Everyone earns money, but not everyone is an expert at saving money. You probably try to save money, but due to unforeseen circumstances, such as when someone in your family becomes ill, or your child wants a new bicycle, or your car needs new tires, etc., you fail to do so. And all you’re saving goes away. Sounds familiar, right?
But this does not mean that you can’t save money. You can save money, you just need to change some of your daily habits. Saving money is hidden in your daily habits, so by making some changes you can save your money. Let’s discuss some ways you can save money.
1.) Clear your debts to save money.
Your monthly debt is your biggest enemy when saving your money. Debt takes all your savings, so it is important to pay off all your debt as soon as you can for a few months. Don’t spend money on travel and eating out. First, pay off your debt. Once you have paid off all your debt, you will be free and you can make progress in saving money.
2.) Track your money.
Tracking your money is one of the very effective habits through which you can save your money. If you track where you are spending your money, you will be able to figure out where there is no need to spend money, and then you will be careful next time. For example, if you went to the market but did not bring a bag, you will have to spend money you did not have to buy a bag.So, if you track your spending, you can make changes that will save you money in the future. There are many apps through which you can track your spending, and if you are using cash, you can write at the end of the day where you have spent your money. Tracking your spending is thus a very good habit.
3.) Make a shopping list before you go shopping.
If you’re going to the market or a mart to buy groceries or anything else, make a list of everything you need to buy before you go. This will help you avoid buying things you don’t need. If you go to the mart without writing in advance what you want to buy, you will wander all around the mart and you will buy things that are not required. You will grab some packets of biscuits, chips, and chocolate. This is small spending, but when you calculate this at the end of the month, you will be surprised to see how much money you are spending on these things. So it is very necessary to make a list and then go shopping.
4.) Cancel any unneeded subscriptions.
If you have set up subscription plans for multiple platforms like Netflix, Hotstar, Spotify, gym membership, and any other platform, then it’s time to analyze which platform or subscription you use rarely or don’t use immediately. Unsubscribe from that service and save money. You can also share some services, such as Netflix, which allows you to use their service on multiple devices, so you can borrow it from a friend and split the cost. It will save you a lot of money.
And in the future, if you feel that you need some service that you unsubscribed to earlier, you can again subscribe to that service.
5.) Avoid eating outside to save money.
Eating outside is bad for your health and bad for your wallet. Many people have a very bad habit of eating outside on a daily basis, and they spend a lot of money on eating outside. Eating out is more expensive than making it at home, so if you want to eat, you can cook and eat at home. This will be good for your health and wallet too. But if you are addicted to eating out and you can’t live without it, then you can reduce the frequency of eating out and slowly acquire the habit of eating homemade food. This will save you lots of money.
6.) Avoid shopping online.
It is very common that you see an advertisement for some product and you think you should have this product. You purchase it from that website, and when you receive the product, you use it for a few days, then you throw it in your corner of the house. You rarely use that product again. To avoid this, you should not make an online purchase just by seeing an advertisement.
7.) Use the 30-day rule to postpone your purchase.
This is a very effective way to avoid making unnecessary purchases. Before buying something just by seeing the advertisement for the product, give yourself a time period of 20–30 days to realize whether you really need that product. It will really add some value to your life or it will really help you. If you just need it because it is attractive, add that product to your cart and wait a few days. If you think I really need this product, then you can make a purchase. If you think “no, I don’t really need this,” then avoid purchasing that product. If you feel 30 days is too long, you can wait for 2-3 days.
8.) Avoid the use of credit cards.
Credit cards increase your burden At the end of your month, you spend unnecessary with your credit card because you don’t have limits, but at the end of the month you have to pay your credit card bill, and then you realize you have spent your money unnecessary and now you have to pay your credit card bill.
9.) Lower your electric bill.
You can reduce your electricity bill by changing some of your daily habits. Starting with simple habits like taking a shower in cold weather rather than using a geyser, switching off lights when they are not required, replacing high-volt bulbs with lower volts, washing your clothes by hand, installing less resistant wire, and using energy-saving appliances is also one of the best ways to reduce your electricity bill. Although it is costly, in the long run, it will benefit you.
10.) Before purchasing anything, request a discount.
