How To Save Money

 

Saving money might seem to be difficult in the excess spending times of today but with some smart and simple steps you can save yourself some money. Incorporating more the steps which are mentioned will definitely add to your savings. But a question that arises is why should we save? There are many answers to it, as having some savings could be very beneficiary in times of emergency and also would keep your off debt scenarios.  This money can also be used by you when you will retire from your service. By following the mentioned steps you would find your pocket getting heavier.

“When I was young I thought that money was the most important thing in life; now that I am old I know that it is.” ~~ Oscar Wilde

15 Quick Ways To Save Your Money

1. Eat Out Less

It might seem difficult but getting into this routine would contribute to your savings as eating is one of the major expenses that happen. If you are living with someone you can decide on who cooks on specific days and if your alone, gives you a great opportunity to explore the chef on you. That doesn’t mean you have to eat every day at home. You have to strike a balance in going out to eat and cooking at home.

2. Make Shopping List in Advance

We have a habit of shopping for more than what we require. So to control that temptation of purchasing more stick to a definite list prepared beforehand. Many people just pick up things from the grocery store or supermarket without even bothering that they will be using it or not which later result in huge bills. Preparing a list in advance will help you to save money up to a great extent.

3. Look Out For Expiration Dates on all Perishable Goods

Not many people check the expiry of the products that they buy and eventually when the item gets expired its thrown out the window leading to total waste of money. Whether you are buying grocery or non-grocery items like spreads , deli/bakery items, eggs, frozen items, yogurt, meat, make sure you check the expiry date and roughly see whether you will be able to consume it before that or not. No need to stock up on items which will of no use to you.

4. Avoid Branded Products

Whether you are buying clothes or cereals for yourself it is not necessary that only the branded items would be best for you. There are many local and small companies that provide high quality products at way lower prices. So be a smart shopper rather than someone who blindly falls prey to the trend of bigger the brand, the better the product.

5. Avoid ATM Fees

Though many banks and ATMs have nil withdrawal fees but still some of the private companies have some extra charge. To avoid such unnecessary deductions make your transactions from ATMs which don’t charge any such fees or withdraw directly from your bank. Also, try to withdraw money from your bank ATM only and save money from unnecessary deductions.

“A simple fact that is hard to learn is that the time to save money is when you have some.” ~~ Joe Moore

6. Usage of Public Means for Various Services

Following some simple and smart steps such as borrowing a book or issuing it from a library instead of buying it to using public transport rather than you own private vehicle will also help you on to cut down on your expenditure and unnecessary expenses. You can even save money by pooling your card with several other people.

7. Keep Your Car For as Long as Possible

If you keep a car for long duration you would find that it is beneficial for your saving. To keep your car in optimum condition make sure you have regular maintenance of it, drive the car properly and only use the grade of fuel recommended by the manufacturing company.  Keeping these points in mind would keep your car running for a long time and would save you from unnecessary expenditure of a new car.

8. Keep a Check on Electricity Usage

Make sure there is no unnecessary wastage of electricity. Switch of the lights and fans and other electronic devices when not in use to save money. Unplugging the television instead of just switching it off would help you save a lot on the electricity bills.

9. Buy in Bulk or in Sale Whenever Possible

You don’t necessarily have to buy brand new products as there is a wide market available for secondhand products which are as good as new. Also be on a lookout for various promotional offers or sales as such scenarios heavy discounts on products which would otherwise be expensive. Buying in bulk will also enable you to get some extra discount and hence this will be your extra saving.

10. Stop Using Credit Cards

Credit cards offer us a virtual way to spend money. We tend to purchase more and more, thinking that we will pay it later. Pay by cash as much as possible. Always take out some amount of cash from your bank account and keep in mind that you have only this much money to spend. With this you will tend to spend less and save money. Even if you are using it, the its recommended to pay bills on time to avoid paying interest. This will also help you to increase your credit score.

11. Save on Entertainment

Cut down on unnecessary expenditures that you have been incurring for a while. If you are a member of a particular club and you don’t get time to visit there often, its better to cancel it. Similarly, you can cut down on the number of movies you see outside in a cinema. Better wait for few months and then either borrow the DVD from your friend or download it from internet. If you have subscribed to some magazines and just not getting enough time to read them, then go ahead and cancel the subscription. These steps will help you to save some amount of money every month.

12. Pay Your Loans Quickly

The interest you pay on your home loan or car loan eat a big portion of your salary every month. So, its better to pay them off as quickly as possible to save money. Also, if you need a loan to purchase a home, compare interest rates offered by several banks before choosing any of them. Just a small deduction in interest rate can help you to save a lot of money.

 13. Open a Savings Bank Account

Whatever you save at the end of the month, just deposit that money in your savings bank account. The interest on savings account is generally less than other account but at least you will earn good money when you keep on depositing money every month.

14. Call Guests at Home instead of Going out

If you are looking to celebrate a small get together than its better to call your guests at home. Having a party outside will result in extra budget while the same can be done at home with much fanfare.

15. Give Up Bad Habits

Cut down on your bad habits like smoking, drinking and drugs. If you are habitual to them then start lowering down the quantity. These habits are taking your money and health away from you and in return they are giving your nothing. So, just start reducing them instead of burning your pocket.

References:

http://www.thesimpledollar.com/2008/02/06/little-steps-100-great-tips-for-saving-money-for-those-just-getting-started/

http://money.howstuffworks.com/personal-finance/budgeting/10-easy-ways-to-save-money.htm

http://www.wikihow.com/Save-Money


Rinkesh Kukreja is a part time passionate blogger, technology enthusiast, The founder and editor of HowZzDat - How of Everything. He started out with one website as a hobby and now loves writing articles on various niche.

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