Opportunities for Saving money is everywhere. Whenever you pay for a good or service, thee is an opportunity to save. Using coupons, discounts, bargaining, deferring buying decision, etc. can be used almost every time you pay. But saving money when there’s little or no possibility can be sometimes taxing for people around you.They may not like the idea of you bargaining everywhere you go out for shopping or asking for discounts. also saving money works best when you do budget for some fun.
While having fun while you save, it’s perhaps wise to think about putting your best effort towards the spending category that can result in maximum saves. Trying to save money on your coffee may not bring the best result as saving money on gas. Analyze your spending history. I always recommend people to use Personal Capital tool to analyze spending, it is a free tool and it makes your personal finance easy to manage. Once you know where you spend your money most on, it’s easier to target that area.
There are very few lucky people on the planet who wouldn’t welcome a little more money in their pockets at the end of the month. Taking on board the advice in this 101 money saving tips article can significantly help but even a few changes in your lifestyle can have an instant effect.
If you spend most of your money dining out then there’s a great possibility of exploring ideas to home cook some meals, brown bagging lunch or brewing your own coffee.
If you see gas consume most of your budget, then you may think about car pooling with your colleague, getting a public transport or working from home/telecommuting option.
Below categories are where average population spend most money on.
Bills and Loan Repayments
Price comparison sites have blown open the market for finding cheaper deals, giving you the ideal job of simply filling in one form to find the cheapest results for insurance and gas/electricity, for example. Different interest rates for loans can have big effects; the difference between borrowing $10,000 at 3{6fac3e6a3582a964f494389deded51e5db8d7156c3a7415ff659d1ae7a1be33e} and 5{6fac3e6a3582a964f494389deded51e5db8d7156c3a7415ff659d1ae7a1be33e} over five years is more than $540, for example.
Similarly, when it comes to refinancing your mortgage, do a little research beforehand so that you can understand the terminology better. Mortgages are a long-term commitment, so don’t rule out over payments to bring your loan value down for next time.
One of the bill people cut to reduce budget constraints is cable TV. See if you can cut electricity consumption to reduce utilities bill.
Fashion
We like a bright wardrobe with new clothes reflecting fresh trends, but that’s an expensive lifestyle. It’s also one that will, down the line, lead to you sending piles of clothing that you didn’t wear to charity shops, or the recycling bag if you haven’t looked after them.
There are several easy steps that can lead to you looking a million dollars but actually save you big cash. Swishing parties, buying online, avoiding store cards and even making your own garments are a start.
Buying clothes for children is another big item. Especially during their growing years. clothes become useless after a year or two. I published various ideas to save money while giving best care for your kids, you can refer to it.
Transport
It seems counter-intuitive to suggest that buying a new car could save money, but think outside the gearbox for one moment and you’ll soon see that a gas-guzzling old banger could be chugging through the petrol in double-quick time. And those niggly annoying little repairs soon mount up… do some repairs on your own.
Utilizing designated drivers, services such as justpark.com, and even finding out if your local council does MOT checks, could all be big money savers.
Check at work if anyone else lives in the same area as you. You may give him/her a ride sharing proposal. You can talk to your manager fo allowing your work from home few days of week.
Leisure
Letting your hair down for a weekend or evening is sometimes vital, but the financial aftermath can be painful. Ordering tickets online, signing up at Wowcher, Groupon and other similar sites, and keeping a stash of newspaper offers and planning ahead during the holidays as much as possible – such as creating a ‘holiday activity planner’ – could reap dividends.
There are many cost-effective alternate fun ideas that you can explore. Instead of traveling to expensive places, you can take a staycation. Take up hobbies like biking or fishing, they cost almost nothing expect the one time cost of buying equipment.
Instead of throwing lavish parties, you can arrange for potluck events, where everyone brings their favorite food. Instead of flying, take a road trip, explore the surroundings in the process.
Food and drink
Supermarkets love to tempt you with buy one, get one free on products, and there’s little more disheartening as watching good food wither away – items that never should have been purchased in the first place. According to Lovefoodhatewaste.com, the average family throws away $90 of uneaten food each month.
Just a few wise steps can save money in so many ways. Did you know, for example, that you can freeze cheese, lemon and even sandwiches? Or that any restaurant that serves alcohol has to provide tap water, by law? As with all six of these areas, a little planning and research can save a lot of ‘dough’. It may well help to use the free and easy services of an online budget planner.
Kids
Any parent will tell you that looking after a child or two is an expensive business, but that can then be exacerbated with a few simple errors, particularly with a new arrival. An over-reliance on credit, failure to use the vouchers and offers that are commonplace, and above all – lack of planning – can cost.
Other mistakes include paying for subscriptions that aren’t needed, not bothering with sales for items that are barely any more used than shop-bought products, and buying too many toys. One last thing; teach your child to be careful with money, to look after their toys and clothes, and to turn off appliances and light switches, and you’ll set them up for life.
For you, the spend list might not include all the categories I mentioned, you may have something else in it. If you think through, you’ll get ways to save money on that. Let us know how you are saving money and what’s your strategy where least change can bring most saving.
SOURCE: One Cent At A Time – Read entire story here.
