Like millions of Americans, you may find it very challenging to spend less on things and save money in the bank for your future. It’s not so surprising because education, health care costs and inflation are on the rise, there are more malls than ever and cool technology is becoming more and more affordable, which means companies are manufacturing electronic products and selling them at prices that most people can’t resist paying for.
Based on statistics, people are making more withdrawals a month from from their savings accounts. This means that more and more people end up with little or no money to spend before their next salary. In spite of the rising cost of commodities and rising inflation, people are spending more than ever instead of saving. Whether you’re making enough money to meet your and your family’s needs and financial obligations or you’re on a meager income, it’s never too late to start saving money. Here are a few tips to help you get started:
Save Money Tips #1 Tip: The Big One-Curb Your Buying Impulse
Seven out of 10 people end up buying something they like on impulse or at first glance. A simulated sociological study found that people who bring cash or credit cards with them while they are window shopping are more likely to end up buying things on impulse than if they had little cash or didn’t bring their cards with them.
You can save money by exerting a conscious effort not to give in to your buying impulse. If you see something you really like, save for it instead of buying it the first time you see it. When you’re shopping, shop for things that are necessary or that you need immediately. If something isn’t crucial or immediately needed, don’t buy it right away. Wait a while and see if you still want it the next time you see it.
Save Money Tips #2 Tip: Learn to Budget
Creating a budget is a great way you can manage your money. A budget can help you identify and spend on things that you really need. If an item is not specifically in your budget, you simply do not spend on it. Thus, a budget eliminates unnecessary purchases. Any money that doesn’t get spent can go to a savings budget, which you can later on decide to spend on something you want.
Save Money Tips #3 Tip: Compare Prices
Whether you’re buying clothes, food, gas or any other commodity, it’s a good idea to compare prices. Thanks to the Internet, you can compare prices of various goods and services online without having to drive around or spend too much time doing it. You’ll be able to find the best deals and save money by doing price comparisons before shelling out any money.
Likewise, take advantage of warehouse type stores where you can buy many items in bulk much more cheaply than if you were to buy them in retail stores.
Save Money Tips #4 Tip: Eat In, or Prepare Food Ahead of Time
You can save money by preparing your meals ahead of time and bringing them with you to work or wherever you go. You won’t find yourself going through the drive-thru or sitting in a restaurant and spending more money on food you could have prepared yourself. You can make a big batch of food at the beginning of the week, put them in small containers and freeze them. Take one with you when you go to work and simply microwave them when you’re ready to eat. Likewise, you can save money by drinking water instead of soda. Have a bottle of water with you and drink that instead of soda. You’ll be amazed at how much money you’ll save by avoiding the soda machine. Water is much healthier too.
If you too have any simple tip, please share them in the comment section below.