10 ideas to save money (and 3 that aren’t worth the time)
Saving money is everyone’s priority, and especially for the people who are having a tight budget. It is actually very easy to save money, and it is much easier is to get fooled away by wasting your time in ventures or methods that are not even worth the trouble. The golden rule to save money says – don’t spend your money on the things that you don’t need, so that you can afford the things that you need. To save bundles of cash, you need first learn how to take the correct decision and not get fooled by ineffective methods of saving money.
The ten ways to save money are: –
1) Save both money and time by planning your meals – Well, you spend a major part of your income on purchasing food items and most of the people, never plan out their monthly food budget, which is actually very important. When you don’t plan and spend on food items, you tend to spend much more then what is required, and sometimes you prepare excess food which goes in vain. So, therefore it is very essential for you to plan and purchase food items (also some of the food items can be purchased in bulk for the whole month), as it will save a lot of your money. Though this planning requires discipline and patience, but it has proved itself to be a great success. The saving potential of this method is 70%.
2) Pay off you bills on time- Many times or I say most of the times, you pay your monthly bills late, and therefore you end up paying excess amount as penalty. So, to make sure that all your monthly bills are paid within the due date, utilise the bill paying service of your bank. In this service, all your bills are directly sent to your bank and the bill amount is directly deducted from your salary. This method has a saving potential of 30%.
3) Avoid bank fee traps – Many bank facilities like overdraft facility and other fees, charge you high interest rates and trust me these facilities are very unnecessary. I must admit here that overdraft facility was one of the biggest problems in my life. You can avoid a lot of stress and excessive loss of funds, by constantly keeping a track record of all your account transactions. You should do it without any excuses. The saving potential of this method is 80%.
4) Never forget about regular maintenance of your automobile- Regular automobile maintenance is one of the best and efficient way of saving a huge amount of money. Periodic oil changes and tire maintenance can actually save you from costly vehicle repairs or even from purchasing a new vehicle. The saving potential of this method is 60%. And also a well maintained vehicle will ensure a better safety of you and your family while driving.
5) Ask about the customer rewards- Not all but most of the stores come out with various customer rewards scheme, so as to attract consumers and increase their profits. Well, those schemes are not only beneficial to them but also to you. So, at your next trip to your regular shopping stores, don’t forget to ask about the customer rewards. The saving potential of this method is 30%.
6) Always appreciate the hand-me-downs- Pre- owned clothes and accessories are a very good money saver. Many people have some acquaintance or rich cousins, who wish to give off their clothes which don’t fit them any more. Also, most of the parents want to sell or give the old clothes of their children, as they no longer fit in those clothes. So, whenever someone offers you hand-me-downs don’t show your attitude and reject their offer. Some people barely or never wear the clothes, they purchase. Also, you can sell your and your family member’s old clothes online on InetGiant (they offer free service) or Ebay. This money saving method can help you to save a lot of money, which may be needed at some other point in life. The saving potential of this method is 70%.
7) Patience is much more than just a virtue- Sometimes, you may see something really nice and you may feel like buying it, but at the same time you will also have a doubt in you mind- to buy or to not. Now, this is your brain telling you that this may not be a smart choice and therefore I suggest you that in these types of cases you should simply walk away from the place. Take your time and reconsider your plan of purchasing that item, you will find that that item was actually not required. If you want prove, look at those amazing shoes you bought just two days back, the ones which don’t pair with any of your clothes. This is what I am talking about. So a wise decision can save a lot of money. The saving potential of this method is 40%.
8) Don’t spoil your children but love them- Instead of purchasing too many toys for your kids by spending lot of money, you should spend some quality time with them. Toys can be very expensive at times and after sometime children either throw them or spoil them. Try to spend more time with your kids so that, not only you will get to know them better but you will also strengthen you bond of love. The saving potential of this method is much more than you think.
9) Parents: help each other- Instead of paying huge amounts to babysitters, you can always leave your children at your neighbor’s house, when required and vice-versa. This will, not only strengthen you friendship with them but will also save your money and is also much safer. The saving potential is 50%.
10) Use coupon sites- There is so much competition in the business world today and therefore in this era, the consumers are the king. Because of so many hotels, restaurants, jeweler stores, spas etc opening up daily, different companies are offering various discount coupons, to keep up their lead in the market. So you can always take advantage of these discount coupons. Site like Groupon offer various discount coupons, so just have a look at their site. The saving potential of this method is up to 70%.
Don’t waste you precious time in saving money-
Just like there are different ways of saving money, there are many ways of wasting your time in saving money as well:
1) Do not drop your vehicle’s insurance- Just because it can save your money temporarily, you should never drop the insurance coverage of the vehicle. This can cost you much more at a later stage, if in case you meet with an accident. It is never a correct idea for saving money.
2) Buy what you actually need- You should never purchase those items in bulk, which cannot be stored or which you may not require/use in the near future. You should buy only those items, which you require or which you will be using in bulk.
3) Do not ignore the quality- Just because something is cheap that does not mean that it is a good deal. You should always check the quality of the product or item before buying. If you shop efficiently, you will get what you want to buy. Therefore, judge wisely and then compromise on price and quality.
Melissa is young but fearsome lady with painfully good sense of fashion and fashion streams. She writes for her own blog covering various fashion, health, beauty topics and everything that can make you prettier, but at the same time – healthier.