Just like any other relationship, if you desire to improve your fiscal or financial life, do spend some time with your finance after specific intervals. So you may know, where you save money and how it can be improved!
No matter what your financial condition is, it is always necessary to have a better plan for turning your financial life and finding ways to save your money. The recent Coronavirus pandemic has taught everyone the importance of savings. Because whenever the adverse situations come, only savings support you to survive.
At times it is the only first step that is all needed to get the things to move in your own favor. But this first step is sometimes the hardest thing to do. So is the case with financial matters and the savings you want to make.
Therefore, for your ease, I have made a list of 10 easy and captivating ways to save money so you may start saving today. Let’s get started!
- Set a “money date” on weekly basis
The first thing which you have to do is to set a “money date” on a weekly basis. Because if you do on a monthly basis, it just extends the time period and your spending amount. You get relaxed by keeping in mind that there are plenty of days remaining for check and balance on the finance. Therefore, doing it weekly restrains you from unnecessary expenditures and also keep you to stick with your budget.
Just sit down, once in a week, by putting your money in front of you considering it a money date. In the course of this time period, review your financial accounts, update the budget, & analyze your progress as compared to the set goals. Just like any other relationship, if you desire to improve your fiscal or financial life, do spend some time with your finance after specific intervals. So you may know where you are making a mistake and how it can be improved.
2. Get benefits from rental lodging websites
When you travel a lot of expenditures are always awaiting you. And a major part of it goes to the hotel payments and food. So think wisely regarding this. There are several websites like Travelmob, Airbnb, Housetrip, etc. which provide all the details about the place where you can stay.
You should select that place which has a separate kitchen apart from the room. So that you may cook food on your own and can save money that you might spend in the hotels. Moreover, choose that place which has the lowest rates by comparing different places.
You can also benefit your travel journey by renting your own home on these websites to earn some extra money to meet up the travel expenditures. It is just like a win-win situation and a must to adopt a way to save money.
3. Cut out the cable
Gasp! Does it mean just cut out the TV? No! But services like Netflix, Hulu & Amazon Prime provides you all your desired TV shows with a very less amount of money as compared to the expenditures incurred on the cable TV. So let’s cut the TV expenditures and save that amount for another useful purpose so that your saving might increase to its fullest.
A research conducted by NPD group revealed that the bills of cable might grow soon to $123 averagely per month and yearly to $1,476. By cutting out the TV altogether or by just switching to the online services, you may save this money for other financial goals like traveling, paying the debt off, or even paying the down payments for your new home. So, it is another best way to save money that you must adopt.
4. Plan your meals weekly
It is mandatory to plan for your meals if you really want to save your money and really want to follow the various ways to save money. Because eating in the hotels and dining out consumes a major part of your income which disturbs your budget.
Therefore, do spare some time in making a list of when to eat outside of the home and for how many times you will make groceries. This will tighten your hand and will restrain you from spending blindly.
The other way to save money can be eating at your own home. This also saves the various taxes which you normally pay with the food being eaten in the restaurants. So pay attention to this aspect too.
5. Reduce the usage of credit card
The more you use your credit card, the more your future payments are increased. Which ultimately increases your spending and disturbs your budget. Actually, when you have a credit card in your hands you just go on buying various products without thinking about the huge burden you are being put on your financial budget.
Therefore, it is recommended that reduce the usage of credit cards if you want to save money. Use the instant cash for the shopping payments so you may actually know how much cash you have left in your pocket and how much capacity you have for the further payment,
By following this suggestion, you can save a lot of money that you might have spent on unnecessary things. And also for the adverse situations when you will not have money then your credit card would help you out and this is the best way to save money.
6. Host the potluck
When you have more friends, the money being spent on birthday parties, lunches, dates, and gifts is also more. Switch it to a potluck theme rather than going to the fancy dinners. This means, invite everyone to your place where everyone would bring his favorite dish.
This way, you would save money that might have been spent on tip, tax, parking etc. Moreover, you will also spend a better time with your friends.
7. Prefer DIYs over expensive treatments
Self-care is imperative. Do not give up on it. But using expensive products and going to expensive spas and salons is not that necessary. You can do all those things like massages, pedicures, manicures, etc. at home which is done in the spas for many dollars.
You can learn everything from the internet. YouTube tutorials are the best things to adopt for DIYs. spare some time for yourself and learn from tutorials. Then make the beauty products at home that might consume hundreds of dollars if bought originally. Moreover, self-care treatments can also be done at home at very cheap costs. This ultimately saves a huge amount of money and it is also the must to adopt way to save money.
8. Balance the mindset of “FOMO/YOLO”
In the present era, social media is impacting our lives to its fullest. There are two trends that are being run on social media nowadays and people are getting its victim too. One trend is FOMO which means “Fear Of Missing Out” and the other one is YOLO which means “You Only Live Once”.
These trends urge people to look best and have the best things. Which requires a handsome amount of finance. And these trends do not support savings. Albeit it is important to remain in the present and think for the present but future is also of same importance. So think wisely and save something for the future too. Therefore, balance your life instead of running after the endless wants.
9. Keep considering the reward
When you stay focused on your goals the very sweet results await you. But all you need is determination and discipline. When you will start saving your money, it can be exciting and easy at first. But with the passage of time, you might lose that motivation. Then you might start thinking to spend that saved money. Because it’s human nature that when they have money their wants are increased.
But you have to avoid this thinking. But instead you should remind yourself the ultimate goals regularly for which you are saving money for so long and should keep considering the reward you might get at the end.
10. Buy generic
Another simple and captivating way to save money is to buy generically. This means, do not bother yourself to think about the brands. Do not get attracted to the fancy logos and packaging of the branded products. These products will only burden your budget nothing more.
Products with normal tag names can cost you much cheap with a good quality. So why to pay a high amount on expensive things? Save your money for future and enjoy the present too by buying generic.
These were the 10 captivating ways to save money which you can adopt in your life according to your convenience. Tell us in the comment section below that which one you liked the most. And do let us know about your own ways to save money.