Money does make the world go round, but it can only make your world go round if you have enough to spend. Saving money is one of the most effective ways to be able to afford the things you want without running into debt. Sadly, not everyone knows how to save. If you think saving is hard then this post is for you because we are about to show the top 10 money saving tricks that will put a smile on your face every time you check your account balance.
Make a budget
Never underestimate the power of a budget! With a budget, you know exactly how much income you are expecting and exactly what you are going to spend it on. But most important, you know exactly how much of your income you are going to put aside as savings.
Your budget will take into consideration your regular monthly expenses, expected expenses, and should also make provisions for possible emergency expenses. If you end up not spending the money you put aside for unforeseen expenses, that’s automatically extra income for next month! Also, with a budget, you can cut down on costly impulse buys and unplanned expenses that eat into your wealth. But remember when drawing up your budget to set aside a little cash for fun. After all, being frugal doesn’t mean you have to be sad.
Make saving automatic
Once you know exactly how much income you are expecting, you can automate the diversion of how much you intend for savings to your designated savings account. Many banks offer automated transfers which makes such an arrangement not only effective but also convenient. With automated transfers to your savings account, that money is out of reach before you can be tempted to spend it. And as an extra tip, the account your savings is being transferred to should be one that doesn’t allow you easy access to funds in it. A great example is a fixed deposit account that not only saves your money and keeps it out of your reach for a fixed time period, but also yields a nice interest on your savings.
Upgrade to a better bank
Using a bank for the past ten years is no excuse to stick with it if it isn’t offering you the best deal. If your current bank is eating into your savings with ridiculous maintenance fees and other charges, and doesn’t even have the decency to reward you for saving with it, it’s to upgrade to a bank that appreciates your patronage. Shop around for a bank that offers convenience, no fees, and pays lovely interest on money saved with them. This not only helps you save money but also make a little extra change
It’s strange that few people realise how much of a booby trap credit cards are. They may be convenient, but the charges and fees are bloody murder. Save yourself by dumping your credit card for cash. With cash, there’s no charges on transactions and no interest fees to worry about at the end of the month. Also, spending raw cash makes you psychologically more conscious of your spending habit which puts you in a state of mind to be more watchful of your spending
It’s nice to have a trusted vendor or store where you do all your shopping with comfort. But are you sure your trusted vendor is offering you the best deal? Well you won’t know till you shop around. By shopping around, you can get items you need at lowest prices and save money. And with tools like Sello Resources, this is made extremely easy.
Unplug electronics when you’re not using them
If your TV is plugged but not turned on, believe it or not that’s money going down the drain a penny at a time. Idle appliances that are plugged in are still consuming electricity, thus unplug them. Also be sure to switch off lights you aren’t using. Try this for a month and be impressed when your power bill is delivered.
Track and manage spending with an app
With apps like Mint, you can keep a close eye on what you spend in a month and what you are spending it on. With this data, you will know what wasteful spending habits to drop so that you can have more to save. The app can also be used to pay your bills and monitor due dates.
Jump on sales and promos
In order to stay competitive, stores go on sales and offer promos more than ever before. Keep an eye on such periods to shop in bulk and save money. It’s also a great way to get that expensive item you want at a bargain price.
Cook more, eat out less
Eating out is fun but it’s definitely more expensive. Cooking at home on the other hand saves you money and lets you explore your hidden culinary talents.
Take more walks
You don’t have to use your car every time you need to leave the house. Take a walk, see the world, and enjoy the sun. Talk about a win-win, you get to keep fit and save money on gas.
Have you got tips of your own? Share with us in the comments!