Before buying anything, check for the discount If there is any discount available, then claim that discount. You can also ask for a discount because if you do not ask, you will never know. There are many restaurants and parks that give special discounts to children, students, teachers, and military personnel. So check if there is any such type of discount available and, if so, claim it for that discount. This will also help you save money.
11.) Set your saving goal.
Set your savings goal. It should be specific but also realistic. It should not be like you know you can’t save this much and then you set that goal that will waste Set a realistic saving goal Your saving goal can be yearly or it can be monthly. It depends upon you, but you should put all your effort into achieving your saving goal.
12.) Do you save your money in a high-yielding savings account?
On your way to saving, it is also important that you put your money in a high-yield savings account so that you can enjoy a good return on your money. Find a bank that gives a high yield on your money and invest your money in that account. You can also invest your money in stocks and mutual funds for a high return, but investing in the stock market is risky. You have to do proper research before investing in stocks.
13.) Change your phone plan.
Switching your phone plan is also one way to save money. From time to time, you can check which network provider is offering the same plan at a lower cost. If you find any such provider, you can change your plan to that provider, and you will save some money from there.
14.) Installing cable internet
This is also a way to save money. Instead of buying an internet plan for each member of the family, you can install cable internet or wifi through which every member of the family can use the internet. It will be cheaper than the all-inclusive plan for your family members.
15.) Pay in cash rather than online.
Online payment has a very bad effect on our spending we use online payment as we have unlimited bank balances because when we use online payment we don’t give any physical things to others, so we don’t feel anything. But when you start using cash every time you give money, you will understand its value and you will try to save it. One more thing you can do is take minimum cash with you when you go outside with your friend. If you have less cash, you will spend less and if you have more cash, you will spend more. So it’s better to take minimum cash with you when you go outside and collect all that coin you left at the end of the day and put it in some safe place. When you have enough coins, you can deposit them in your saving account
16.) Make use of cash-back apps and coupons.
There are many cash-back apps that give you cash back for every purchase you make from their app and there are many websites that give you free coupon codes through which you can get discounts, so before buying anything online, you should check out these apps and websites. This will save you money in your pocket.
17.) Don’t buy books.
If you want to read any book, then it is not necessary that you first buy that book and then read it. You can go to the library to read books. You can either sit there and read the book or you can borrow it and bring it home to read it. And another thing you can do is buy a second-hand book. If that book is not available in your local library, you can buy a second-hand or used book. There are many apps that sell used books or you can borrow them from your friend and after reading you can return them back.
18.) Avoid taking a vacation.
Going out on vacation sucks all your saved money, so if you are focusing on saving money, avoid going on vacation. Instead of going out of town for a vacation, you can go to a place that is in your city with your family. This will save you time and money.
19.) Avoid buying coffee from a shop.
Listen, I am not telling you not to drink coffee. You can drink coffee, but instead of buying coffee from a coffee shop, you can make it yourself. This will save money in the long run.
20.) Dispose of unnecessary items.
There may be many things in your home that are of no use and are only there to take up space, so sell those things to someone who really needs them and put the money you get from selling those things in your savings account. For example, you have certain books which you don’t need now, so you can sell that books to the person who really needs them and take the money. You can also sell scraps from your home and get money. They will recycle your scribe and make it useful again.
CONCLUSION
Now I hope you understand the ways to save money. You don’t have to do any rocket science to save money. You can save money just by changing some of your daily habits, as we mentioned above. Saving money is very important because you don’t know what will happen the next day. Many families suffered problems due to the lockdown, and those who saved money were able to survive comfortably. So this shows how important it is to save money. There can be many other reasons to save money like you want to pay for your daughter’s marriage, or you want to send your children for higher studies, or for your future security. For any reason, saving money is a very good habit, but it is not a one-day process. You have to be consistent. There is a phrase in English that says “drop by drop fills the ocean”, so you have to daily collect the drops to fill the ocean. Like saving is important investing the money you are saving you should invest that money also so that it will give a good return in the future there are many options to invest your money such as gold, property, stocks, bonds, mutual funds, commodities, etc if you want to grow your money investing is very important. So start implementing the points mentioned above and see the result.