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Three Simple Ways to Save Money

Updated on July 1, 2011
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Saving in terms of personal finances is the act of reserving money for future use, either for use in a health or financial emergency, to buy assets such as a car, a house, for family occasions such as a wedding, childbirth, or as an investment for use in times of crisis or in retirement. Below I present you three simple ways to save money:

1. Checking Spending Habits

Checking spending habits or spending less is an advice that seems really tough to follow for many people, but in reality, this is the simplest way to save money. Spending less means being aware of how you spend your money and always look out for ways to spend less or simply stop spending money on some things that are not really necessary. One way that can help you to implement spending less is to develop a family or household budget which will allow you to know where you are spending more money and discuss with the family and kids whether it is possible to spend less on those items or simply throw them out of the budget.

2. Making Simple Changes in Budget Planning

We could stop spending a lot of money on things for example subscriptions to magazines or newspapers that we do not read, subscriptions to TV channels that we don’t ever see, always buying something in cafes, buying a wardrobe every month just as a hobby, buying DVDs that we watch only once and never again, spending money on car polishing twice weekly, buying extra food than what is required from outside and then throwing away in dustbin, etc. Thus, we can save a lot of money on household expenses by making simple modifications in budget planning.

3. Buying used items

Also, we must start finding ways to buy used items instead of buying new ones. We can start eating at home instead of dining out every weekend. We can start looking out for discounts or offers in the supermarkets ensuring the offer or discount to be real. We can spend our free time in hunting out for places where we can buy products at lowest price or simply spending quality time comparing prices online. Buying wholesale for the month or in bulk quantity from grocery stores, therefore, taking maximum advantage of quantity discounts.

The above were three simple ways to save money. There are many more ways to saving money, but the most important advice is to plan a budget and become aware where we are spending our money and constantly look out for ways to spend less. By doing this, a day will not be far away when we will become an expert in savings and actually begin to save good amount of money month by month year by year.

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    • fucsia profile image

      fucsia 7 years ago

      Very useful, especially for me, especially in this period!

    • soni2006 profile image
      Author

      Rajinder Soni 7 years ago from New Delhi, India

      Thank you so much for your appreciation fastfretta.

    • fastfreta profile image

      Alfreta Sailor 7 years ago from Southern California

      soni2006, I really like this, especially the part about buying used items. That's one way that I was able to do more with my money when my children were little. My husband didn't really appreciate it until he could see the savings, which he did when it came to buying good used furniture. Again really good and useful hub.

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