Set of relatively easy ways to save money. The more you follow the below tips you can see you save thousands over time. You’ll be surprised to the benefits. Even it requires a little work from your part the savings you made will boost you and make you happy when you can pay your debt earlier.
• Regularly Cook at home. Start cooking at home. Even if you can’t cook for all days. Start to do for at least few days a week. When both the partners are working cook for 2-3 days at once, so you can re-heat this does not only safe time but also cost of cooking every day. Home cooked food is more healthy than buying out. This will in turn reduce possible medical cost.
• Prepare your own coffee. Try to prepare your own cup of coffee. Don’t undervalue the savings you have when you skip Starbucks, Coffee bean etc. No need to completely ban drinking coffee, skip as you can unless you make by yourself.
• Shop with a list. Make a list and stick to it. There is urge for shopping. While shopping purchase extra due to temptation. Some times its worse we end up buying things which we don’t want than things we really want to buy. Make a list of the items you need for a period and buy, by this you avoid unwanted trips to shop also limit the temptation to buy unwanted items.
• Check expiration dates. Specially on dairy food items. Normally Milk, Yogurt, Cheese has short expiry period. Don’t over buy these items. First know the family consumption limits and then purchase. By this avoid overbuying on unwanted items.
• Bulk Purchase. Try to buy in bulk whenever you find something on sale Also when you buy in dozens there are discounts given by wholesale shops. The following are something I buy soap, shampoo, body wash, tooth paste toilet cleaners, toilet rolls, tinned items, rice.
• Buy generic products. Branded items are expensive than non branded items. As Brand has a cost attached to it. Try to buy generic item or items which are Supermarket specific. There are good quality items in offer by the Supermarkets which are equally good as Branded items. Dish wash for instance branded once are expensive than generic product, both does the same job. Find what Generic items which can be replace the branded products you use and switch to them. Shift to Portion of the grocery list with generic items.
• Pay off debt as soon as possible. By this you avoid paying unwanted interest. In your monthly budget first item to should be the portion allocated to pay for the debts.
• Avoid late fees. Pay on time to avoid late fee. Automate payments as possible. Arrange a standing order with your bank for the following Credit card payment, Utility bill payments, Mobile Payments. By this you evade paying not only late fee but also overcome the hassle of some disconnection mobile lines. Before giving the standing order be aware of the bank balance so you don’t end up paying overdraft payments to bank.
• Avoid ATM fees. Now some of the banks charge ATM withdrawal fee for every withdrawal you make. In case if you are not using that particular banks ATM and use some other banks then the charges are much higher. Plan the amount of money you want as hard cash and make the withdrawal at your branch. By this you don’t have to pay ATM Fee also you can update the passbooks.
• Borrow books from the library, than buying books. As and when you can borrow books from library than buying it your self. This only safe money on buying books also save space to store those books. Currently most of the books are available on line as e-books. Try to find these and read than spending on physical book.
• Do a comparison on Prices of anything expensive. Do a price comparison before buying any big value items. This can be more useful when buying electrical items.
• Refill your own water. Water is good for your health. Health tips says drink 6-8 glasses of water Bottled water is the most convenient since it can provide protection against accidental spills. Try to re fill your own water. Than buying every time. Boiled water is economical and safer choice. Else invest in a Filter – which over time save a lot of money.
• No to vending machines. There is a huge mark-up in the items dispensed via a vending machine. Also mostly not healthy.
• Retain your car as long as possible. Keep your car as long as possible. Run your old car as long as the repair costs are low. Buy this you can balance the money spent on repairs and monthly instalments.
• Service Maintenance on your vehicles. Do regular maintenance of the vehicle. By this you can lengthen the life of the Vehicle, so you can use the same for more years. Always remember to check the Air so tyres are not impaired.
• Evade buying a new car. New car depreciates as soon as you drive it out the dealership. Pre-owned cars that are only a few years old with low mileage are the best bargains. Do a good negotiation with the car dealer by this you can save a big amount over buying a brand new car.
• Whenever possible Ride your bike or carpool. Just because you have a car does not mean you have to use it every day. When going to office get together with colleague or spouse by this you can save on gas as well as minimise environmental foot print.
• Subscribe to an online DVD store membership. Than buying DVD or renting from a local store subscribe to online membership which can save you a fair amount of money. Also this doesn’t fill unnecessary space at home. Which minimise the time spent on cleaning and maintain the library.
• Control your electric use. Unplug electric appliances when not using. Unplugging the TV instead of just switching it off can save a lot of electricity! Use energy saving bulbs instead of normal lighting. Even there is a initial cost in buying the Energy saver bulbs over time the electricity cost saved is much more than initial investment. Set up a programmable thermostat to control your A/C and heater usage.
• Plan vacations ahead of time. Vacations are important to come out of the stressful work life. But keep in mind these are huge burden in family finance. Plan the vacation well ahead and book the air tickets, hotels. There are now most of the airlines offer very cheap fare where you have to book 6-9 months prior. Most of it cost less than 50 % of the current fare. By this you can save a lot. Also plan the vacation in the off peak season, by which you can get cheap accommodation/hotel
• Finally, Know your limits. Don’t buy stuff simply your lavish friend spends on something. New car , large screen TV’s, electrical gadgets, eat out in fancy restaurant every night. Try to live within your limits, keep distance with these habits. They may be nice people, but hanging with such people will lead to a lot of unnecessary desires.
Make a habit to save money in things that you do every day, even if it is a few dollars. All that money saved can add up significantly and you can save it or spend it on things that really matter!
I am not saying that you should follow *all* these tips. Pick out a few tips at a time that will work for you and make them a habit, before deciding if you can incorporate more money saving habits in your daily routine.