Previously I wrote a post on how to manage money. As stated in my post, managing your money is very important as it always come in handy in periods of unforeseen contingencies whether it be economic crises or otherwise. In this post, I’ll address effective money saving tips.
Most financial advisors encourage saving. Always make saving your priority. As soon as you get paid each month, deposit the amount you wish to save in your bank account or other location for safekeeping. This will help you to overcome any temptation to spend those funds.
There are different reasons to save money and they include
• Money saved for an emergency
• Saving money for college
• Planning to buy a house
• Planning to travel
• Saving for financial freedom
• Money saved for retirement purposes
• Unforeseen contingency savings
Whatever your reason for deciding to save money, there’s always this happiness when you look at your bank account balance at the end of the month and see a huge sum of money to be put into effective use. Before I venture into effective money saving tips, lets us take the time to recap on simple steps to managing your money.
HOW TO MANAGE MONEY- GET RICH SLOWLY
It is very important that you manage your money properly. It is one of the most important things in your life as it affects almost everything you do. READ MORE
Skills to manage personal finances
Be diligent in your work: we’ve heard of the expression that hard work pays off. Develop the reputation of being a hard worker. When you give all it takes to a job at hand, your employer will reward you for your service. You’re more likely to get an increase. When you get this increase in your work place, coupled with good money management, you’ll get rich slowly. Hard work also decreases your chances of losing your job. You can always repeat this mantra to yourself ‘whatever is worth doing, is worth doing well’ this will always inspire you to keep working hard and your hard work will not go unnoticed.
Always consider cost before buying: before engaging in any buying activities, evaluating your personal finance is very important. You need to sit down and prepare a budget. Always ask yourself if you really need what you’re about to get. Differentiate between needs and wants. Always ensure to make a list of your needs and the costs of getting them. This sets you on the right track for good money management.
Avoid wasting money on bad habits. Are you addicted to gambling, smoking, drug and alcohol abuse, then you need to re-evaluate yourself. If you’re a low income earner, engaging in these bad money habits means you’re setting up yourself for destruction and also vice versa. Good money management entails managing debts, banking, savings and insurance practices.
Be content with what you have: if you are content with what you already have, you’re less likely to spend on things you do not need. People who are content with less are better at saving money and are able to manage money effectively.
Smart Money Saving Tips
Money-Saving Shopping Tips
• Before going shopping, make a list of all the things you need. Write them down in your daily planner.
• Always avoid impulse buying as this makes you spend on things you never budgeted for.
• Look for the best prices of things you need.
• Make use of coupons.
• Purchase the items you need that are on sale.
• When possible, always buy in bulk.
Home saving – Energy saving tips to save money
• Pay your bills on time to avoid extra charges. It’ll help manage your money.
• Prepare meals and beverages at home instead of ordering from a local restaurant as this cuts down amount spent on food.
• Be moderate in food and alcohol consumption. Alcoholic drinks are very expensive. Managing money entails cutting down on alcohol.
• Turn off lights and appliances when they are not in use. If possible, use energy-efficient devices.
• Reduce, reuse and recycle.
Money Saving Travel Tips
• If you need a personal vehicle, buy a reliable, fuel-efficient one.
• Combine errands, and carpool when possible. You are able to save fuel and spend less money on buying fuel.
• Use public transportation frequently
• Walk, or ride a bicycle when necessary.
Save in Electronic, books, and entertainment
• Decide if you need both a home phone as well as a cell phone
• You cut costs by reducing the number of channels when you subscribe to a TV service
• Borrow books from public library when necessary instead of buying
• Rent movies from local stores.
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Until next time. Görüşürüz