Start Saving Money Today With These Smart Strategies
Economic depression affects everyone. The things we spend for today are not as expensive as they were before. With this dramatic change in our economy, people learn to be more cautious and mindful about their spending. Many people look for ways on how they can make the most out of their money and how they can save. In this article, we’ll be sharing with you a few smart strategies on how you can save money for any purpose.
The conventional methods
Here’s a few of the traditional ways of saving money. These strategies are proven effective and the result depends on how much effort you exert into it.
• User a piggy bank or jar – even kids know this kind of money saving strategy. Simply put loose change into the piggy bank or jar. As soon as a good amount of money has been earned in the jar, deposit the money into your savings account. If you do this every month, you’ll be surprised on how much you’ve earned in the long run.
• Set aside a few dollars from each pay check. Now this can be a difficult thing to do, especially if you’ve been used to splurging the moment you get your pay, so to be able effectively set aside a few dollars to your savings you need to make a few minor sacrifices.
• Lessen your grocery budget. Now this strategy can be quite complicated as you can’t just “not buy” a few groceries just to save money. There are a few ways to do this effectively. First is to adapt to a new diet regimen – probably a hard thing to do however with constant persistence and by looking up cheaper alternatives for your usual food you’ll be able to adapt easily and save extra money.
Second is to opt for the ordinary or generic brand groceries – a lot of name brand items and goods are a lot more expensive than store brand goods so be sure to opt for the cheaper option every time you go grocery shopping. Keeping in mind that most generic brand foods are made in the same factories as the major brands foods.
Last is to look for a cheaper grocery store – almost every city and suburb is swarming with grocery stores , you’ll just have to look for one that offers the most affordable goods.
• Stay away from buying those expensive clothes. We get it, you want to look nice with the newest fashion trend clothes – but this won’t get you any closer to saving money. However, there are a few things that you can do in order to get what you want and still save a few dollars for savings.
First is to commit to a true budget for your clothing purchases – if you have a $200 budget for your clothes then don’t go beyond that. Another is by taking advantage of discounts and promotions – you can save as much as 50% from your purchase through promos and discount cards. Just note which items are on sale and when.
• Drive less. If you drive less, you’ll be spending less on your fuel and you’ll keep yourself healthy as you walk. Also if you drive less, you’ll have a lesser chance of car breakdowns. Thus, you won’t have to deal with repairs and maintenance for your car. In instances where you really need to use a car, try to use a car that is fuel efficient and produces better petrol economy. If you can deal with a bike then go for it – it is far more fuel efficient than 4 wheel vehicles.
• Learn how to repair your vehicle. Yes, learning to repair your car on your own is a great help if you want to save money. Car repairs and maintenance can be costly and can really hurt in the pocket especially if you are tight on the budget. Thus it is better to do the repairs on your own – go online, or have a fellow car owner teach you on the possible problems that you would encounter with your car.
The modern methods
While the previous methods may not always work in the current economic situation, you may also try these alternative ways to save money.
• Divide your pay check. For the working person, have your company divide your pay check between your checking and savings account. Set a specific percentage deposited into your savings – keep in mind that savings accounts offer bigger interest rates than checking accounts so you may want to take advantage of that.
• Use budget tracker apps. There are a lot of crazy apps today – from apps that open doors for you to apps that tells you if there’s something wrong with your body. Fortunately, tracking your budget is also doable with a simple app. These apps allow you to monitor your spending on your account especially on your credit card. You can set limits and a lock every time the limit has been reached. This can help you greatly in not overspending thus saving you a lot of cash.
• Schedule your ATM withdrawals. Don’t always withdraw from your ATM anytime you feel like it. Since the use of the ATM is super convenient, many people are drawn to using it unconsciously and ending up emptying their account before they know it. So, try to schedule your ATM withdrawals. Make a list of priorities of those that you need to purchase and take money only for it.
• Lessen hot showers. Yes, bathing too long in the hot shower will end up with a skyrocketing electricity and water bill. If possible, use a pail to save water and make lesser use of the hot shower. If you want a hot pail of water for bathing you can simply set it out under the sun for a few minutes.
• Learn to do things yourself. Yes, learning to do a few things on your own can also help you save money. To give an example you can learn to do things which you usually pay for like: facials, massages, changing the tire, reformat your pc and many others. Learning is saving.
• Switch to LED lights. The LED has been a popular technology today as it uses electricity efficiently and delivers best performance. LEDs provide brighter lighting and are also robust. It’s a bit more expensive than the conventional bulb however you’ll be able to save more with it in the long run since it lasts 3-4 X longer than the traditional bulbs.