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Ways on how to save money in a struggling economy

It is no longer news that the price of goods and products are high. There’s a bit of hardship everywhere. Somehow every family is affected.

Those already with jobs still run some side hustle to complement their income. Bills must be paid. A lot of people are now seeking for ways to earn multiple streams of income. They think that getting a high paying job will end their money problem.

It is not the amount of money you earn monthly that matters, but the amount of money you’re able to save or invest. The guy who earns 1, 000 cedi monthly could still be broke, while the guy who earns 800 Cedi might be the one living well and large. The way they managed their finances made the difference.

The best way to avoid being a victim of the bad economy is to take control of your money. You can’t afford to live your life at the mercy of a dwindling economy. Blaming the government won’t solve your problem.

You are responsible for your present financial condition. If you’re too busy making money that you forget to save or invest it, you would become the proverbial foolish man who built his house upon the sand. Sooner or later, you will come crumbling down like humpty-dumpty.

You can be calm and happy even in the most terrible economy crisis by developing good financial habits.

Here are 10 practical money-saving tips to help you survive the bad economy and still live happily.

Write down your budget

A budget shows how much money you have coming in and how they are spent. This is by far one of the most important strategies for surviving in a bad economy because it helps you see where your hard earned money is going to. You don’t need a fancy software, just your notebook and pen will do the magic.

When you write down what you spend your money on, it will be easier to cut down on your expenses and only buy things that are necessary. This simple tip of money management can cut your spending by 20-30%

About Elliot Hammond

Hello! I'm Elliot – An Engineer, An Entrepreneur, A Health & Lifestyle Blogger. Welcome to my blog where you can read all about living healthy,lifestyle info,relationships, and all things fun and inspiring! Thanks for stopping by!

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