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How to Save Money - Money Saving Ways, Tips and Ideas

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By guidebaba


How to save Money? Ways to save money? Tips to save money? Ideas to save money? Passive Income? How to make money? Boy! So many questions. Ok, let us begin: Where is the money coming from: If you are aworking person, the money is coming from either Job or Business (Unless you are doing something Illegal). If you are a student and dependent on your parents, money is coming from your parents in the form of pocket money or monthly expenses. Where is all the money going: If you are a bachelor or a maid, I am sure most of your money is spent of clothes, cosmetics and make-up products, gifts for your boyfriend or girlfriend, movies, etc. If you are a parent, most of your money is going as school fee for your children, House expenses including food and clothing and other necessities and even EMIs.

Now, in order to make any saving, you either need to cut down some of those expenses or increase your income. Let us assume that your monthly income is fixed and cannot be increased. Then, how to you save money. Let us discuss this in some detail.

Also Read: Work from Home


Money Saving Tips and Ideas
Money Saving Tips and Ideas
Make a Strict Budget to save money
Make a Strict Budget to save money

Your income is fixed. There are too many expenses. You are too much bothered about saving some money for your future. Here are some of the Points to PAY ATTENTION at (I will keep it short and simple):  

1. Make a Budget: The first and foremost important thing for anyone to be able to save any money is to make a budget. Give priority to important and unavoidable necessities. While preparing the budget, keep in mind your monthly income and that target money that you wish to save. Prepare your budget on a worksheet and keep a record of it for future reference. Keep in mind that you are working on “How to Save Money”, therefore, you will have to sacrifice some of your luxuries. Quit Smoking. Quit Drinking. Use car pooling to go to office. Don’t buy branded and expensive clothes or products (Non-Branded products are not bad at all). Do some bargaining at the stores. Keep eye of Ads for offers. Grab Offers. Do not hesitate to buy and used second hand products. Get rid of unnecessary expenditures. Do not forget to decrease your Electricity and Telephone bills.

2. Start a Savings Plan: Once you are done with your budget and have made some saving, choose a savings plan. If you still don’t have a Savings Bank Account, open one immediately. You can also opt for monthly savings schemes. You should also see if you can save some of your Income Tax. Go for some good Life Insurance Policy. Many Life Insurance Policies provide Income Tax Benefits. Grab them. Here you are with Good Savings or in other words “Passive Income”.

 

Tips to Save Money


How to Save money: Links and Resources

Comments

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Bob Ewing profile image

Bob Ewing  says:
14 months ago

A budget is a great tool.

guidebaba profile image

guidebaba  says:
14 months ago

Sir: Yes A Budget is always a Great Tool. A Budget is needed for any individual same as a Budget is needed for a Country.

ajcor profile image

ajcor  says:
14 months ago

I don't actually like budgets but they are a necessary evil if you want to live and eat without too much stress. cheers and thanks for these tips.

guidebaba profile image

guidebaba  says:
14 months ago

Thank you Ajcor for your visit and comment. A Budget is simplu Unavoidable if we want to save any money.

Princessa profile image

Princessa  says:
14 months ago

I have lots to learn... thanks for the jump start :)

guidebaba profile image

guidebaba  says:
14 months ago

Thank you Princess for your visit and appreciation.

quicksand profile image

quicksand  says:
14 months ago

New Avatar! Enter, the DRAGON!

guidebaba profile image

guidebaba  says:
14 months ago

Now it is Alladin.

Dottie1 profile image

Dottie1  says:
14 months ago

Good and useful ways to save money. Awareness of your spending is so important and setting a good budget. Thanks.

guidebaba profile image

guidebaba  says:
14 months ago

Thank you Dottie for your visit and valuable comments.

midnightbliss profile image

midnightbliss  says:
14 months ago

nice hub, budgeting is a great tool in saving your money

guidebaba profile image

guidebaba  says:
14 months ago

Thank you Midnightbliss for your visit and comments.

highprofile profile image

highprofile  says:
14 months ago

Thanks for this valuable information. I am travelling at the moment and you really do need to budget or you over spend like carzy.

guidebaba profile image

guidebaba  says:
14 months ago

Thank you highprofile for your visit and comments. I am also glad that you found this useful.

TeriB profile image

TeriB  says:
14 months ago

If we were just disciplined enough to set a budget, stick to it and be sure we regularly saved money, wouldn't all of us be much less worried about a recession! And crazy credit card debt wouldn't exist! Check out my hub on this saving money topic: http://hubpages.com/hub/Saving-Money--Stretch-Your

guidebaba profile image

guidebaba  says:
14 months ago

Thank you TeriB for your visit and comments.

denise mohan profile image

denise mohan  says:
14 months ago

Never could budget. Always in money troubles. No paycheck every week, tips everyday. never know what or how to plan. The more we make the more we spend. Seems we always need something OR the grown KIDS do...

guidebaba profile image

guidebaba  says:
14 months ago

Yes Denise. We all are just grown up kids. Sometimes we do things that we know we should not do...

Ellen_C profile image

Ellen_C  says:
4 months ago

Love this! Have written about finding deals and using coupons to save on what you do earn. Even if you don't earnmore, you can reduce spending easily.

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