints on the subject, there are many others, of course, and we will look them at future posts (and if there is something specific you want just let us know in the “comments” after this post):

1. Think twice in the “affordable luxury” you want to give to yourself. While luxuries in life could be a good thing, because we deserve them at least occasionally! Let us be aware that is not always that we need them, and on the other hand, if today we adjust and cut some tastes and affordable luxuries, handling personal finances properly, tomorrow we shall get double, or more, luxuries for ourselves, that’s for sure.

Ask yourself if what you are about to buy is something you really need or is simply a thing you just felt to buy, and if you need it, is it really worth it?

It is important, as this should be a form of savings, that the amount you are leaving when you don’t buy a “luxury”, it actually gets saved. You won’t save anything if you save it and then spend it in something else. Put the amount you saved in a piggy, in an envelope under the mattress in your savings account, in your investment fund, etc … but save it!

2. Check your basic services bills. You may be spending more than you should in any basic service, whether electricity, water, etc. This does not mean we should live with candles and shower once a year just to celebrate our birthday! But perhaps the use we are giving to the water in our house is uncontrolled, or perhaps we leave lights or appliances on when should not. Let us be aware of this and make our family involved as well (making sure that this does not become a source of quarrels and dislikes!) Do not forget to set aside the amount actually saved to your savings account.

3. Find discounts and better alternatives. It is time for a little research and analyze whether the place where we make our purchases has good prices or maybe there is another place with better pricing alternatives. On the other hand, if you find the chance of a discount, make a good use of it! Whether using coupons, promotions, etc.. Get the difference saved and…yes that’s correct!…put it in your savings account.