5 Money-Saving Tips

 

Money is probably one of the most important aspect of our modern lives.
As they that 'Money Makes The World Go Round', so more money you have, more you are better off.

In layman terms, saving is simply the money you have that's not being actually being spent but rather mindfully set apart for later use. Thus saving money simply refers to mindful and control of money.

There are thousands of potential advantages for people who have a habbit of saving their money, like giving them financial security, chances to invest small in business or stocks, to have money when they are in need, improves they quality of life and invest in some skill at a later juncture of your existence.

Many fiancal experts and money saving gurus have given their expert opinion on importance of practice of saving money, some of these quotes are:

1 - "To Become Rich — You Must Value Saving More than Spending".

- George Choy

2 - "Save (Money) when you don’t need it, and it’ll be there for you when you do".

- Frank Sonnenberg, The Path to a Meaningful Life

The popular season Money Heist isn't based not based on true story nor its plot is real, but money does tend to go out of your pocket or bank account like its being stolen away and going into the thin invisible air.

Online, there are thousands website, videos and articles that'll provide you with tips as to how you can save your money but this blog post will assemble all those tips, simplify them and write them in easy words so that you can work on these tips and achieve fiancincal independence.

Here are 5 tips using which you can saving money.

1) Keep Track Of Your Spending Habbits

Probably the first step that you can take is to keep a hawke's eye on your spending habits. These days, due to rise in global commercialisation and constant advertisements, most people don't give a second thought to what they are buying.
This is the main reason why so many people buy things that have no use for them or anyone they're living with.

This phenomenon can be felt and seen across much of the developed world especially the United States. There's a famous quote that effectively describes Americans spending habbits and how they pay for over priced stuff.

"The way Americans tend to buy things: A person who has $20 will buy something for $40 if it’s marked down from $100".

- Clifford Cohen

Best way to keep a track of your speninhing habbit is to maintain a diary and receipts of what you bought, with prices of item listed along, this will make you mindful next time you'll buy the same item. Other thing is to keep a check on all the transactions that are made from and to your bank account.

Apart from this, these days there are multiple free apps that can be downloaded from playstore or appstore, these apps are available for free and are designed to help you manage your fiances.

These apps have made whole process of keeping a hardcopy record of your fiances unnecessary and redundant but for your betterment try to keep a soft and hard copy record of things like fiances, healthcare bills, cars & house insurance and utility bills more stuff like this.

2) Get Rid Of Your Addiction

Here, by addiction I refer not only to consumption of drugs but I am also referring to addiction of thinks like tea, soft drinks, fast food, coffee, internet or social media or any other that has a fiancal cost.

Take tea for example, skipping tea will save your money by not buying sugar and tea, which will save some money by the end of the month.

Addictions are not very bad for your mental and physical health of you and people around but it also comes with a fiancal cost.

This cost is often ignored when talking about money budgeting or money saving. Above all drug addicts are more likely to be convicted of a crime that they never committed and thus waste whatever money in judicial procedure.

Work on these addiction by power of free will and practising of self control, keep this in mind that at the end of the day, it's your money that'll be saved. If you're addicted to hard drugs it's best to consult a proffesional councillor or someone who deals with addicts on regular basis. You'll find yourself a changed person and will have a positive & healthy impact on people around and on overall general society.

If you're obese and have a eating disorder, get yourself checked and diagnosed by a proffesional medical practitioner and that'll help you leave stuff like chocolates and coffee.

3) Practice Mindul Use Of Utility Appliances / Bills

Utility refers to any service that your using at your home that's useful to you, so services like electricity, gas, Internet, mobile phone costs all come under the category of utility. Most people don't think a second as to why additional lights are on while no ones doing anything productive, this obviously translates to more electricity bill when nobody used it.

All of these bills can be lowered if you just a little attention and start questioning your little decisions. You can save money by taking small practical steps like getting your shower time shorter, using luke warm water when your clothes are bring washed,
turning off the thermostat when your off to sleep, turning off the unnecessary lights and electric appiances, not using electric heavy machines like iron or microwaves that often and trying to use optimal temperature for fridge and freezer.

Using electric efficient bulbs lowers the electricity bill and in most gives off more light than a traditional bulb.

Other things that most people don't practice is fuel efficiency when they're driving, thus car consumes more petroleum than it should. You can make your car more fuel efficient by not using brakes as much, by not having air conditioner run while it's not that hot outside, not changing gears rapidly, changing oil repeatedly and getting your car serviced regularly.

4) Practice 30 Day's Rule

30 Day's Rule simply refers to mindfully delaying the cravings that come to your mind when you're at the mart, groceries store or supermarket. This practice is a masterclass in self control. All you have to do is whenever you're craving for something that's not essential, talk to your self and leave that item aside for next month i.e next 30 days, if the craving persist than buy that thing.

This practice is probably one of the best way to live in the world of highented commercialisation and constant advertisements. Practising on this rule will only make you feel emotionally better as you've made the decision that your body really wants.

These quotes underscore the importance and significance of self regulation and self imposed rules on oneself.

1) "Rule your mind or it will rule you".
- Horace

2) "No matter how tiny you look, you can lead huge men if you have what the huge men don't have".

- Michael Bassey Johnson

Added advantage of following the 30 day rule is that you'll likely start noticing patterns of anxiety or tension driven consumption. It'll make your groceries list much more accurate and useful to what you actually want and need.

5) Try To Eliminate Your Debt

Debt is any money that you own that you have to give back with some interest. There's no way that a individual can plan for his/her future when he/she are in debt to someone.

Debt is a circle of misfortune and uncertainty that has a physical and mental cost to it adding to already present fiancal cost.

"Debt means enslavement to the past, no matter how much you want to plan well for the future and live according to your own standards today. Unless you're free from the bondage of paying for your past, you can't responsibly live in the present and plan for the future".

- Tsh Oxenreider

Getting rid of your all outstanding debt and repaying them back with interest rate can be a challenging and difficult task but regardless its still achievable if you put in the hours and hardwork.
Probably the best, simplest and easiest way to get rid of debt is to pay your creditors more than the minimum payment they are asking for. This will ensure that you're always ahead of the curve. Second point is to renegotiate the debt you own with your creditor. For the purposes of renegotiation of your debt, it's best to hire a legal expert or a professional lawyer so that they can assist and guide you in the matters of the law.

If you've more than the minimum payment, it'll be better if you start giving your creditors debt payment twice or thrice a month. Cutting down the expenses by mindfully reducing bills related to utility, rent can also help you pay your creditor faster. Doing this will shorten the debt that you owe with very little interest rate.