7 Tips for Saving Money

Money saving is important and now in the time when the prices are touching the sky, money saving has become a necessity. Saving money by keeping check on your money spending habits and cutting unnecessary expenses can go a very long way and can help you save immense amount of money. Any person can turn his financial life around by simply relearning how to use and keep money.

save money

1- Get rid of your Debt

If you are under debt, you must be already aware of how much money you give just to service your debt every month. Once you get rid of that debt, you can simply save that money every month. Debt servicing month over month can increase exponentially.

2- Follow a 30 day rule

When making a big purchase always rethink and re-evaluate your needs and necessities. Expensive and shiny things always attract when you get your paycheck but it does not mean that you need that thing. Its better to wait for 30 days and see if you really need that thing in your life. You do not want to spend the only money in your bank account to buy you new model of the car.

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3- Write a list for Grocery Shopping

If love grocery shopping as much as I do, and you cannot stop checking and putting grocery items in the cart then you must be aware of the pain and shock we both go through at the counter. Yeah its painful, pretty painful. Small things add up to increase thousands of bucks in your reciept. So I suggest you to keep a list of grocery items and only buy those items. Trust me, you’ll save a huge amount of money.

4- Plan your Meals

Foods can be expensive if you do not have them planned beforehand. Keeping a chart of your planned meals also mean healthier and fresh meals. It will keep your body in healthy line, you’ll have a routine and a food for that time. Unlike the times when you are just suddenly hungry and then you have no idea what to eat and the only option left is the fast food or ordering instant food from restaurants.

5- Set Saving Milestones

Saving money is easier at start but eventually you will get less motivated with time. In order to keep yourself motivated you need to have some saving goals and milestones. Treat yourself once the milestone is done or simply mark it done. It’ll give you a peace of mind and will keep you motivated.

6- Stop Smoking

It is obviously not easy to quit smoking all of a sudden but lets do a calculation. One pack costs around $7 and lets suppose you smoke one pack of cigrette a day. It’ll end up $210 dollars per month and  $2520 a year. Yes! this much amount. You can save all of this amount and then spend it in some productive way or simply invest it for more revenue.

7- Utility Savings

Utility is something we ignore when planning to save. Loweing the thermostat of water heater only by mere 10°F can save you round about 3-5% energy. Turn off unnecessary lights. Go for automatic sensor lights so they do not stay on and consume energy 24/7.

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