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Tips On How To Save Money

Updated on October 22, 2011

We all can earn money, some earn more and some earn less. There are many ways by which money can be earned but it all becomes useless if it is not saved. Saving money is equally important as earning it. If you earn a lot today you might earn less or almost nothing in the future. Therefore, one must have a back up plan and always have some money saved for such times.

Saving money is not easy. Once you have money in your hands, it becomes hard for you to control and you can not help your self from spending it all. How many times has it happened that you go out for grocery shopping and you see a really beautiful dress in a shop nearby, and end up buying it since you have money in your wallet?

It happens pretty often even more than once in a month. And then when the month ends and you have nothing left, all is spent, you realize what a waste of money that was.

Saving money requires patience and control. It requires hard work and determination and needs to be learned.  Following are few tips on how you can save your money.

Spend Less By Choosing Alternatives

If you want to save your money, the first and the most basic rule is to spend less of your money. Try to find alternatives for everything. For example, instead of buying lunch during you break, try take a lunch box of home made food along with you, instead of buying books try to use public library.

Use less of your electricity so that you do not have to pay much bill, when you go out grocery shopping, make sure to take money only required for grocery shopping, don’t take extra money, this would not allow you to spend extra. Have control and be wise, soon spending less money would become a habit of yours.

Make A Budget

Making a budget is very important. Long term money saving is impossible without a proper budget.

Plan your budget according you income. And once you know where the money is supposed to be spent, according your budget, saving becomes easy. By making a budget specific amount of money would be allotted for different tasks, this would automatically save money for you if you make your budget wisely.

Saving money on electricity bills could also increase your savings.
Saving money on electricity bills could also increase your savings.

Try To Use Less Of Everything

Using less of all the daily products would mean a decrease in their purchase every month, hence directly saving money.

For example, using less sugar in your food by saving at least a spoonful daily would not cause you much of a harm now would it? Similarly your hair can be washed with a handful less shampoo and you don’t have to use excess amount of daily. You can also survive by drinking only cup of milk daily instead of drinking it many times a day.

These small actions daily would result in quite an amount of money saved daily. For example if you use less by shallow frying your food instead of deep frying it regularly you would manage to save the money of 1-3 packets of oil monthly.

Try To Buy Things When They Are Being Sold In A Sale

Every store at least once in a season put their items on a sale; try to buy them during that time. Try buying winter clothes at the end of the fall as during that time they are sold on sale.

Similarly buy summer clothes during the start of the fall season on sale. Try to save your money as much as possible from buying everything when it is on sale.

Learn To Shop Wisely

A lot of money can be saved if you learn to shop wisely. Try going to whole sale markets. Instead of wearing original products of a brand try using their imitation products, if you are a brand conscious person.

Don’t waste your money by buying expensive clothing. Try to make the best out the inexpensive ones. Also don’t be ashamed of buying used products over the brand new ones.

How To Save Money On Groceries

Try Avoiding The Use Of Credit Cards

Credit card debt can become a really big problem, especially when you little left at the end of the month. Try to use cash wherever possible.

Don’t Throw, Make Use Of Everything

Instead of throwing away paper, bottles and cans etc, make use of them. For example, instead of buying a pencil case and spending money on it, you can decorate a can of lets say tuna, and use it to keep your stationary. You can recycle other things that you usually throw, to save your money.

Save Money By Depositing

Here I mean the literal saving of money. You can have a saving account in a bank too, but it’s better to save money everyday by taking a certain amount out your wallet every day and saving it. 

A person I know has a box, in that box she makes an addition of 20$ daily or more. It’s a rule in her house, each of her children and her husband are supposed to the same. Last year they managed to save 2000$ at the end 6 months! You can do the same at your house. It is the easiest way of saving the money.

All of the above is much easier said than done. We all make plans of saving our money, but only a few of us manage to do so. Only those with a strong will power and determination can save money. People who do not have strong will power must learn to develop it and learn to save money, other wise one day they would be left with nothing at all in their pockets.

Tips To Save On Electricity Bills

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      Just a Passerby 

      7 years ago

      The tips above were usefull all right, but I couldn't agree with not using credit cards. There are plenty of cards that offer rebates and I myself have saved plenty by charging my monthly bills and groceries to these cards. If one is afraid of overspending, simply charge to the card and pay immediately to the card so that one's bank's account is also updated immediately with the spending.

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