Top 10 Best Ways to Save Money

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It is always easy to spend than save money. It is even easier to say “save money” than actually do it. Even though we know that the money saved is always a safety deposit for our own future, we do not know how to save it. The reason is we do not realize where we actually spend more. Saving money is not only keeping some amount separately, it is also “spending money wisely.”

Here are the 10 best ways to save money. Some are really fun; some are simple while some are intelligent spending ways!

10. Buy the Inevitable

10. Buy the Inevitable

The prime mantra of saving and spending is “buying only the inevitable.” Have you ever gone to buy only one scarf and ended up buying every outfit in every brand? Well, shopping is always tempting. But it is also your responsibility to buy only what is necessary. Do not just buy what ever you see and whatever you think you want. Take a list containing the things you want to buy when you go out for shopping. Buy only those. If you find something else that you want to buy, think twice. Think whether it is really necessary. If necessary, think whether it is inevitable. Only if it is inevitable, buy it. If not, just say you can take it some other time and move on!

9. Party Issues

9. Party Issues

Partying has become mandatory. There is no escape! That’s the trend now. It also swallows a lot of your money. How do you go about it? First of all, keep a list of people you really want to invite. Prepare a theme based party, which costs you less and at the same time make sure it is interesting. Plan the food, environment according to your budget. If you are invited for a party, do not just go on a shopping spree. Instead open your closet and check. You will be having so many flashy clothes which you have not worn in a long time. Mix and match them. Who’s going to remember? What’s wrong in wearing the same outfit after a very long time? It does not matter, if it looks good on you, you can always carry it pretty well!

8. Reuse, Exchange, DIY

8. Reuse, Exchange, DIY

You would have heard about reduce, reuse, etc., when you read about saving and reducing pollution in environment. But you know what? It works for saving money too. Reuse any product that can be used for any other purpose instead of throwing it away! You may use a broken bucket to plant your favorite rose, bonsai or any other beautiful plant. You need not buy a brand new plant pot for that! You can give your old electronic gadgets in exchange for new ones; you can save a lot of money!

Some things can be done by you instead of hiring people to do it. You can take care of your garden, lawn, car wash, laundry, plumbing, etc, all by yourself. You can reduce a lot of money spent in restaurants by cooking your own healthy meal! Go for some Do It Yourself (DIY) courses and equip yourself with some useful life-skills!

7. Piggy Bank

7. Piggy Bank

Every person is introduced to the piggy bank in some way or the other when they are little kids and know the meaning of the magical thing called ‘money’; the thing that can get them anything in this world. It has always been the traditional method for saving money. It is in fact the best and the simplest way too. Putting every penny you find in to the piggy bank is one way. Fixing an amount as the savings to be put in the beginning of every month in to the piggy bank is also another way to do it, which would be more organized than the former method. The plus point is that you never know how much you have saved and you can always break it when you are in need of money. Doesn’t it sound easy and simple to implement, follow and enjoy saving money?

6. Bank Account

6. Bank Account

Open a savings account in nearby a bank which offers good interest rates on the deposit. Segregate some fixed amount of money from your monthly expenditure. Make sure to deposit at least a minimum amount every month. Not only do you save money, you actually multiply the money without any effort! Bonus, you have bank security for your money and the support of the bank if you are a loyal customer. When you are in need, the bank could help you out depending on their terms and conditions like offering a loan with lower interest rates, etc. Who said saving money isn’t cool?

5. Reward/Penalty

5. Reward - Penalty

This is a fun way of saving money. Let’s say, you get to spend 20 bucks a day from your pocket money and you plan to save 5-10 bucks a day, depending on some terms and conditions. The Reward/Penalty method is that, say, if you make a mistake, a huge blunder you could be ashamed of or hurt someone that day, you put 10 bucks into your penalty box. In this way you regret the mistake you did by cutting down on your expenses and you also make a good savings for your own future. If you do something nice, something you could be proud of, then you put only 5 bucks into your reward box. In such a way, you get extra 5 bucks to celebrate and at the same time you save money.

4. Discard the Cards

4. Discard the Cards

Credit cards are the biggest culprits especially when you try to save money. You never know how much you spend until you get the credit card bills at the end of the month. Use cash. Spend from what you have in your hands; so that you would be more conscious of what you have, how much you are spending and how many times you refill your wallet. The moment you become conscious about the amount of money you spend lavishly, you will realize the importance of saving money. So discard the cards and use cash. Take minimum cash when you go out and spend only from what you really have. It will help you save a lot.

3. Budget

3. Budget

As I mentioned earlier, saving money is “spending wisely.” Plan how much you want to spend for each of your needs and necessities. Do not be too stingy. Keep it relaxed. Make a budget and fix the amount to be spent for each category. Try to follow the same! It should be based on your income and it should be well balanced between your monthly savings and expenditure. If you plan to spend 100 bucks per month in movies and entertainment, try to make it within 80 bucks and save 20 apart from your monthly savings or use it for something more useful and important. Just because you fixed 100 bucks to be spent for entertainment, does not mean you have to. This is called smart spending of money.

2. Cut the Bills

2. Cut the Bills

We pay bills for so many utilities and services. The biggest bills are always and usually from phones, electricity and water bills and fuel expenses. If you are planning to save some really good amount of money, the things you need to take care of are these bills.

Use public transport services and save the money spent on gas and fuel. If possible ride a bicycle for shorter distances instead of using your cars and bikes. It also helps you save your environment, good for health and most importantly, reduce fuel expenses.

Reduce the number of unnecessary phone calls you make. Try to avoid auto pay, review your bill statements. If you do not use all the fixed minutes, try to switch over to cheaper plans that suit your needs. If possible try prepaid phones. Switch off every unused lamp and other electrical equipments. Frequently check for leaks in pipes and water connections. Reduce your bills as much as possible; you will see a huge difference in the money you could save!

1. Debts and Insurance

1. Debts and Insurance

Is your life insurance or vehicle, health insurances costing you more than what’s necessary? Look for cheaper insurances, and switch over to them. Clear your debts first. There is no point in trying to save money when you have not yet cleared your debts and pay high amount on the interests! If possible, try for debt consolidation with lower interest rate. Clear the most expensive debt first. Always have some emergency savings, it will help you during urgent circumstances. Once you are free of all the debts, you can save all the money you want without any issues.

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