Finances are always an important part of one’s life. However there are many spendthrifts as well who do not save money for rainy days and as a result end up facing a lot of trouble. Money saving is a habit which will only prove beneficial to you if this habit is practiced regularly.
Money Saving Ideas
Following are the best money saving ideas which will surely pay you back in rainy days.
- Keep a log of your spending:
Make this a habit of keeping track of your money from the next month. There are various easy to use free apps that can be downloaded on the smart phone which will easily help you record your spending for the next month. Otherwise you can keep a notebook or keep all the receipts safely till the end of the month.
- Establish long term goals for something special:
Have a savings account where you put small sums of money at the end of every week or month for something special. Plan something that is really close to your heart after working realistic long term goals. You will be surprised how the small amounts that you put in can pile up to huge sums at the end of the year.
- Cook at home more frequently:
Best among given money saving ideas is eating more frequently at home. Eating food at home is not only healthy but it will also help you save tons of money. You have no idea how much amount do you spend on eating food outdoors. It is even better to plan your meals for each week.
- Never give up on the basics:
Remember the basic rule. Never spend more than you earn. Always pay off your credit card bills completely. Maintain this amazing habit throughout the year for best results.
- Prioritize things:
Whenever making a purchase, always ask yourself if you are spending the right amount at the right thing. Prioritize your things and then make investments accordingly.
- Cut down on debts completely:
If you are a spendthrift, you are sure to be in debt most of the time. Do not pay off your debt with your routine money. In fact wait for bonuses and extra cash payments to wipe off the debt completely.
- Think of saving as a challenge:
Always take money saving as a challenge for you. Every month try saving a bit more from the amount you saved last month.
- Make a loose change jar:
Place a jar in some prominent place and empty all your change there every day. You will be surprised how fast it fills up once you start practicing on daily basis.
- Start negotiating:
Although this sounds a bit weird and old fashioned but you have no idea how negotiation can have a powerful impact on your financial future.
- Using online resources wisely:
Make wise choices by surfing the internet for better resources than you use otherwise. For example your netflix account will cost almost 1/10th of the amount you pay for your cable bills every week.