8 of the best ways to save money

Lifestyle | 14 Oct |

We all have those irresistible urges to buy something so badly that we end up spending more than we wanted to. Later, we come to regret being a careless spendthrift and deeply wish we saved the money for a rainy day. A little bad spending happens every now and then, but if you get carried away this can grow into a terrible habit, which will leave you broke before you know it. One major consequence of this is that you would end up putting yourself in debt by borrowing from others.

Saving your money is always a good idea, especially when you need financing for yourself. What do you do when you need financing? Surely turning to a friend, neighbor or even family is not a good idea. If the money is not returned on time it can make the relationship go sour. The best thing to do is save money. In this article, I will share with you the top 8 ways to save money.

1. Quit Vacations

Vacations can seriously poke a hole in your wallet. From tickets overseas, the cost of food, and hotel sojourns, vacations have a way of their own in draining your cash. Try finding places in your city to have fun, like visiting a museum you never visited or an art gallery you have never been to.

2. Pack Your Lunch

If you are someone who goes out to buy lunch each day, then you should know that this is a costly route to take. Why not fix yourself something from the food items in your refrigerator at home. Try making a sandwich, and take some fruits along as well. Not only is this a more healthy option, but you will have enough energy to carry out all the activities in your day while saving money.

3. Fabricate Savings Goals

Get a good understanding of how much you earn each month/week and plan how you will spend your money. Once you have a good idea of how much you earn and how much you’re likely to spend in a month/week, then you can better gauge where costs can be cut down to help you save.

4. Quit Smoking and Drinking

Smoking and drinking are detrimental to your health and are a good example of wasteful spending. An average box of cigarettes can cost around $6 to $8, and we all know that depending on the type of alcoholic drink you choose, they too can be pricey. It’s best to stick with healthy options like water and fresh juices, which are cheaper as well.

5. Don’t Buy New Clothes

If you have a closet full of clothes and shoes, there is no need to purchase more clothing. Be serious about saving money and try not to get drawn away with new clothes, deals, or sales in the market. It will only distract you and hamper you from achieving success in saving sales.

6. Be Frugal

Be frugal in whatever you do. Try to purchase items on sale, save electricity where you can, avoid going out with friends often, use coupons where possible, cut your gym membership and instead try running or riding a bicycle in your neighborhood. Do whatever you can to save whatever little you can. Remember every penny counts.

7. Remove All Debts

If you are insolvent, then it’s best to remove all your debts as soon as possible. Also, try not to borrow money. I feel it’s super important for one to rely on and make the most of their resources. The more we rely on others, the more we become dependent. We all need to be self-sufficient and make the most of what is our own.

8. Avoid Using Your Credit Card

If you use your credit card often, you are likely to be charged interest if the money is not paid on time. This will further hurt your finances. As mentioned before, try to make the most of the resources you have available. There is no need to purchase more than you have space to keep.  Avoid using your credit card and rely on cash.

Conclusion

Saving money is very important. You can always rely on it, and you won’t need to depend on others. If you are keen to start saving, the tips above will surely help you. Just remember that the crux of it all is to save wherever you can. If you feel that dining out often is costing too much, spending time with friends, etc. avoid it, and do your best to stick to your goal of saving.

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