Unless you were born into a wealthy family or married rich, you need to be wise with money. No matter how much you make, you will never have enough to make ends meet unless you learn how to spend what you have wisely and save up for the future.
Saving money is no rocket science, so with a bit of determination, discipline and desire to master basic saving skills you are likely to succeed. So let’s see what tips you should utilize to save your money effectively.
You must gain control over your money or the lack of it will forever control you. -Dave Ramsey
8 Ways to Save Your Money Effectively: Budget Management
Eight tips on how to save money
All the tips can be divided into eight categories. So, here they are:
1. Start with the right eating habits. Make sure to limit the number of times you are eating out with friends. Eating at home is much cheaper, not mentioning how much healthier it is for you. So, to start eating at home, you need to buy groceries in advance, which requires a bit of the discipline we mentioned above. Moreover, when your friends are calling to go to a restaurant, offer them an option to eat at your place. Each of you can bring something to share; this will keep your pockets full.
2. Opt for selling things you no longer use. I am sure that there are clothes that you used to love but only wore it one time. Make sure to sell it at a reduced price on eBay or to your friends. Go through the books on your shelf and see whether you want to keep all of them, or you can sell some of them as well. Thus, after you go through personal things, you will find a bunch of stuff that can be turned into money if you choose to sell it instead of just collecting it.
3. Change your entertainment preferences. If you like to party, go to a party at someone’s place. Chipping in for drinks and food is always less expensive than going to a club or a bar to get a couple of drinks. On top of that, check if there are any fun activities organized in your town/university, etc. Usually, there are a lot of things you can be interested in visiting which you might not know about.
4. Take advantage of discounts. If you are a student, many stores have special discount programs for you. If you are not one, make sure to monitor and sign up for any discount program possible in the stores you usually go shopping. Especially if you are a regular client, there might be better conditions for you. If you need to buy clothes, think about it in advance to be able to buy stuff at the end of season sales: these sales often have up to 70% off the regular price. Furthermore, visit a thrift shop now and then to see if there is anything you might be interested in.
5. Develop the better approach to shopping. We highly recommend you to avoid impulsive purchases, especially when it comes to large items like clothes, furniture, etc. Create a list of things you need to get first, then search the web to see if there are any good offers at the stores nearby, and only after that go for it. Stick to the list, and you’ll be safe to go! While still on the topic, never go grocery shopping on an empty stomach: you will end up buying more food than you can eat and spending more money than you saved for this occasion.
6. Be smart with utilities. Simple habits of switching off the lights before leaving the room can save you a lot of money on a monthly basis. Whenever you’re washing the dishes, do not leave the water running while scrubbing the plates. You can also opt for taking showers instead of bubbly baths (even though some of you will not be able to give up this joy for all the money in the world!) Do not worry about looking cheap. You are not cheap; you are spending a reasonable amount of money you work hard to make.
7. Stay healthy. Go in for sports. This might sound like something far from a money-saving tip, but this is not true. Doing physical exercises is your attempt to prevent catching colds, visiting doctors, and spending much time and money on medication. Therefore, work out at home every other day to keep your pockets full. On top of that, wash your hands thoroughly after you come home from the outside to cut chances of getting viruses and spreading bacteria around the house. And, while still on this topic, try to stay away from stress. When you are stressed, your immune system fails to protect from all sorts of viruses. So, being organized at work or in your studying can help you avoid stress, and as a result, save you money that you would otherwise waste on doctors’ appointments and pills.
8. Finally, reconsider your vacation destinations. We all need to have a rest after working hard. However, if you are trying to save up some money, you can check out volunteer programs to join during your vacation instead of a pricey “all inclusive” you would rather opt for. Volunteer projects can be different from helping on a farm in the Norwegian mountains to local social programs. So, you can choose whatever works for you. Let it be something different from what you do for a living to give your brain a break. Keep in mind that to feel rested you need an enjoyable distraction.
These tips are very practical and have helped many people to cut their expenses. Put them into practice to enjoy the benefits of savvy spending. Remember that it takes three weeks for an action to become a habit. So start using these tips on a regular basis to make saving up money your lifestyle in the nearest future. Hope you will find our recommendations useful!
We’ve put together 7 awesome money saving tips that can save you a ton of money this year… Reduce your bills, conserve water, make your own house cleanser and more!