How to save money? Probably searched by lots of people on Google, no matter
what's his/her financial stature is. Earnings and utility differ from man to
man, but there is hardly any person, who's not interested in knowing the
ways to save money. Interestingly, it's the human ingenuity that lets him
find out the best way to save money out of his own financial position.
How to Save Money?
If I ask you how to save money? Either you would be confused or overflowed
with hundreds of money saving ideas. There are some common ways to save
money applicable to the masses and there are some exclusive money-saving
ideas researched and applied to you only. Things are good and effective so
far as you apply your tips and tricks properly. Here I am enlisting 25
realistic and simple money saving tips for the readers. Please note that all
these money saving tips may not have the fullest implications in one's life,
but a few out the of money saving ideas listed below have a qualitative
impact on your pocket.
25 Realistic Money Saving Tips
1. Accept payments by cheque or online:
This is one of the best ways to save money. It's a human tendency to spend
more with cash rather than from bank account. Research shows that a person
finds it more inconvenient to withdraw money from the bank or buying goods
with cards than by using hard cash. So, this is the best way to save money
for them who have an irresistible tendency of spending cash money.
2. Go for exchange programmes:
Before buying a new durable or capital goods like electronic gadgets,
appliances, go for selling the used one. There are many sites that assist
you in selling your old products through advertisements like OLX, Quikr etc.
Now the product sellers are too offering exchange programs. Online shopping
sites like Amazon, Flipkart etc. are giving opportunities to their buyers to
exchange their old ones with the new product. Selling or exchanging the old
products definitely reduces the cost price of the new one.
3. Consider buying cars at the end of the month:
If you are planning to buy a car, this is the best way to save money. How?
See, in most of the cases in the last week of the months, the sales
representatives and car dealers are under pressure to achieve their targets.
They go desperate in selling cars to customers offering good discounts or
selling car accessories free of cost or at a much-discounted price. This way
you get your car at the most advantageous costs.
4. Do not jump the gun:
If you see a product billboard or lucrative offers, don't go for the buy
immediately. Hold your mind and think whether you need it? If it's your
requirement, what's your budget? By holding your buy for a day or more you
may be able to do the product's cost-benefit analysis. This way you can save
your money on unneeded purchases.
5. Go by the list while shopping:
Whenever you go shopping, prepare a list beforehand about your
requirements. You may wonder how to save money by going with a list? If you
do shopping by list, it is possible to stick to the budget. Moreover, the
list helps you to do the shopping more quickly than without a list. A study
shows, if you shop quickly, the chances are high that you will not go for
unnecessary buying.
6. Avoid outing with friends, invite them:
Many of us face this problem. When you go for an outing with friends, it's
unsocial for you to abstain yourself from contributing. Moreover, taking
foods and drinks at restaurants and bars are no way cheaper than you have it
at home. So, instead of going to the restaurants and pubs, invite your
friends to your home. This is the best way to save money who are interested
in maintaining social networks as well as concerned about how to save
money.
7. Use LEDs:
I'll keep this within top money-saving tips. Rather than using incandescent
lights, you should go for CFLs, LEDs. They are high power efficient and
reduce power bills considerably. These new technology lights even have a
longer life than the traditional ones. By using LEDs and CFLs, you can save
both from maintenance and durability.
8. Do periodical maintenance:
If you are using multiple electronic appliances like ACs, Washing Machines,
Water Purifiers etc. it's better to render periodical maintenance. The same
should be with your car too. By conducting regular maintenance, you have to
incur maintenance charges which are much smaller than any major repairing or
overhauling charges. At the same time, if your appliances or cars are under
periodical supervision, their longevity and efficiency level also
improves.
9. Sell your old books:
This money saving tips is especially for the students and the parents whose
children have passed out and have a pile of books covering a considerable
space in their room and want to evacuate them. There are a number of sites
that buy used or old books from us and pay accordingly. One of such sites is
BookScouter. This searches the best match buyer for our old books.
10. Rent out your extra space:
If you have a big house and leaving a part unutilised, it's advisable to
rent the same out and earn some extra money to meet household expenses.
There are some companies that take your property on agreed terms for a
specific period and convert into a homestay. Some of these companies are
Airbnb, Oyo Rooms etc.
11. Take tiffin from home:
If you want to learn the ways to save money, this is one of the effective
ways to save money. First of all, your saving starts when you take tiffin to
your place of work or education and avoiding canteen or outside foods which
are certainly costlier than your homemade foods. Next, savings is in terms
of your health. By abstaining from outside foods, you are indirectly
reducing your medical bills.
