10 Ways to Save Money
How can i save money?
We work hard for money. This money is our ticket to the needs and luxuries of life. While it may seem very natural that someone earning money will know intuitively how to save, it is not so. A lot of people earn a lot of money but do not know how to save. They spend it all and end up penniless by the end of the month. Saving is a habit much like brushing teeth each morning. No one has to remind us that we need to brush our teeth. It’s a part and parcel of our daily life activities. The best thing about money is that the earlier we start, the better it is for our financial future. It requires willpower to turn things in our favor if we have not gone the right track. The first step might seem hard, but once you take it, you will feel its possible and make it happen.
There are several ways of saving money. We are listing some ten only. They may apply to you or may not. Use what you need.
- Stop eating out – If you are a regular eater outside, stop. Or at least reduce. Start with lesser trips to the fast food chain. If you made one trip each week, make it once in two weeks. Reduce or cut down on the portions. If you want to party or hang out, invite friends over to your home and prepare food at home.
- Make a list of your grocery – before walking out of the door, make a list of the items you need to shop for. If you leave without a list, you will buy items you probably won’t need or use. Impulse buys and unplanned purchases eat into your savings.
- Move money into savings – When you receive your wage, move a part of it into a savings account that offers interest. These days a lot of the banks have come up with offers for opening an account and also offer attractive interest rates for new customers.
- Turn off the TV – it is a way to reduce your electricity bill and also avoid watching ads that lure into buying products that you otherwise wouldn’t have noticed.
- Make your own gifts – When gifting, be creative and make items that will add value to the recipient and yet won’t dent your savings.
- Master the 30 day rule – If you are planning to buy something, wait for 30 days. If after 30 days it still occupies your mind-space, you may buy it. Else, just drop it off your plan.
- Repair cloths instead of buying new ones – Sometimes the repair is minor and won’t cost you a bomb. Resist the urge to buy new clothes until you absolutely need them.
- Quit smoking – Does that ring a bell? Most likely so. Cigarettes are costly. They cost you your life too. Well, a lot of times. So, quit smoking, stay healthy and financially better off.
- Turn off lights when not in use – This is something that needs to be practiced.
- Buy 5-star rated appliances – They may cost you more upfront but they last longer and save you money in energy bills.