- Personal Finance
How to Make Money by Saving Money?
A Penny Saved Is a Penny Earned
Every little helps really. In today's unstable economy and uncertain job markets getting a new job is like a dream come true situation. Pay cut, redundancy, and companies' inability to pay their employees on time are not new news items to us. When the possibility of losing a job is looming, pay cut is a must, and uncertainty engulfs our thoughts, it is vital to spend our hard earned cash very wisely.
Even if you are miles off of trouble and cannot see any financial crisis coming your way, it is a good idea for you to save as much money as possible for your financial future. After all, it is your money that you save here and there from time to time. You can use this money as a reserve for future use. You can easily save some decent amount of money every month just by being a little bit more organised when it comes to managing your money, especially when spending it.
Here are a few ways you can save money in your daily life and make some money every month in the process from your effort.
Save Money to Make Money
Make a Plan and Stick to It
The most important step to save money is to make a solid plan and stick to it strictly. Before mapping out your saving strategies, you need to know how much it is that is going out of your pocket each month for major items, such as food, energy bills, insurance policies, phone bills, travel expenses, and more.
Now, try to find out how you could have saved some money. Could you take some actions that would have reduced the outgoing money? You may realise that just by changing your spending habit a little bit you could save a lot of money every month.
Keep in mind that you do not necessarily need to compromise on the quality of life you are enjoying in order to save money. It is all about using your money efficiently and spending money responsibly. Do not set any tight goal before you. Rather, be flexible when it comes to choosing different options to save money. Take actions today and start saving money right away.
Save Money on Groceries
You can save money if you do not visit your local supermarkets or other grocery shops often or several times a week. If you commute to and from the supermarkets using your own transport or public transport you are already wasting money on commute. Shop groceries once a week. If you go to your usual supermarket always, it is time to look at other supermarkets to find out if you can get things at cheaper prices. So, do shop around and compare prices on certain items to get the best value of your money.
Do not buy a thing in huge quantity just because it is on offer. If you really do not need to buy lots of a particular item, or you probably will not use or consume them all eventually, buy just what you need. You will save money. Buy produce from farmers' markets at much cheaper prices than the super markets. You will also get fresher and healthier foods.
Save Money on Energy Bills
You can save some money every week or month by turning off lights left on. Turn off the electrical and electronic appliances left plugged-in or on stand by. Use a bowl when washing up rather than leaving your hot tap running. Instead of filling your kettle right up every time, just simply boil the water you really need. You will not save much, but you will certainly save money and it can add up nicely over time.
Set your water heater at 120 degrees. Use reusable AC and furnace filters. Use energy efficient light bulbs. Replace the really old appliances or upgrade them. These are things you can take care of easily and save some money in the process.
Do Not Waste Food
May be you are wasting $50 - $100 on food every month. If you really want to save money, cut down on food waste. Store your food correctly, plan your meals, and eat leftovers, which in turn will save you money.
Do Not Ignore the Loose Change
Collect loose change and pennies in a jar. Keep the larger loose change too in the jar. Cash them in when the jar is full. It is possible to save $20 at the end of the month. You could make $200 - $300 at the end of the year by collecting the loose change.
Use Cash for Purchases
I am a big fan of credit cards. In fact, credit cards are essential in this day of technology and fast-paced life. But, If you are in need of saving some money each month, use cash instead of credit cards for purchases. If you use credit cards to purchase things, make sure you pay down the credit cards' bills in full. You may be already paying credit cards' interest each month. Use cash and clear your credit cards' debt. Save the money that you were paying as interest.
How to Make Use of the Money You Have Saved?
Set aside the money you save every day, week or month to a different place (i.e., online savings account or in a jar). You will be surprised to learn that how much you have saved every month. Let it build up and become a sizable amount . That is basically how you make money by saving money. When I save money on anything, I keep the saved amount in a separate money bag or in a drawer. I keep the change in a jar.
You would not believe it, but I have saved more than $2,000 in the past 10 months or so. I have deposited the money in my savings bank account. I have earned this money by saving money. You could too if you follow some basic and simple ways I have mentioned above
The Bottom Line
Saving money comes easily to some people, but others struggle to save even a penny. Being organised and learning how to save money is vital to saving money every month. It is really possible to save money effortlessly. These are some of the easiest ways to save money every month. Always pay your bills on time. Buy as much as you need. Say no to things that you want to buy, which you will never use or you do not need. Get started today and start making some money by saving money.