With the recent partnership of yallacompare and online investment site Sarwa which you can read about here it got us thinking about 2021 and how we can invest our money and start saving. If we’ve learned anything from 2020, it’s that you never know what’s around the corner and there’s no time like the present to start putting your money into a safe place. It is a given that some people are better than others at the art of saving, they just seem to have a knack for it. However with our money saving tips for the new year, you can become a natural too. It’s a lot easier than you may think, it just requires a plan and an extra dose of discipline.
Let’s start with the basics … Food! We spend so much money on eating out, groceries, etc., however that doesn’t need to be the case. Many of us now work from home which makes it even easier to cook and have more meals at home cutting down on our expenditures. Planning your meals weekly will also go a long way in cutting down your costs at the grocery store because you’re less likely to waste food.
Home entertainment is another area that sucks up our cash. Cable TV monthly bills start at 400 aed while other services such as Netflix and Amazon cost a tiny fraction of that at 40 aed. There are many of these providers with an endless list of shows and movies so you will never look back.
If you have the space, get a flatmate. That’s an easy and effective way to pull in some additional cash so go ahead and rent out that extra room. Another option is listing your place on AirBnB when you’re traveling to earn a little extra cash.
Making a budget is another very simple yet overlooked strategy when it comes to saving money. Many of us tend to underestimate how much we are actually spending so committing to a planned and monitored budget can make a huge difference. It will make you cut down on those night outs and ration your expenses wisely. It can also allow you to save some money which you can then invest!
Which brings us to our last and most important point. No matter how many little adjustments you do here and there, you will never be able to see a substantial gain in your bank account unless you actually invest those savings. From high yielding savings accounts to real estate to the stock market, there are many ways to put that money to work.