Finding ways to save money in your everyday economy can sometimes be a bit tedious and it can feel difficult to know where to start.

However, you do not need to save any huge sums for it to be worth it and sometimes it is easier to be frugal than you might think. If you then do something good with the money you have saved, it will be extra nice.

Hopefully you have a certain monthly savings


For example, you have made room in your budget so that you spend 3,000 USD (or how much it can now be, depending on how much income you have) each month for some type of savings. The best part is if you have both long-term savings (for children, pensions and the future etc), short-term savings (for travel, Christmas presents, a new car and other things you would like to buy within a few years) and buffer savings (for unexpected expenses and if you should lose income). But putting away a little coin is better than nothing!

Whether you have some current savings or not, it can always be better. If you do not save any money then you should try to find money so that you can do it and if you already have a savings, here I will discuss an alternative that can make your assets grow so slowly.

My idea is that you should try to find some additional space in your finances to put away more money. How then should you find more money? Well, you should do that by reviewing your finances to find things you can save money on. Then hopefully you can get some extra money in your budget, which can be used for good things that I will go through below. Some concrete tips on what you can save money on come to an end, but it depends a lot on your own financial situation.

Take your extra savings and invest them


An interesting idea is to develop the idea of ​​saving money into something a little more than just putting away a little extra money each month. For example, if you started saving $ 500 each month next year in addition to what you might be saving in the current situation (by finding any expense that you can reduce or similar) and just put that extra money in a savings account, you would not with today’s small interest rate situation get so much more than just these extra USD 500 each month.

At the end of the year you would have USD 6060 if the savings rate is 1%. It is then USD 6,000 in deposits and USD 60 in interest, which will not be a major profit. If you instead took these USD 500 each month and invested in a monthly savings in eg equity funds (which is a little more stable than investing directly in shares) you can often get a clearly better return.

It is not possible to say exactly how good a return you can expect, but a Swedish fund that follows indexes that have low fees can easily go up 5 – 10%. Now there are no guarantees – as the year has shown with a very volatile stock exchange – but it is very likely that you will get clearly better returns right now than in a bank account. It will also be easier to succeed if you have some control over the stock market and a certain interest.

So if you instead took these USD 500 and invested them in something that has a little better return than a savings account – such as funds or shares – then you can squeeze a little extra out of your savings.

Double profit if you invest what you saved

Double profit if you invest what you saved

There are many ways to save money. For example, you might buy lunch a week when you work. If you instead brought a lunch box with a little more affordable food, this could give quite a lot of money each month. I have previously estimated that you could save around USD 700 a month on eating lunch boxes every day instead of eating out. This then applies to weekdays when working.

If you could save $ 700 a month this way next year by changing some behavior or finding some way to reduce your spending, you would probably also have just $ 100 extra in your account each month. You could put this money on the spot immediately if you wanted – there is no saying that you can not spoil something if you have been good and saved them for something else.