Uncovering Unconventional Hacks To Saving Money In This Economy- Favour Ogazi.

By Favour Ogazi.

Money is boring, You are not.

My desire to re-organise my finances was super strong when August began. Since my birthday came with a lot of introspection, I made the decision that I could handle my personal finances better and find a way around money management, especially given the current state of the economy.

Saving money in this awful economy can be difficult, which makes managing personal finances more tedious and if we are being truthful, managing money effectively might not be one of the most interesting things. It can be very boring.

Knowing where your money goes, determining whether it is most effective, and reorganising it if it’s not ideal are all part of good money management. It involves self-control, tracking, learning, and adjusting.

I think the secret to saving money is striking a balance between being economical and enjoying life. As your bestie, I am dedicated to making sure you find out ways to outsmart money this month and beyond. I have coined out some unconventional tactics can help you save some money as well as stay motivated, and maintain a positive outlook while you’re saving.

Before you proceed;

Keep in mind that saving money is a journey that is unique to each individual, so what works for one person might not work for another. To get the most out of your savings efforts, choose the strategies that fit your way of life and your financial objectives. Always put good money management first and don’t jeopardise your financial stability.

1. Develop a Budget: This was obviously going to be the first item on the list. Tracking your income and expenses is the first step in effective money management. Make a monthly budget that lists all of your essential costs, including your rent, utilities, groceries, and debt repayments. Be prudent and limit your non-essential spending.Additionally, start keeping track of all incoming funds. Keeping track may seem difficult, but it doesn’t have to be as difficult as some experts make it out to be. If necessary, it can be as simple as writing down every transaction that occurs in your account. We are fortunate to have simple digital tools that can make this simple.
2. Envelope system. This might be for you if you’re the kind who always has cash on hand. How does this work? Try setting aside a certain sum of money each month for various categories (such as grocery, entertainment, and dining out). Once a category’s envelope is empty, you aren’t allowed to make any further purchases in that category until the following month.
3. Consider Second-Hand Purchases: If thrift stores had a voice, they would beg me to stay away from them. My dear, I don’t joke with thrifts. Instead of buying brand new items every time, consider buying second-hand goods or going thrift-store shopping. It does not reduce your worth or make you cheap.You can often find high-quality items at significantly lower prices. Personally, I have amazing thrift vendors I shop from. Most of the time, folks cannot even tell that my clothes are thrifted. I look brand new when I’ve finished washing and ironing. Haha.
4. Try a Periodic saving Challenge: Try a recurring challenge to save money: This might be done weekly or monthly. Simply set the savings for that time frame. For example, Save $1 the first week, $2 the second, $3 the third, and so forth until you have $52 saved up at the end of the 52nd week. You’ll have $1,378 in savings at the end of the year.It’s a gradual increase that makes saving more manageable and less overwhelming when broken down this way. It is important you find the best platforms to help you do this though. You can check out Cowrywise and Piggyvest
5. Bartering and Trading: I adopted this method when I realized my sister liked robbing me of my hard earned properties. I mean she could say the same about me too but let’s not digress.I had to be wise. So, we started bartering and trading. Give-me-I-give-you. Somehow, other people always seem to have what you need, so instead of robbing each other or purchasing items or services that might cost you a fortune, try bartering or trading skills or possessions. You could be shocked by the kind of worthwhile trades you can make.Thanks for reading my Newsletter! Subscribe to receive new posts and support my work.Subscribe
6. DIY and upcycling: A lot of people I know save a lot of money by performing certain projects on their own. Although I personally prefer to outsource rather than do things myself, we cannot discount the reality that the DIY approach is effective. Embrace do-it-yourself (DIY) projects and upcycle items instead of buying new ones. Along with being cost-effective, it is also good for the environment.
7. No-Spend Days/Weeks/Months: Set a goal for yourself to refrain from purchasing anything not absolutely necessary for a set number of days, weeks, or even months. I guarantee you won’t die. You can develop discipline and break bad spending habits using this technique.
