“Money is the medium by which earthly success is measured.” Often it becomes a very big problem when money slips off your hands with no hope of returning or replacement. This article is going to be interesting, yet educative for those who have just realized the upshots of recession.
1. Preparing an Effective Budget
First there is a need for planning the monetary activities like analyzing savings and expenses so that one can learn to manage money more appropriately than wastefully. Carefully recording the income and expense statement every day/week/ month helps to reduce over expenses for the forthcoming months.
2. Out Of Sight – Out Of Mind
One of the best ways to save money is to cheat oneself on money matters. It is advisable to deposit even small amount in the bank. Simply by not keeping more money at home or in one’s wallet will help to cut-down on unnecessary expenses.
3. Purchase Needs, Not Wants
It is highly important to be disciplined when it comes to shopping. There are lots of flashy and attractive things to buy, but there are very few which are rationally needed. So, go for what you really need, not what you want!
4. Cash Out Instead of Credit
It is highly advisable to buy basic necessities only by cash and not through credit cards. It important to cut back the rate of interest that you might be paying for your credit cards.
5. Saving Coins in a Jar
It is indeed a healthy habit to save change in a jar or piggy bank. A person definitely tends to have coins in his or her pocket at the end of each day; saving them in a jar is only going to increase the saving each month.
6. Cut-Down On Needless Expense
When cutting down monthly expense, first go for a change in cable package, phone and internet plans. Sometimes, these things act as a needless expense each month.
7. Take a Walk To Save Penny
If you want to go down the street to a library, it is wise to take a walk rather than using a public transportation or your car. In fact, saving some money while burning some fat by walking is healthier and has no cost rather than burning fuel for a bunch of bucks by driving a car.
8. Avoid Weekend rush
Sometimes we tend to spend more money when we are with a group of peers during weekends. Dignity could be one reason, but why waste money this way? Instead, try to spend the weekend with family and your kids. This way you get to know more about your family and enjoy your time!
9. Gardening Can be Productive
Giving it a first thought may look impractical, but this really works for some people. If you have that extra space in the backyard, try growing some green veggies. Not many! But just a few could save extra money.
10. Invest on Inexpensive Home-Made Meals
Nothing wrong with cooking an inexpensive meal and save some groceries for the next month. Eating salads is only going to help in reducing the use of cooking gas, oil, and other ingredients. Moreover it’s healthy.
11. Avoid Purchasing Same Things Over & Over Again
You have to maintain your items for them to last long. Lack of maintenance can cause you a lot of problems. You may end up spending money to buy one product over and over again. This goes with all things from purchases as large as a car to your mountain bike. If you keep up the maintenance, whether you pay someone or DIY like step 14 suggests, you’ll save money in the long run.
12. Take Advantage of Your Skills
There are several part-time / freelance job vacancies all across the country. There is no harm in baby-sitting your neighbor’s children during weekends to earn those extra greenbacks.
13. Switch From Classy Gift to Hand-Made Ones
Every quarter, some of our friends and family members will have their birthdays or anniversaries. Certainly there is no stopping it, however you can save some money by showing some unique love by making a gift on your own and give it them.
14. DIY (Do-It-Yourself) Theory
This is the most interesting theory that could be applied in the every month emergency task. Fixing a simple plumbing problem or replacing lights or home improvement jobs can be done on your own rather than spending money hiring a person. So roll up those sleeves and start paying yourself that $15-20/hr or more it takes to hire a contractor.
15. Drinking Water Saves Lives And Money
One thing that is small but can save lots of money is water. Swap out the soda, beer, wine or cocktail for water. It’s healthy and you get it for free. Even when buying bottled water, you can usually buy it for a much cheaper price.
16. Always Be on Lookout for More Money Saving Tips
There is no indignity in talking to anybody about this. By putting yourself out there, you can pick up a lot of great ideas to keep your money in the bank.