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How to Be Practical When it Comes to your Savings

Updated on October 3, 2013

Practicality involves the actual doing rather than theories and ideas only. It is a practice which will have a beneficial gain to us.

When it comes to our savings, how practical are we? How do we make sure that what we are doing can actually benefit us and save us more? And how do we manage to keep a healthy bank account?

Practical savings doesn’t just involve big amounts. It also means that you are smart enough to save a bit everyday under any circumstances and through minimizing your spending habits. Don't just spend and spend but also tend to save.

There are a lot of unnecessary things that you do every day that is just a waste of money and time. Try to manage the in and out of your money to be able to save an amount for future use.

Here are some practical tips that you can do to help you save:

  • Save a portion of your income. When it comes to effective savings, whenever your salary arrives, deposit a small portion of it in your savings account. Or better yet, sign up for an automatic savings plan so you can be assured and secure even if you forgot to deposit your money.

  • Pay your bills on time. It's a reality that we need to pay our utility bills like electricity, water and telephone or internet. Pay these bills as soon as they come and don’t just cast them aside. Sooner or later, we still need to pay them but with additional interest and other charges. If you can’t pay all the balance stated, at least pay the minimum amount due.

  • Always use your credit card wisely. Credit cards are best in handling out-of-cash emergencies and other needs online. Try to use cash or debit card when you shop and limit your credit card usage. Credit cards have high interest rates and when you can’t pay these for months, you will eventually be drowned into debt. Better use cash for you to learn to live within your means.

  • Try to entertain yourself and your family in a healthy and frugal ways. Always eating out every day? Try to cook at home and enjoy fresh meals. Restaurants charge at least 30% high for their menu. Go for fish and vegetable to develop a healthy lifestyle. Want to go to the movies? Try to rent a DVD instead. It is much cheaper and with a price of one, your whole family or friends can enjoy it too.

  • Sign up for frequent-shopper cards to avail of points every time you shop. When these points get accumulated, you can redeem by converting it to cash or other terms applied by that shopping mall. Many cardholders are also entitled to freebies, special discounts and offers.

  • Use coupons and deals when you got a chance. There are some deals that you could get up to 50% or even 80% off on their original pricing. Do your research first when you plan to buy something expensive, read reviews and check other alternatives.

  • Try to use public transportation instead of using your own car when possible. You can save on gas as well as not contributing to environment problems. The fare is also much cheaper and this is usually less stressful.

  • Avoid impulse shopping or buying. We always have this tendency to buy what we just saw just because it catches our eyes. But in reality, we just don’t need it. So try to list first and plan for your next trip. Stick on your shopping list and on your allotted budget.


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    • teaches12345 profile image

      Dianna Mendez 

      5 years ago

      I see a lot of wisdom in this post and I am happy to see that I follows them as well. It is amazing how much money you can save by cooking at home, only using credit cards for emergency (and when you can pay them the next month), borrowing books and movies from the library instead of going to the theater, and using coupons and discounts. Voted up++ and shared.

    • aviannovice profile image

      Deb Hirt 

      5 years ago from Stillwater, OK

      With the economy as bad as it is, we need to have a plan in place. These are sensible ways to save, and we need to stick to it.

    • DDE profile image

      Devika Primić 

      5 years ago from Dubrovnik, Croatia

      How to Be Practical When it Comes to your Savings, great tips and most useful to any individual.

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      thank you rajan.

    • rajan jolly profile image

      Rajan Singh Jolly 

      5 years ago from From Mumbai, presently in Jalandhar,INDIA.

      Great practical ideas to save money. Voted up and useful, Mycee. Thanks for sharing.

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      Thanks Banknotebrain.

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      @My Lovely Friend Shauna. Thank you so much for taking time to comment and read my work. I'm glad to start writing here in Hubpages again.. I am soo busy but I miss my friends here and read their informative and interesting posts.

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      @Lisa, thank you so much!

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      @Eddy, thank you so much for reading!

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      @Sparklea. Hello my dear Sparklea, it's nice to see you here again in hubpages. How are you now? I am so glad that you're back here and writing. Please always be okay. I've prayed so hard for your fast recovery and i think that God is so good.

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      Thank you Ms Dora!

    • bravewarrior profile image

      Shauna L Bowling 

      5 years ago from Central Florida

      Hey, Spy! I was just getting ready to work on my blog when I saw you have come out of the woodwork and posted a hub! How are you my friend?

      I use coupons all the time. I also have savings cards for the places I frequent like the grocery store, drug store and office supply store. The savings and cash back rewards come in handy. I recently needed to buy an external microphone for my desktop. It didn't cost me a dime because I was able to use my Staples rewards voucher. Sweet!

    • Lisawilliamsj profile image

      Lisa Chronister 

      5 years ago from Florida

      This is a useful and well written Hub! I voted up.

    • Eiddwen profile image


      5 years ago from Wales

      Interesting and so very useful ; here's to so many more hubs for us both to share on here.


    • Sparklea profile image


      5 years ago from Upstate New York

      Hi Unknown Spy: So glad to see your name pop up! Great hub, voted up, useful and interesting! Excellent advice and I have done almost everything you suggest. Right now I am trying to de-clutter, and I have decided I don't even want a toothpick to come into this house.

      I applaud you on your urging the reader to save a portion of their income.

      Especially for Christmas. I put a chunk in a special savings account at the credit union...a tremendous sacrifice; however, when the holiday season arrives, I use that money for Christmas only, which prevents us from having to dip into our bill money or credit cards.

      Loved the pictures of the labeled jars with money in them.

      I also have a separate vacation account. All of these do not leave me a lot of cash left over for the month, but I have found I just don't need that much any more. Most of it is used at the café at Barnes & Noble, my favorite hangout. God bless you read good! Sparklea :) Thank you for this great write!

    • billybuc profile image

      Bill Holland 

      5 years ago from Olympia, WA

      What are savings???? LOL

      Good tips and as soon as I make some money I'll try your suggestions. :)

    • MsDora profile image

      Dora Weithers 

      5 years ago from The Caribbean

      Thank you for these very practical and important suggestions. Voted Up!

    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      Hi chit thanks for the read!

    • ChitrangadaSharan profile image

      Chitrangada Sharan 

      5 years ago from New Delhi, India

      These are some nice, practical and useful tips! A penny saved is a penny earned---therefore everyone must try to save money.


    • unknown spy profile imageAUTHOR

      Not Found 

      5 years ago from Neverland - where children never grow up.

      Thank you much Jackie!

    • Jackie Lynnley profile image

      Jackie Lynnley 

      5 years ago from The Beautiful South

      Some really great tips you have here. It is getting crunch time for many and we need to save any and every way we can. Up and sharing.


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