A wise man once said, “save for the rainy days so that you don’t go hungry’. Despite his warnings, a few people still fall victim of empty pockets. You will agree that it is unsatisfying to be an unscrupulous spender when your needs surpass your income. But what if you could afford everything you wanted by saving a good amount of money periodically?
Truly, saving money can be quite challenging. In fact, it requires a great deal of discipline, consistency, and steadfastness. In as much as you may be dissuaded by the mere thought of it, debts and responsibilities should be great motivations. Needless to say, saving money means you have to adopt strategies that may reduce spending. For instance, you may forfeit a particular outfit or shoes and save money instead. Similar to investments, the money accrued from savings is quite gratifying. Let’s examine a few simple methods of saving money, shall we?
1. Always Turn Off Electric Appliances When Necessary
Electricity bills probably make up about 40 percent of monthly expenditures. To reduce the number, you should always turn off appliances that aren’t in use. Like energy saving bulbs, you will consume less electricity than usual. Also, you may minimize the use of selected appliances by turning them on when necessary. A hairdryer, for example, is suitable for use when you need to air dry your hair.
Do you know what it means to have a budget? It means that you don’t exceed X dollars for a specific period of time. Hence, you end up saving the exact amount (or more) for that month. When you have a budget, you can track your spending. Likewise, you can prioritize and purchase needed items only. As long as there is a chance to save money, stay on budget.
3. Cultivate A Shopping List
Whenever you want to shop, make sure you make a list and you worship it. By worship, it means you have to stick to it. Doing so kills the nerves of the urge to overspend and acquire unwanted stuff. If you must save, you must learn this. Also, learn to differentiate between ‘needs’ and ‘wants’. Needs are those things that should make up your shopping list.
4. Learn To Cook Your Meals
Compared to making your meal, fast food delights and junks consume money. Mathematically, the amount you spend on three days’ worth of fast food can prepare a wholesome meal for a day. So, drop that unhealthy sandwich and head on to the grocery store. You cannot imagine how much money you’ll save weekly if you cooked your meals.
5. Make Good Use Of Coupons
In addition to coupons, you should leverage the benefit of discounts in order to reduce the price of items. In case you aren’t a regular discount, you can negotiate for bargains and hope that you are in luck. Sometimes, stores hoard coupons and release them those who ask during shopping.
More than a hobby, planting is quite an inexpensive way to reduce your grocery list. By planting vegetables and fruits, for instance, you will cut back on monthly expenditures. Health-wise, you will cut back on health bills and you’ll mostly eat fresh crops from your garden.
7. Purchase Non-Perishable Items
When you in bulk, you pay less for more. Detergents, rice, canned foods, and tissue are prominent examples of non-perishable items that are most needed in the home. Many wealthy homes accrue more savings by buying in bulk.
8. Put Your Money In A Bank
By all means, the banking method is perhaps the most celebrated of all saving strategies. While it is both secured and effective, the ease which comes with having your money saved in a reputable banking institution is fulfilling. Now, most banks help their clients save money by setting up automatic ‘savings account’. It means that a token of your income is ‘automatically’ credited to your bank balance at specific periods. If you are a spendthrift, you may benefit from the fixed withdrawal limits on the account.
9. Quick Elimination Of Debts
Debts are similar to potholes; you want to fill them to avoid crashing your car. Correspondingly, you must clear your debts to have more savings. In the absence of debts, you can earmark a lump sum to your savings. What you must understand is that some debts accrue interests. The earlier you pay off that debt, the smaller the amount accrued. Simple mathematics, isn’t it?
10. Use More Energy Saving Bulbs
As a means of renewable energy, energy saving bulbs greatly reduces energy bills. Better than normal bulbs, they are long-lasting and cheaper over long use. Do you see how you’ll have more savings here?
In conclusion, these tips are the smartest and simplest methods to save money. If you have financial goals or more complex long term goals such as a house, these simple steps may set you on the right path. But you must understand the importance of good saving habits and consistency. Without these qualities, you may be unable to accumulate a lot of savings over time.