- Personal Finance
Tips and Techniques on How to Save Money
Due to this economy and ever rising prices of goods and services, it is important more than ever that we learn to conserve our money and to spend it according to our needs and not our wants. There are many ways to learn to save money but there are quite a few that have been proven to work. These tips and techniques are listed below and aren't in any particular order:
1. Change Your Mindset
Many of us constantly wonder how the rich stay rich other than the high salary wage they receive, endorsements, and other endeavors that they partake in. Some of them are able to stay rich due to their mentality. Granted, some do spend there money on ridiculous materialistic things, but the rest of them don't. These people have the mindset that even though they are rich beyond belief that they should spend money as if they are not rich. They remain humble and to spend their money on what they need and want conservatively. They ways in which you can implement this tip is to write down everything you spend your money on every day for a week. After the week is up, go through everything you brought. Make a list of what was necessary and what you brought just because you felt the need to buy it. Therefore, you are able to see with your own eyes the mistakes you've made and to try to avoid them the next time you are out shopping or buying groceries.
2. Avoid Advertisements
There are thousands and thousands of commercials that are being advertised on television on a weekly basis. Other advertisements include billboards, signs, posters, mannequins, and window displays. These advertisements are used to entice people who read them or see them into buying the product or service they are promoting. The best way you can get around these advertisements are to avoid or ignore them. They are there to try to get you to buy a product that you probably already have, don't need, or have too much of. This tip can be implemented by rechecking over the products that you really do have, telling yourself that you don't need it, and remember that it is put in place to get you to buy something that you don't necessarily need or want.
3. Carry Limited Cash
In my own experience with saving cash, I've noticed that carrying a limit amount of cash on me has helped me to save plenty of money. However, this was before I had a debit card that I could use at an atm to obtain more money. Still, I found that carrying the right amount of money that I needed to buy goods with always helped with trying not to overspend more than what was necessary. This tip can be implemented by carrying limited amount of cash, only buying what you need, and saving anything else you need to buy for another paycheck.
4. Focus on a goal
As your receiving your money and paying for bills, try to get your focus on buying something that costs a lot of money. This can include anything such as a plane ticket, an expensive dinner, a new car, some new furniture, etc. As long as you have that goal in mind, you will begin to save in order to reach that goal. Therefore, when you finally do reach that goal, you can use the money that you have saved as emergency money in case something happens. This tip can be implemented by focusing on a goal, in which would cause you to save money.
5. Buy Products and Services Cheap
In my experience I have found that you save more money, when you are able to buy goods and services for a cheap price. Such as getting your nails done, buying groceries, getting your hair done, buying clothes, buying accessories, etc. The best thing to do is to find out what stores or hair salons have the cheapest prices on the things that you want. Therefore, you are able to save a lot more money. For example, there might be a store that has a shirt for 20 dollars, whereas another store might have that same shirt for 8 dollars. This tip can be implemented by searching for stores with cheap prices, sales, and deals on clothes, food, or accessories.
6. Pay for Necessities
In order to survive, we need water, food, and shelter. In order to have those things we need to have to have a job, make money, and to pay our bills. Your first priority is to pay your bills in order to maintain your shelter and to continuously receive water. By doing this you are maintaining your survival and taking care of your kids, pets, or relatives, if you have any that live with you. You can implement this by rounding up all of this bills and making sure that they are paid off. Then with the left over money, you can put aside emergency money and spend a little of the money for yourself.
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