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Saleha Irfan, Senior Sub-Editor/Reporter

If you feel overwhelmed about saving money, you are not alone. Spending money can be exciting, but saving should be a priority.While it’s true that money cannot buy happiness, not having enough of it can quickly escalate your worries and stress.

If you worry about saving money as well, follow these guidelines to be wiser in your spending.

Try and rework a large payment

If you have a large chunk of money going out every month in the form of mortgage or instalment, look around for a better interest rate. You could also work at getting the payment lowered or extending the payback time.

Don’t spend what you don’t have

Instead of piling on expenses on your credit card, try and keep your expenses to a minimum. If you don’t need something, don’t buy it just because it might be on sale.

Cut out wasteful expenses

Saving on bills can help you in the long run as it will help you save your money as well as train you to use your utilities less. For example, don’t leave the lights switched on around the house, especially if you are not using a particular room. Turn off your tap while brushing your teeth. Instead of ordering out every day of the week, try and take your lunch from home.

Work on a budget every month

Record your expenses in an excel sheet every month to get an idea of how much you spend. Limit your grocery spending every month by either buying in bulk or picking up discounted items.

Cancel automatic subscriptions and memberships

Instead of putting subscriptions like Netflix and Amazon Prime on autopay, only pay for these apps when you need to use them. Chances are, if you are away on vacation, you aren’t using them so why pay?

The only way you can gain real control over money is to spend less than you make. The best way to start saving money is simply to become more aware of your finances and spending habits. Try hard to pay off credit cards, trim expenses, and put some money into savings.

As you accumulate a good chunk of savings, talk to a professional investor and invest into stocks or bonds. It takes discipline to save money, visit a financial counsellor, and begin building a nest egg. But, once you get serious about it, you’ll feel less worry about job losses and life’s unexpected events.

If you deal with money as though it’s a win or lose game, you’ll quickly learn that building your savings and having something to fall back on will give you peace of mind.

Going through life with a money cushion, rather than a money deficit, will keep your stress issues regarding money under control. You will have a better handle on overall stress in all areas of life, because money can help solve many types of problems that nothing else can.