Having tough time-saving money? You are not alone, we all suffer in order to save money. We make plans, make resolutions, and put the same efforts for day or two in practice, and then we again fail to manage.
“DO NOT SAVE WHAT IS LEFT AFTER SPENDING, BUT SPEND WHAT IS LEFT AFTER SAVING”
Well when we talk about saving money, it is not at all easy tasks. It requires controlled efforts to control over your unlimited wants.
One of the hardest steps towards saving money is to know how to save money and from where you can save some extra dollars.
WHY DO WE NEED TO SAVE MONEY?
Do I need to answer this question?
Everybody knows why to save money and you can find your reason in one of the followings :
1. To pay off your Debt
2. To get that thing you always desire
3. To travel your favorite destination
4. To live financially free
5. To have a better retirement plan
6. To Donate money to less privileged
7. Be ready for any emergency
HERE ARE SOME GENERAL TIPS TO SAVE SOME EXTRA MONEY
1. Analyze your Expenses
Analyzing your expenses not only gave you an idea about how your money is spending. But also provide you different alternatives to save money.
2. Stick to your Budget
People often create their budget monthly, but sometimes or mostly they fail to manage it. Stick to budget require lots of efforts and keeping it real is one of them. But once done it is better and easy to manage your budget and money.
3. Set saving Goals
Being clear about how much you actually want to save this month will keep you focused. And also increase the probability to achieve it. Always make a saving goal to starting of every month and follow with whole heartily.
4. No spend Days
No Spend Days are the days where you have to try not to spend money at all. It might seem a little hard but it can be possible with little effort and control.
5. Pay off your Debt
Debt not only generates an unnecessary burden on your financial condition. But also take away a good amount of money from your account every month. Clearing debt not only saves you money but also create alternative work for that money.
6. Compare online
Whenever You are purchasing anything online, prefer comparing it on various sites. You can surely find a better and cheaper deal on the same item while comparing.
I think it is needless to say how much bargaining can actually save you. We all bargain and why shouldn’t we be when it is saving us money.
8. No to unnecessary membership
You took membership in that event and now you are not attending it. Avoid such temptation and unsubscribe to such membership if you are not willing to attend.
9. Avoid Penalties
Penalties are the extra amount of penny we have to spend which we could have been saved. Avoid any kind of penalties especially when it is related to your money.
10. Limit Your Outings
A visit to a bar or any restaurant on an average cost of around $100. So it is not a cool idea to party every weekend if you want to save money. We would advise you to limit your outing to save money.
11. Understand affordable and unaffordable
In order to save money, we should be aware of what we can afford and what we cannot. We often spend unnecessary money on things we hardly use just for the sake of show-off.
12. Avoid unnecessary loans
We need a student loan, we need a house loan, car loan, bike loan, loan to pay the loan, and any other loan. Taking unnecessary loan only put the burden of debt which goes on increasing. Avoid taking Unnecessary loans.
13. Carry Cash
Have you ever thought whenever you carry a credit card you spend like there is no tomorrow? And more often ending up max out your Card. Carrying a specific amount of money will not allow spending like anything. And surely saves you money.
14. Frugal Living
FRUGAL LIVING is a way of living solely focused on saving more without compromising the need. Basically it is being a bit more conscious about your money. Please check out our tips on adopting frugal living linked in starting.
15. 30 Days Saving Challenge
Challenge everyone should accept in order to save. Promise yourself to save every penny you could for the next 30 days. Start saving on small things and then expand this idea on bigger things.
16. Quit Alcohol/smoking
Well, it is both harmful to your health and your Wallet. Expensive addiction like smoking and drinking alcohol are the biggest enemy to your money. Once get addicted they make you spend money like hell.
17. Clear about your wants and your needs
Being clear about our wants and our needs can save you money. Ask yourself before buying anything expensive that “DO I REALLY NEED IT?”. Spend on need not on wants because wants can never be fulfilled.
18. Walk more than you ride
We, humans, have become so lazy that for even a small distance to travel we either need a taxi or other transport. Prefer walking over short distances rather than taking a cab. You will not only be saving money but also getting rid of extra calories.
19. Create an Emergency Fund
Emergency never comes by knocking your door and with your permission. It can happen anytime and with anybody. And more often it usually requires a hefty amount to tackle it. Having an emergency fund help you count down the situation without affecting your current financial condition.
20. No packaged food/water
Packaged food or bottled water can prove a little heavy in your pocket. Carrying homemade lunch and water bottle, in the long run, will definitely save you money.
21. Rent out your free space
Renting out your free space not only put that space in use but also can earn a good amount of money. You can rent out your free space on a certain website and save money.
22. Promote carpool or bike-pool
Carpool or Bike-pool is both wallet-friendly as well as an environment-friendly idea. Instead of riding a car to work for yourself try to pool it. This way you can make and save money.
23. Stop eating out every day
You already know how much you spend eating out. Going to that fancy 5-star hotel enjoying that expensive meal can put pressure on your wallet. Limit your visit to such a place every day to save money.
24. Use coupons
Coupons can be fun sometimes. Coupons basically are the discount deals for the respective product. Before buying anything try if coupons of the same are possible.
Following are the site which provides coupon codes or cashback
1. CouponzGuru https://www.couponzguru.com/
2. RetailMeNOT https://www.retailmenot.com/
25. Use Public Transport
In the process of saving more, we should use more public transport than private vehicles. Focus on using public transport as much as you can.
26. Avoid wastage
Avoid wastage of any kind of material, be it food, water, or anything. This not only saves you more money but also help the environment.
27. Say NO to excessive shopping
Excessive Shopping means buying more than you can use. Whenever we enter any shopping complex we feel like buying everything, which ultimately ends up in a long list of bills. Shop for what you really need.
28. Cancel costly subscription
Yeah, you heard it Right. Cancel all those subscriptions which are costly and you rarely avail them. And you will find yourself saving lots of money.
29. Rent your Car
Imagine your car is making money for you. Yeah, great idea indeed. Renting your car or bike when not in use not only saves money but also earns for you. And this idea is at least better than keeping your car parked in the garage for ages.
30. Stick to your Goals
These all above method not only saves you a handsome amount of money but also can earn you back. But there is no point in practicing all these steps if you can’t follow the last one. And that is “STICK TO YOUR GOAL”. Remember it will be harder in the initial phase but you should be determined for saving money.