Saving money is one of the most important but toughest tasks to do in our lives. It requires a lot of patience, efforts, tactics and hard work to accumulate it while we won’t need more than just a few seconds to spend it. There are a number of methods that can help you save money but it will require regular dedication to follow certain steps and be determined to your ultimate goal, i.e., saving money.
- Cut Down Your Daily Expenses
Before spending a huge amount of money on daily expenses, try to cut down a few things that you do not need, or can work without. Avoid spending bulks of money on clothing every now and then. We all know that there are lots of clothes to wear and our cupboards may burst still we keep on buying more.
- Save Money on Food
- Instead of opting for an overpriced meal, try to keep a stock of healthy tinned foods in case you forget to bring your lunch.
- When buying foodstuff from a market, try to get the same products from a local vendor instead of branded shops that clearly overprice the same product.
- You can also have group dinner parties where all of your friends chip in to buy a decent dinner to fill everyone’s stomach at a cheaper cost.
- Save Money in Transport
- Saving up gas money or bus/metro/cab fares by getting a bicycle can be good for your health and your pockets.
- Try to use public transport instead of reserved taxis when you are traveling alone.
- If you need to go somewhere nearby, try walking to your destination. Find out where gas is the cheapest and always go there.
- Save Money While Shopping
- Shopping online can help you save a lot of money as there are regular sales and huge discounts on online websites.
- Sell off your old stuff at eBay and earn a few dollars.
- Always try to buy non-perishable goods items in a bulk from a wholesale market as they help to cut down costs in the long run.
- Instead of spending around 1000 bucks on a good perfume, you can buy a decent deodorant that does not cost more than 400 bucks, plus it keeps you sweat-proof.
- Cut Down Household Expenses
- If you live in an apartment with more than one family, you can carpool your internet bill with them hence reducing your internet bills.
- Cut down on phone calls and SMS services and use WhatsApp and Skype instead.
- Avoid hosting parties for every small or no reason and you will save up a lot of money.
- Buy energy-saving units to cut down your electricity bills and switch them off when not in need.
- Stop and Think
Before spending money on anything, stop and think whether it is absolutely necessary for you to buy this or can you get a cheaper alternative for it.
What is the 30 day rule?
How can I save a lot fast?
- Quantify How Much You Need. Put a number to your need.
- Start a Saving Spree. Only spend if it’s absolutely necessary, and keep your goal in mind.
- Collect What You’re Owed. Don’t let your money slip past you.
- Line Up a Side Job. Earning more might be easier than spending less.
- Sell Your Stuff.
Why saving money is bad?
One of the biggest issues with saving money, especially in a savings account, is that the interest you will receive will be lower than the inflation rate. That means that over time, the money you save will be less than when you first put it in your savings account.
What is the 52 week savings challenge?
How do you save a paycheck from paycheck to paycheck?
- Know your bank balance. You wouldn’t drive around in a car that doesn’t have a fuel gauge or speedometer.
- Reduce access to money.
- Automate your savings.
- Examine your spending.
- Make small changes.
- Avoid automating your expenditure.
- Save your pay rise.
Is $50000 a good salary?
How do I overcome being broke?
- Live on Less Than You Make. Take a hard look at your take-home pay and outgo each month.
- Increase Your Income. Look for side jobs you can pick up—dog walking, delivering pizza, freelancing.
- Begin With the End in Mind.
- Do the Math.
How much money should you have leftover after bills?
Can you live off 500 a month?
Can I live off 2000 a month?
What is the 70 20 10 Rule money?
For example, if you spend 75% of your income on living expenses, reduce the amount you put into your savings by 5%. If you want to put more money into your savings, you must reduce your living expenses and/or decrease your debt.
What is the 70/30 rule?
What are the 3 rules of money?
- Golden Rule #1: Don’t spend more than you make.
- Golden Rule #2: Always plan for the future.
- Golden Rule #3: Help your money grow.
- Your banker is one of your best sources of money management advice.