12. Use public transportation or carpool:
If your circumstances permit, it's a good move to go through public
transport. Using a public transport is way cheaper than using private cars.
Moreover, if you and your neighbour or your colleague have a common route to
the place of work, carpool is a good option. Things can be done on a
rotational basis. This saves money as well as the climate.
13. Pay your debts on time:
Try to pay your debts on or before time. Be it credit card bill or loan
interest, paying on time not only saves you from additional interests and
penalty but gives you a high creditworthiness. You can also make
arrangements with the bank for automatic debt payments. This is also a great
way to save yourself from a debt-trap.
14. Consume less meat:
What? Yes, you read it right. But, how to save money by consuming less
meat? Well, this is simple. If you take less meat in your food or goes
vegan, the direct impact is in your pocket. Animal proteins are costlier
than vegetables. But a much bigger impact shows on your health. Researchers
found that large animal protein intake in our foods have an adverse effect
on our health. A non-vegetarian is prone to more decrease in comparison to a
vegetarian. And nowadays health issues cost us much.
15. Withdraw from same bank's ATM:
This is a simple but effective money saving tips to follow. As you know, if
you withdraw from other banks ATM (where you don't have an account), after a
certain number of transactions the ATM bank charges extra fees per
transaction. So, whenever possible, do ATM transactions with your home bank
only.
16.Try to buy air tickets from the company's site:
Whenever we travel by flights we do a comparison over the internet reading
freights and services. There are many online travelling sites that give you
the freedom to compare flights of different companies on the same platform.
But I would suggest that rather than buying the tickets on their sites it is
advisable to go the native company's sites. The charges would be certainly
lower than the previous one.
17. Save at home:
Make a piggy bank at your home and save whatever possible on a daily basis.
Even ask your children to do the same out of their pocket money earnings. It
inculcates the saving habit in you and your children and creates a fund with
the passage of time, helpful at the time of your emergency.
18. Find a roommate:
If you are living in a rented house and single, then this would be the best
way to save money. If you have a roommate you can not only save your portion
of room rents but other household expenses too. Moreover, you and your
partner can share daily household works, so that the life becomes less
stressed.
19. Keep your house clean:
This is one of the good money saving ideas, I think works great. When we
keep our house clean, it directly impacts our health. In addition to that,
when the house is clean, it indicates that our staffs within the house are
arranged too. This will help us in finding our requisite items at arm's
length. Misplacement and unattended staffs left us with no option but to go
for a new one, which can be avoided at large.
20. Shop higher or lower than eye-level:
Marketers are intelligent. They place high valued items at our eye level.
So try to buy products below or above the eye level. This way you can save a
lot of bucks while shopping.
21. Take a health insurance or mediclaim:
Whenever you sit with your financial budgets, you must include health
insurance in it. Medical bills are capable enough to tremble your financial
stature. It would be really foolish to take chance by not taking health
insurance or mediclaim. By paying a small amount of premium, you save
yourself and your family from financial jeopardy.
22. Do your own beauty treatment:
Beauty Parlours and Salons are becoming costlier day by day. For women,
doing basic beauty treatment like manicure, pedicure, facial at parlours are
very expensive. Rather they can try things at home. There are many good
video instructions are available on the internet to assist a person to do
her personal care. For men, it is advisable to do saving at home with his
own saving kit.
23. Use phone guards:
This is a small but effective money saving tips. As we all use mobile
phones, we know how frequently it drops from our hand. By incurring a small
expenditure on phone bodyguard and tempered glass, we can save hundreds of
bucks.
24. Use low steam to cook:
This is one of the household ways to save money. Rather than using large
flame burners, it will be prudent to use small burners. Moreover cooking at
low flame and cooking in covered utensil saves a considerable amount of fuel
in the long run and so as your money.
25. Do not hunt for brands:
If you have an obsession with brand names, this money saving tips certainly
not for you. Believe it or not, if you go for value for money, there are
multiple non-branded products that offer the same quality of service minus
cost for brand value. This is quite visible, when a reputed company pays a
big amount on TV commercials, Billboards etc., hasn't it to recover the cost
from somewhere?
Conclusion
When you are searching for the ways to save money, you may come up with
lots of money-saving tips. But things will be effective when you apply them
appropriately in your daily life. Remember, the tip works for others may or
may not work for you. You have to choose your the best way to save money
from the plethora of money-saving tips.
Author Name: Deep Sikder
The author is the founder of http://www.Bihog.com which deals with
exploring and evaluating money making ideas and help people in developing
their skills accordingly. The site also addresses issues on personal
finance, branding, and marketing.
Article Source: https://EzineArticles.com/expert/Deep_Sikder/2489512
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