It takes not only discipline and determination to take control of our personal finances, it’s also about spending smart. To keep your budget healthy while still fulfilling a desired lifestyle, follow these 7 tips on saving money:
Say ‘No’ to on-sale products unless you really need them
You tell yourself that buying a new pair of shoes at half the price is a smart purchase? Well saving means not spending money at all unless it is necessary.
Beside cutting down on impulsive shopping, it’s best to invest in a good quality product rather than hunting for cheap deals. Keep your eyes on the upcoming promotions to enjoy the best of both worlds.
A rule of thumb is knowing what to buy at the right time and knowing what’s worth splurging on.
Think twice before you buy
As consumers, we often feel ripped off the moment our purchases become meaningless. That’s actually the effect of compulsive buying.
Don’t let the urge of owning something overtake your consciousness. Always ask yourself “Will I still need it in the next few weeks or months?” and “Will my life be affected with or without that item?” before making any purchases.
Do grocery shopping a smarter way
We cannot get away from spending on grocery, but we can surely save more money with the right shopping strategies.
Hypermarkets arrange their products in a way that forces you to browse through all the aisles before getting to the meats and dairy rows. Their aim is to increase the chance of you spending on things that shoppers don’t buy regularly. It’s hard to fight against your temptation, so always have a checklist and stick to it.
If you haven’t noticed already, grocery shopping with an empty stomach will have your wallet end up being empty too. Well you may not spend that much but it’s inevitable to splurge on a basket full of ingredients when all you can think of is having a good meal afterward. Don’t shop for grocery when you are hungry.
Public transportation is your best buddy
Car maintenance, petrol cost, and taxes are the top expenses that you would want to cut down on to increase your saving amount. Switch to cycling for short distance trips, or simply walk (and you get to hunt Pokémon too).
If you stay in the urban areas, it is likely that the metro stations are only nearby. So befriend with the public transportation to get to your workplace now. What’s more to that? You will be thankful for not getting stuck in the jam.
Cancel your magazine or other entertainment subscriptions
When it comes to entertainment, try not to overspend on it especially when you don’t really have the time to enjoy the full service provided.
You can easily find the same articles published for free everywhere on the Internet and the same goes to Movies and TV Shows. A single cinema ticket is sufficient for your entertainment need.
And if you are a movie-goer, perhaps you would want to apply for a credit card that offers extra benefits for movies fanatics.
Get rid of your bad habits
Nothing kills both your health and your bank account faster than cigarettes and alcohol. Much as they are harmful to any individual, they also affect the living quality of the community as a whole.
You may think of an electronic cigarette as a solution to quit smoking, but remember that it is only temporary. Try to develop a more active lifestyle, wake up and exercise more often and you will find getting rid of your bad habits is not as challenging at all.
Save first, spend later
We have heard about the rule of setting aside at least 10% of your monthly income for savings. But what matters most is to have a clear financial goal before even thinking about allocating a saving amount.
Let’s say you earn $3000 and you aim to have at least $10,000 in one year. That means you will need to save around $850 every month. Make that amount fixed so that you will not touch it until you achieve your target. So you are left with $2150 to spend, that’s when you really plan on your budget for the rest of the month.
Also, make sure that your saving account is not easily accessible to avoid yourself from spending.
Beside the above tips, it also depends on your current finances. If you have unsettled debts, it should be your top priority. Start to keep track of your expenses and on top of saving, try to increase your income through side jobs if possible.