Friday 23 May 2014
Labels:
budget
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cut cost
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expenses
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frugal
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money
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planning
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savings
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wealth
1st Life-Saver Tip - Cook your own meal.
I can't deny food is the giant that burns a hole in your wallet. What's more, food consumption made daily, hence, you need to first save on the money spend on food. Try to spend more time cooking at home. If you're a busy person, perhaps arrange a ratio of 4:3 over dining out and cooking at home. 4 days of cooking, 3 days of eating out.
Want to save money? Here's 6 things you should do
We all know that saving money is part of the essential way of life. You can earn as much money as you possibly can, but without saving it all goes down the drain like water.
Perhaps you already know that you should be saving money. Or maybe you wants to save even more than you already did. Higher expenses and price of goods getting more expensive all the time. It just wouldn't stop! You can't seem to find a way to control your expenditure any more. Sometimes you didn't even realize that you did not have much money left, and its only the second week of the month! Salary is not until the end of the month.
Saving money comes from cutting your spending. All you need to do is just to follow the "life-saver tips to saving extra bucks". I am going to show you. Make it a habit and subconsciously you may realize you have a fatter wallet than before.
*Image courtesy of FreeDigitalPhotos.net
1st Life-Saver Tip - Cook your own meal.
I can't deny food is the giant that burns a hole in your wallet. What's more, food consumption made daily, hence, you need to first save on the money spend on food. Try to spend more time cooking at home. If you're a busy person, perhaps arrange a ratio of 4:3 over dining out and cooking at home. 4 days of cooking, 3 days of eating out.
Assuming you have to spend $10 every meal when you eat out. Cooking at home may just cost you $6. You saved $4 for a meal. Now, calculate how much you can save for 3 meals in a day, for 4 days. You saved about $360 in a month!
2nd Life-Saver Tip - Make a weekly budget
I can't stress how important is this. Setting up a budget keeps you in control. Each week, estimate how much you are going to spend. And set a budget of how much you are likely to spend on variable expenses (such as food, clothes, entertainment, etc).
Yes, I know this is tedious. By reading the title it turns you off. But if weekly budget sounds too tedious for a busy person like you. Try starting out with a monthly budget first. You won't notice at first,.but you will see the effect at the end of the month. It works like magic!
3rd Life-Saver Tip - Don't buy on impulse
When you first saw the things you want to buy, pause. Wait for another day before you buy it. The point is, you may not even know if you really need it. It may somehow be an impulse emotion. If you wait for another day you may forget all about it, thus save you 200 bucks!
4th Life-Saver Tip - Plan for big-ticket items
Let me explain. Saving doesn't mean you need to be frugal. The good news is that you can still buy your big ticket items! But, you must plan for it.
Big ticket items such as cars, luxury items, gadgets or designer clothes requires planning purchase stage. How much do you have left after buying it? Can you survive the remaining days before your next income? How much does it mean to you to own this item?
5th Life-Saver Tip - Credit card is the Angel and the Devil
A simple notch, if you are a good money planner, credit card gives you plenty of benefits. There are many banks offering discount on merchants or retailers that you can take advantage from. If you want to use it, find credit cards that offer benefits for your necessity or daily spending. Such as cash back value for grocery shopping, or pump of gas or petrol for your vehicle.
But if you care less about credit cards benefits, please do not use a credit card at all. Use cash instead.
And if care less and insist to use credit cards because it makes you look good and prestigious...use at your own risk.
6th Life-Saver Tip - Make it a habit
You can save if you are consistent. If it was done for a month just because you're running out of money, it won't last. It may happen perhaps the next 3 months again. By saving money, I mean consistency. Make it a habit, changing your lifestyle through all these life-saver tip and trust me, you will worry less about money than you did before!
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