Not many people realise or completely understand the importance or concept of saving. However, I was taught at a very young age by my dad who was a banker for over 40+ years the importance of saving. We’ve all heard the saying about saving for a rainy day, but rainy days can be an everyday occurrence, as we can face expenses on a daily basis.

Be it replacing a part on our vehicles, house repairs, university/college tuition, medical bills, etc., the list is endless. Now some may ask how do you, go about saving when you are already facing so many daily expenses. They are many tricks one can incorporate in his/her daily life when it comes to saving money.

Don’t Spend on Unnecessary Things

For instance buying a cup of coffee and bagel on your way to work, now many would argue, those two items aren’t expensive, and what’s the big deal with buying coffee and a bagel anyway, you can afford it. Now let’s say your total bill for those two items amount to $5.00 and you’re buying it on a daily basis in a month. Let’s now assume your working days for the month totals 20 days. That’ll amount to $100 dollars in a month, in a year that coffee and bagel would have costed you $1,200. Bet you’re looking at that coffee and bagel in a whole different light. Didn’t seem that expensive at first now did it?

Just imagine what you could do with that $1,200. Now if something as simple as coffee and bagel can amount to $1,200, just think would other hidden unnecessary expenses you’re placing on yourself when the month rolls by.

You Don’t Win on Clearance Sales

Another example, you see the cutest pair of shoes on sale, but, you already own over 20 pairs of shoes; you certainly don’t need another pair, but you see it was reduced from $100 to only $35. You think to yourself that’s a great deal. However, what you’re failing to understand, when you add taxes on that pair of shoes it’ll probably cost you closer to $40-$45 in the end (depending on the tax ratio where you live). Plus after buying that pair of shoes, you’ll take it home and place it in your closet and probably never wear it.

Before you jump to buy things think, do I really need it? Is it worth it? What else can I do with this money? If I saved this money, it could come in useful at another time when I really need it.

Wants Versus Needs

Far too often we buy things we don’t need, and what ends up happening in the end, it’s usually just stored in some corner of our homes (most times our closets or basements), taking up space and dust. Every cent or dollar you save can go towards something more useful or worthwhile.

Instead of buying bagel and coffee on your way to work, set your alarm to go off 15 minutes earlier, make that cup of coffee and toast your bagel and I guarantee you, within a month you would save so much more than you expected.

Saving is highly important especially in this day and age, where practically everything amounts to a hefty bill. Remember spend wisely.