10 Awesome Ways To Save Money

Is the aroma of beef steak lingering in the air and enticing you as you walk by your favourite restaurant? Is that black, sultry dress calling out your name as you stroll by a clothing chain that you love? Or is that sparkly new diamond necklace looking extra shiny in the jeweller’s window? If the answer to the above questions is yes, then do not worry. We have walked in your very shoes and can relate to the temptation that you are attempting to avoid.

After all, it takes a lot of willpower to just keep on walking and ignore the call of the consumeristic devil. Not everyone will have the same level of strength and be able to resist it. That is why we are here to guide you and offer a few tips that we have gathered over the passage of time.

  1. Record Your Expenditures

If you are not sure what your monthly budget should be-start out by recording all your transactions. Once you have gained an insight into the number of fiscal inflows and outflows that your lifestyle requires, you can take a step back and start reviewing what can be reduced. Not only this, it will serve as a clear snapshot of your spending cycle and demonstrate in a glance where the major amount of your expenses is going. Be it a coffee, a snack, a bottle of water or even a pack of chewing gum-note it down in your diary. This should allow you to count every penny that is being spent. To get a broader picture, classify your data by items such as mortgage, recreational activities, medical or groceries.

  1. Make a Weekly Menu

We all love to eat out and relish the exquisite taste of that burger at the joint by our office. Its just a few extra dollars, so shouldn’t really matter. Guess what, every penny counts. Those twenty-dollar burgers once a week could potentially save you a thousand dollars annually. Just do the math! Mind-boggling, isn’t it?

Dedicate a few hours every week to design your weekly menu-food that you will cook yourself at home. Then, go grocery shopping over the weekend and spend a couple of hours prepping meals for the week. Knowing you have food waiting at home will encourage you to eat that only. Dining out is usually the biggest chunk of financial expenses in a household. So not only will you manage to save money, but calories as well as it is a much healthier alternative.

  1. Plan A Budget

This can stem from your recorded transactions as you will have a picture of what your expenses entail. Decide what percentage of your regular income you would like to save. Try to keep it a realistic figure so you do not get demotivated or disheartened if the numbers do not match up at the end of the month. Make sure you account for seasonal costs that do not occur on a frequent basis, for example, car servicing. When you plan for such charges            in advance, it helps you to organize your other outlays in an efficient manner.

  1. Save for That Big Holiday

Setting short term goals is an extremely effectual method to roll in the dough. It can be anything that your heart desire and can range from a summer holiday to a down payment for your first home. Estimate the length of time you will require to build up a pool of funds large enough to achieve your objective.

  1. Automate Your Savings

We live in a world where we are at the prime of technology. As a society, we are experiencing continuous innovation where advances in communication are made daily. Utilize this and enjoy the benefit of having your bank transfer a certain amount of money monthly and transfer it to your savings account. Most financial establishments offer this facility and you can avail it. Direct money transfer serves as a means to spend less overall and teaches you to live in the amount allocated.

  1. Track Your Growth

It helps if you are monitoring your savings account and ascertaining whether you are closer to reaching your target. Do this every month to observe the status of your progress and make any adjustments if required.

  1. Pick Your Priority

It is quite encouraging when you begin to see your saving pool grow. Do not forget your long term goals whilst striving to achieve your short term ones. It is imperative to remember that retirement is a reality that you should try to prepare for. Starting at a younger age will allow you to spread your numbers at a lower rate.

  1. Put it in the Bank

Received a nice, generous bonus from your company for those extra sales targets you achieved? Or is a nice birthday check coming your way from your magnanimous uncle? Do not blow it all on a beach vacation or on the latest Iphone. Reserve a reasonable chunk of it and deposit it in your savings account. Do this immediately so you are not tempted to spend it.

  1. Take Coffee From Home

As much fun as it is to go for a coffee with your colleague in the morning and then again once more after lunch, it makes a bit of a dent in the wallet over time. Imagine if you saved those $10 a day, that is $200-$300 saved a month. Start out slowly and commence your saving journey in this aspect by taking coffee from home at least 3 times a week. Feel free to invest in a few different brands and categories of coffee as it is still going to be cheaper than getting it from a coffee house.

  1. Work, Work and Work

We do believe in a strong work -life balance. However, it is true that if you work more, you will be too busy to think about spending money: be it going out for a movie or a meal.