Money is a necessity for survival we all know that. When it comes to saving, it does not matter if you make loads of it or if you don’t. What separates the poor from the rich is that the latter knows how to save money. So what are some of the great ways to save money? Here are some money saving tips.
Set aside portion of your income
The ideal formula for saving is income minus savings equals expenses. Unfortunately for most people it is income minus expense equals savings.
That is one of the reason why people find it difficult to save. But what if your income is not enough? That’s fine. Start small. Set aside a small portion of your income on a daily basis. The important thing to remember is to start saving and be consistent.
Stay away from the mall
We all love to go to the mall. Its a great way to relax, watch a movie, dine out, drink coffee or go shopping. That’s all good if you have money to spend or if you have already set a spending limit.
But as we all know it is sometimes difficult to stick with a budget especially when you see that sign with a magical 4 letter word: SALE. We get excited. Oooh! I can finally get that I thing that I always wanted.
Another thing that sucks you in are special promo. Like there was this one time when Zarks, a famous burger restaurant, offered a massive discount for their burger. Naturally people swarm the place and boom! Burger apocalypse! They ended up cancelling the promo as the people who were waiting in line was way too many for the restaurant to handle.
To come to think of it that is way to save money but then again the promo was cancelled.
Stay away from Sale
The word itself has a big effect on our brain. When you think of the Sale, first thing that comes to mind is that you will save money. That’s all cool if you really intend to buy something which is discounted.
So let’s say you are dying to get the latest gadget but your smartphone is working fine. And you saw this gadget sale in one of the online shops. Yes you can save money but then again it is not really savings since you are going shell out money for an upgrade even though you don’t really need it.Fight the urge. Don’t purchase it. If you still a have working phone, don’t even bother getting one.
Stay away from online shops
The thing about online shop is that you can get stuff for a discounted price. This is related to the previous tip, most online has a year long sale. Just to name a few shops is Amazon, Lazada or Zalora.
Second thing that you have to consider is that you can purchase items using a credit card. It is easier to get stuff on credit because you don’t have to pay them right away. The only problem is when it is time to pay. It would be difficult if you don’t plan your finances properly.
Another thing that you have to consider is that when you go to an online shop, there are so many things that you would find that are very tempting to purchase. Sometimes people purchase items that they don’t really need.
Take the bus or the train
Taking the bus or the train would save you money instead of taking a cab, uber or grab. Yes people would justify the need to take the alternate mode of transportation for the convenience and safety. However if you are on a tight budget, it is better to take the bus or the train.
Dine out or eat at home
It is much more convenient to dine in a restaurant. It takes the hassle or preparing food and washing the dishes. But one meal on a restaurant would be equal to 2 or meals at home.
Don’t buying signature items
Buying branded items boost our confidence. It is a status symbol. But what good would it do if you have an Iphone X if you can’t afford the monthly fees? And also do you really need an expensive phone? There are more affordable alternative.
Same thing goes with clothes. Dress according to your lifestyle. You may dress like a million bucks but how is your wallet doing?
It is all good to spend if you have extra money in hand. Nope I am not taking about credit. Don’t make your credit card an extension of your wallet. It ain’t! It is much affordable to buy in cash.
If you have other tips on how to save money please do let me know. If you like my ways to save money, please do share.
Thanks for dropping by and screw Monday!