8. Reduce Subscriptions: As I type this, I dont have my Tv subscription activated. In fact if you ask me what I need a Tv subscription for, I wouldn’t be able to answer. I use Netflix which is more than enough for me. Every other unnecessary subscriptions can come later. Not now.Consider reviewing your subscription services on a regular basis and cancelling the ones you hardly ever use. Subscription reductions can help you have more money each month.Thanks for reading. This post is public so feel free to share your favourite part of this letter.
9. Reverse Day: Have a “reverse day” once each month when you spend your money in the opposite way from how you usually do. Cook at home, for instance, if you usually eat out. If you often take rides, take the bus or walk. One day of trekking will not kill you.Instead of going out to eat with friends, host dinners where everyone brings a dish. It’s a fun way to socialize without spending a lot of money.
10. Rent out Unused Space: If you have extra space in your house, you might want to think about listing it on websites like Airbnb. It might offer a consistent source of extra income. Consider renting out excess space at your place of business to other artists or businesspeople if you have any.
11. “I’ve Got My Eye on You” method: Put a picture of your financial aim (such as a dream vacation, graduation, or purchase) in your wallet, or some other visible location. This will make it tougher for you to splurge on unneeded products because you’ll be reminded every time of what you’re saving for.
12. Emergency Fund: These days our savings are saving us but it is what it is. The day after you start saving for rainy days, it begins to rain. I know. I know.However, let this not discourage you. Aim to build an emergency fund to cover your living expenditures for at least three to six months. In the event of unforeseen circumstances, such as job loss or unanticipated medical costs, this fund will act as a safety net.Subscribe
13. Invest Wisely: After saving for emergencies, if you still have some money left over, think about making a long-term, low-risk investment. However, before making investment decisions, conduct extensive study and consult a specialist. Please. I am begging.
14. Prioritize Debt Repayment: Debts can be good or bad – and part of that depends on how it is used. Focus on paying off your debts as rapidly as you can if you have any. Debts with high interest rates can quickly mount up and prevent you from saving money. To efficiently manage your debt, think about employing the debt snowball or avalanche strategy. 
15. The “Impulse Control” Dance: Every time you manage to avoid making an impulse purchase, do a little dance to celebrate your willpower. Not only will you save money, but you’ll also get some exercise and entertainment. Amazing hack right? You are welcome.
16. Shop Smart: Look for deals, discounts, and coupons when making purchases. Buy in bulk for items you frequently use in order to save money in the long run. Help yourself. Spend some time investigating the businesses that are constantly running sales. Stop wasting data by scrolling aimlessly. Today, put your data to good use.
17. Consider remote work: Recently, my company made this switch and we are seeing immediate cost-saving benefits. Remote work is the practice of employees doing their jobs from a location other than a central office operated by the employer. Such locations could include an employee’s home, a co-working or other shared space, a private office, or any other place outside of the traditional corporate office building.I am currently trying to navigate this new phase but it really saves money and it is encouraged in this devastating economy. Although remote work is not feasible in many industries, for those who can shift to a remote environment, please note that there are significant cost-cutting opportunities.
18. Get a “Treat Yourself’’ Jar: Make an indulgence jar. Put the money you would have spent into the jar whenever you are tempted to make a costly purchase or engage in an activity. When the jar is full, use it for a special treat, but keep the treats in moderation. Do not deceive yourself.
19. Increase Income: Because there is rarely anything left over to save on some days, there are occasions when you need to earn more rather than save. Investigate ways to increase your income, such as taking on freelancing or part-time work or selling stuff you no longer need. Your savings may increase as a result of the extra income.
20. The Forget-It-Completely Strategy: Finally, one last thing you can do is to consider Ignoring your bills and financial responsibilities, hoping they will disappear on their own. After all, you didn’t come to this world to stress.I must warn though, this one is more likely to lead to financial disaster than success and I don’t need anyone looking for me later. T for Thanks.

And that’s it my love. Twenty juicy tips to help you save some money and keep you motivated during your saving journey. Tell me, did I miss anyone? Also, which one will you be trying out? Comment below and let me know. I’d really like to hear from you again.

You know, the wonderful thing is that IT IS NEVER TOO LATE. You can always try again or start afresh or be more disciplined. Guess what? It is a new month and it’s a perfect time to put your finance in order.

Take some time out today to track and plan. Five months to the end of the year. A lot can still be done!

I am rooting for you.

Your chief special adviser,

Favour Ogazi.