Everyone knows the oft-used statement – spend less and save more. But is it really that simple? Many people are unable to save for the future though they earn well whereas some earn much less but are able to save a relatively large part of their income. This is because savings require an efficient lifestyle. You can compare it to a bucket full of tiny holes at the bottom – no matter how many times you try to fill it with water from the well, after an hour or two the bucket will become empty.  Here are some tips that will change you to saving more efficiently by making a few lifestyle changes

Use Your Credit Cards Wisely

A credit card makes you spend more. The thought that you can spend today on a new gadget but pay for it a year later is enticing. But it just does not work out that way for most people. Credit card debts keep mounting and before you know it you are able to pay only the minimum amount every month and locked in a debt trap.

Pay off your personal loans immediately

Did you take a nice, relaxing holiday because you received a text message offering you a personal loan on easy terms? Buy now pay later is a malaise that has turned millions of families bankrupt. Live frugally and take that vacation when you have saved enough for it, not with a personal loan.

Lifestyle change : Make coffee or tea at home

It has increasingly become a trend to buy coffee on the way to work. While it is true that cafés with shiny spigots and uniformed baristas serving up rare and exotic coffee seem the trendy way to get your morning caffeine fix, it is also true that it costs ten times more than brewing a fresh cup at home. If you spend $3 on your morning coffee it works out to about $1000 every year. Save yourself at least $900 by making your morning coffee at home.

Use Public Transit system

While a car is convenient it is also very expensive. You have to pay monthly installments, pay for parking and garage, pay for fuel and also maintenance, insurance and variety of overheads. If you live in a large city with a good public transport network why not switch to the cheaper alternative and save at least $5,000 every year. With the arrival of ride-hailing apps like Uber, it is easier than ever to switch to an environmentally friendly option that is also easy on your pocket.

Pay yourself first

Do not save what is left over after spending. From your paycheck subtract your savings first and live on the rest. It sounds counterintuitive since savings means what is left over after all expenses have been met but expenses will never stop growing – you will always want another pair of sneakers or to eat out at the new Thai restaurant in town or buy another video game title. Pay yourself first with your savings and then live on that is left for rest of the month. If you are unable to afford things that you want then figure out ways to get a new additional income stream.

Make it your mission to save and be debt free within the next couple of years. Every day read more tips on how to save money and lead a profitable life.