Money saving tips
Simple living is becoming increasingly popular but some individuals find it hard to save a portion of their income due to extravagant lifestyles and bad spending habits. We plan many strategies ahead of time to save money once our respective income comes, but when the time comes to receive the money all our determination to follow these plans vanish.
Saving money is all about controlling our spending habits and compelling ourselves to plan our finances well for the benefit of ourselves and our respective families who depend on us. One needs to learn different ways and approaches to implement one’s money-saving plans.
1. Always find the time to plan ahead, learn the basics of money saving. Have an astute idea where to place these savings and earn passive income.
2. Combine your cable, internet and telephone service. Companies now offer combined services that not only cost less, but offer the convenience of a single bill. These combined service deals can save you a bundle.
3. Get a rewards card. There are many reward cards that pay out in cash or points that can be redeemed for travel or products. Many of these cards don’t have an annual fee. Sign up for every free customer rewards program you can. Even if you rarely shop at that place, having a rewards card for that place will eventually net you some coupons and discounts.
4. Drink more water. Not only does drinking plenty of water have great health benefits, water drinking has financial benefits, too. Drink a big glass of water before each meal, and not only will you digest it better, you won’t eat as much, saving on the oil food bill. You’ll also find yourself feeling a bit better as you begin to get adequately hydrated
5. Instead of eating fast food or just nuking some prepackaged food when you get home, try making some simple and healthy replacements that you can take with you which will end up saving you a lot of cash.
6. Give up expensive habits, like cigarettes, alcohol, and drugs. Those habits cause money to flow away from you with nothing in return.
7. Decide if you can legitimately afford to save for your children’s education or not.
8. Install a programmable thermostat. These devices regulate the temperature in your house automatically according to the schedule that you set. Thus, when you’re not home, it allows the heating or cooling to turn off for several hours, saving you on your energy bill. A programmable thermostat can easily cut your energy bill by 10 to 20%.
9. Pay your life insurance annually. Insurance companies charge you more if you pay monthly, quarterly or semi-annually. Pay once a year and you’ll pay less.
10. Buy low cost mutual funds. This is easy to miss because the money doesn’t come out of your pocket each month. But keep an eye on the cost of the mutual funds.
11. As fees are everywhere; bank fees, atm fees, cash checking fees, late fees. These can add up over time.
12. Choose the discount racks for your shopping at clothing stores. You can save over 45% percent by opting for items on clearance which are marked down substantially. Clothes are a necessity but only when you need them, not just for the sake of following so-called fashions. Repair clothes instead of replacing them. A needle and thread does wonders. Shoes get the soul and heel repaired – it does work out cheaper.
13. Avoid the use of credit card – learn to pay via money orders or with cash for all your purchases. It’s also advisable to avoid using checks.