First of all, let me explain what a money-saving article is doing on happiness related website. It is here because financial freedom causes momentary or short term happiness to many people. So targeting this, I thought of writing on this. There might be more such articles coming soon, targeting short term joy along with long term peace.
So, why save money? You should do it to enjoy financial freedom after some time. Having a bank balance is one of the best ways to gain confidence in life. (Tried and tested personally)
So, why save money? You should do it to enjoy financial freedom after some time. Having a bank balance is one of the best ways to gain confidence in life. (Tried and tested personally)
So in this post, I will discuss about strategies and tactics about how to save money.
Money Saving Strategies:
1. Don’t depend on credit card
It is one of the golden rules. Use credit card only if you can pay the bills every month. If you think that you might not able to pay the credit card bill, better go for low-cost loans instead of high-interest credit cards. Clear all the credit card dues, the most expensive one first.
2. Never do impulse purchasing
Ok, you can do impulse buying for candies. But don’t do it for expensive luxurious furniture you see in the mall. Think about it when you are going to buy any expensive item. You will have fewer regrets in life, if you do so.
Ok, you can do impulse buying for candies. But don’t do it for expensive luxurious furniture you see in the mall. Think about it when you are going to buy any expensive item. You will have fewer regrets in life, if you do so.
3. Track your spending
One must adopt the habit of tracking the monthly spending and should plan for it in the advance. One more thing, once you have planned your spending for the month, move the rest into saving. Make it a habit. Save before your spend.
4. Make short term saving goals
Plan about how much you can save in a year and break it into milestones for short period/ months. Think about how much you earn, how much you have to save to reach that goal and execute the plan.
Plan about how much you can save in a year and break it into milestones for short period/ months. Think about how much you earn, how much you have to save to reach that goal and execute the plan.
Tactics or tips to save money:
1. Use the “Sale”
Use the discount and sale period for your annual clothing shopping. Don’t overindulge with brand names. You can find the same quality of cloth with lesser-known brands too. Also, if you plan ahead your cloths related shopping and do it during discount season; you may save hell lot of money.
1. Use the “Sale”
Use the discount and sale period for your annual clothing shopping. Don’t overindulge with brand names. You can find the same quality of cloth with lesser-known brands too. Also, if you plan ahead your cloths related shopping and do it during discount season; you may save hell lot of money.
2. Make a list of purchase items before you enter the super-market
Understand the dynamics of these super markets. All the items displayed there are to generate a purchase interest in you and you end up buying for products which you don’t even need or didn’t plan to buy. So go with a list of items in these super markets, search for these items, and pay for them and come out. Don’t look on other “DEALS”. These deals are there to increase your spending.
Understand the dynamics of these super markets. All the items displayed there are to generate a purchase interest in you and you end up buying for products which you don’t even need or didn’t plan to buy. So go with a list of items in these super markets, search for these items, and pay for them and come out. Don’t look on other “DEALS”. These deals are there to increase your spending.
3. Economies of Scale in personal buying
Do the bulk purchasing for items which are non-perishable in nature. Some companies even offer discounts for bulk purchases. For example, buy 3, get 1 free. These types of items include soaps, shampoos, detergents, face cream, and oil etc. But wait; don’t overstock.
Do the bulk purchasing for items which are non-perishable in nature. Some companies even offer discounts for bulk purchases. For example, buy 3, get 1 free. These types of items include soaps, shampoos, detergents, face cream, and oil etc. But wait; don’t overstock.
4. Use public transportation or ride a bike
Prices of Petrol/Gas are going up each day. You may save good amount of money if you use public transportation to your office.
Also, it would be even better if you ride a bicycle to office or shops. It has several advantages like no harm to environment, money saving and most important, health benefits. You may even save the money required for Gym membership to keep your tummy inside.
5. Save your money with a high-interest bank
Why to have money in a bank which gives lower interest than the other one with high interest? Make that decision quick and transfer your money to high-interest bank. Similarly, take loans from a low-interest bank.
Prices of Petrol/Gas are going up each day. You may save good amount of money if you use public transportation to your office.
Also, it would be even better if you ride a bicycle to office or shops. It has several advantages like no harm to environment, money saving and most important, health benefits. You may even save the money required for Gym membership to keep your tummy inside.
5. Save your money with a high-interest bank
Why to have money in a bank which gives lower interest than the other one with high interest? Make that decision quick and transfer your money to high-interest bank. Similarly, take loans from a low-interest bank.
6. When throwing a party, do it at home
Sometimes, you need to celebrate, and you should do it. However, celebrating at a lounge or famous pub or restaurant may cost you heavily. It will be less costly, if you celebrate at home. Invite people at your home and do whatever you wanted, it will not cost you as much as it would have at restaurant.
Sometimes, you need to celebrate, and you should do it. However, celebrating at a lounge or famous pub or restaurant may cost you heavily. It will be less costly, if you celebrate at home. Invite people at your home and do whatever you wanted, it will not cost you as much as it would have at restaurant.
7. Save energy
Saving energy means that you are thinking about your children and grand children and giving them some energy which you could have wasted. Saving energy also means saving money, as you need to pay for it.
Saving energy means that you are thinking about your children and grand children and giving them some energy which you could have wasted. Saving energy also means saving money, as you need to pay for it.
8. Research and compare the price, and then do the shopping
These days, we have a very handy tool for price comparison, called Internet. We don’t need to go to each and every shop around to check out the lowest price. Just compare the prices over internet whenever you plan to buy something expensive like camera, mobile phone, TV etc. There are lots of websites which do this favor to you free of cost, use them.
9. Ladies, don’t lighten your mood by shopping, it hurts
I agree that ladies feel light-hearted when they perform their favorite task, shopping. However, please don’t do it to de-stress yourself. Please don’t use shopping like chocolates which release good hormones in your body so that you feel good. Don’t do it to make you feel good, it hurts you financially. Do it when you really need to purchase something. Also, malls and shopping centers are not for entertainment, they are for shopping. Don’t go there when you don’t have anything else to do. (This applies to men too.)
These days, we have a very handy tool for price comparison, called Internet. We don’t need to go to each and every shop around to check out the lowest price. Just compare the prices over internet whenever you plan to buy something expensive like camera, mobile phone, TV etc. There are lots of websites which do this favor to you free of cost, use them.
9. Ladies, don’t lighten your mood by shopping, it hurts
I agree that ladies feel light-hearted when they perform their favorite task, shopping. However, please don’t do it to de-stress yourself. Please don’t use shopping like chocolates which release good hormones in your body so that you feel good. Don’t do it to make you feel good, it hurts you financially. Do it when you really need to purchase something. Also, malls and shopping centers are not for entertainment, they are for shopping. Don’t go there when you don’t have anything else to do. (This applies to men too.)
10. Withdraw membership from where you never go
It’s ok, if you joined a gym to reduce your belly. However, don’t feel shy to withdraw your membership, if you don’t do there anymore. This applies to other services as well, which you pay for but don’t use. For example, I recently removed a landline phone from my home, as I never use it for calling. I call from my mobile, so why pay for a landline? Cancel the channel subscriptions you don’t watch.
It’s ok, if you joined a gym to reduce your belly. However, don’t feel shy to withdraw your membership, if you don’t do there anymore. This applies to other services as well, which you pay for but don’t use. For example, I recently removed a landline phone from my home, as I never use it for calling. I call from my mobile, so why pay for a landline? Cancel the channel subscriptions you don’t watch.
This is not an exhaustive list, but it will surely make an impact if you follow these. Please share your comments below about your experiences and feedbacks.
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