How to save money? Here are 25 money-saving tips to work on
How to save money? Probably Googled by many people, no matter what your financial stature. Earnings and utility differ from man to man, but almost no one is interested in knowing the ways to save money. Interestingly, it is human ingenuity that allows you to find the best way to save money from your own financial position.
How to save money?
If I ask you how to save money? Or you would be confused or overwhelmed with hundreds of ideas to save money. There are some common ways to save money applicable to the masses and there are some exclusive money saving ideas researched and applied just to you. Things are good and effective as long as you apply their tips and tricks correctly. Here I am listing 25 realistic and simple money saving tips for readers. Keep in mind that all of these money-saving tips may not have all the implications in one’s life, but some of the money-saving ideas listed below have a qualitative impact on your pocket.
25 realistic tips to save money
1. Accept payments by check or online:
This is one of the best ways to save money. It is a human tendency to spend more with cash than with a bank account. Research shows that it is more inconvenient for a person to withdraw money from the bank or buy goods with cards than to use cash. Therefore, this is the best way to save money for those who have an irresistible tendency to spend cash.
2. Go to exchange programs:
Before buying new capital or durable goods, such as electronics, appliances, sell used ones. There are many sites that help you sell your old products through advertisements like OLX, Quikr, etc. Now product sellers are also offering trade-in programs. Online shopping sites like Amazon, Flipkart, etc. they are giving opportunities to their buyers to exchange their old ones with the new product. Selling or exchanging the old products definitely lowers the cost price of the new one.
3. Consider buying cars at the end of the month:
If you plan to buy a car, this is the best way to save money. How? See, in most cases in the last week of months, car sales representatives and dealers are under pressure to achieve their goals. They are desperate to sell cars to customers who offer deep discounts or sell car accessories for free or at a greatly reduced price. This way you get your car at the most advantageous costs.
4. Don’t jump the gun:
If you see a billboard of lucrative products or offers, don’t buy right away. Keep your mind and think if you need it. If it is your requirement, what is your budget? If you hold onto your purchase for a day or more, you may be able to perform a cost-benefit analysis of the product. This way you can save your money on unnecessary purchases.
5. Go for the list while shopping:
Whenever you go shopping, prepare a list in advance of your needs. You may be wondering how to save money by going with a list. If you buy by list, it is possible to stick to the budget. Plus, the list helps you shop faster than without a list. A study shows that if you shop quickly, there’s a good chance you won’t make unnecessary purchases.
6. Avoid going out with friends, invite them:
Many of us face this problem. When you’re out with friends, it’s not social to refrain from contributing. Also, having food and drinks in restaurants and bars is not cheaper than having it at home. So instead of going to restaurants and pubs, invite your friends over to your house. This is the best way to save money for those who are interested in maintaining social networks, as well as worried about how to save money.
7. Use LEDs:
I’ll keep this in the top tips for saving money. Instead of using incandescent lights, you should opt for CFLs, LEDs. They are highly energy efficient and greatly reduce energy bills. These new technology lights even have longer life than traditional ones. By using LEDs and CFLs, you can save on both maintenance and durability.
8. Perform periodic maintenance:
If you are using various electronic appliances like air conditioners, washing machines, water purifiers, etc. it is better to do regular maintenance. The same should be with your car too. By performing regular maintenance, you incur maintenance charges that are much less than any major repair or overhaul charges. At the same time, if your home appliances or cars are regularly monitored, their longevity and efficiency level also improve.
9. Sell your old books:
These money-saving tips are especially for students and parents whose children have passed out and have a stack of books covering a considerable space in their room and they want to evacuate them. There are a number of sites that buy used or old books from us and pay accordingly. One such site is BookScouter. This searches for the best match buyer for our old books.
10. Rent out your extra space:
If you have a large house and leave a part unused, it is advisable to rent it and earn some extra money to meet household expenses. There are some companies that take your property on agreed terms for a specified period and turn it into a homestay. Some of these companies are Airbnb, Oyo Rooms, etc.
11. Take home tiffin:
If you want to learn the ways to save money, this is one of the effective ways to save money. First of all, your savings start when you take tiffin to your place of work or education and avoid canteen or outside food which are certainly more expensive than your home food. Next, the savings is in terms of your health. By abstaining from external foods, you are indirectly reducing your medical bills.
12. Use public transportation or carpool:
If your circumstances allow it, it is a good idea to go by public transport. Using public transportation is much cheaper than using private cars. Also, if you and your neighbor or your colleague have a common route to the workplace, carpooling is a good option. Things can be done on a rotating basis. This saves money as well as the weather.
13. Pay your debts on time:
Try to pay off your debts on or ahead of time. Whether it’s your credit card bill or loan interest, paying on time not only saves you additional interest and penalties, but also gives you high creditworthiness. You can also make arrangements with the bank for automatic debt payments. This is also a great way to save yourself from a debt trap.
14. Eat less meat:
What? Yes, you read it right. But how to save money by consuming less meat? Well this is simple. If you eat less meat in your food or go vegan, the direct impact is in your pocket. Animal proteins are more expensive than vegetable proteins. But a much bigger impact is shown in your health. The researchers found that a high intake of animal protein in our food has an adverse effect on our health. A non-vegetarian is prone to a higher decline compared to a vegetarian. And today health problems cost us a lot.
15. Withdrawal from ATM of the same bank:
This is a simple but effective money saving tip to follow. As you know, if you make withdrawals from other ATMs (where you don’t have an account), after a certain number of transactions, the ATM charges additional transaction fees. Therefore, whenever possible, make ATM transactions only with your local bank.
16. Try to buy airline tickets from the company’s site:
Whenever we travel on flights we make a comparison online reading freight and services. There are many online travel sites that give you the freedom to compare flights from different companies on the same platform. But I would suggest that instead of buying the tickets from their sites, it is advisable to go to the native company’s sites. The charges would certainly be lower than the previous one.
17. Save at home:
Make a piggy bank in your house and save what you can every day. Even ask your kids to do the same with their pocket money earnings. Instill in you and your children the habit of saving and create a fund over time, useful at the time of your emergency.
18. Find a roommate:
If you live in a rented house and are single, this would be the best way to save money. If you have a roommate, you can not only save your share of the room rent, but also other household expenses. Plus, you and your partner can share daily household chores, making life less stressful.
19. Keep your house clean:
This is one of the good ideas to save money, I think it works very well. When we keep our house clean, it has a direct impact on our health. In addition to that, when the house is clean, it indicates that our staff inside the house is also tidy. This will help us find our needed items at arm’s length. The misplacement and inattentive staff left us with no choice but to search for a new one, which is generally avoidable.
20. Shop higher or lower than eye level:
Marketers are smart. They place high-value items at eye level. So try to buy products below or above eye level. In this way, you can save a lot of money while shopping.
21. Take out health insurance or medical claim:
Whenever you feel up to your financial budgets, you should include health insurance in it. Medical bills are capable enough to shake your financial stature. It would really be foolish to take the risk of not taking out health insurance or mediclaim. By paying a small amount of the premium, you and your family are saved from financial danger.
22. Do your own beauty treatment:
Salons and beauty salons are getting more expensive day by day. For women, getting basic beauty treatment like manicure, pedicure, facials at the salon is very expensive. Rather they can try things at home. There are many good video instructions available on the Internet to help a person do their self-care. For men, it is advisable to save at home with your own savings kit.
23. Use phone protectors:
This is a small but effective tip to save money. As we all use mobile phones, we know how often it falls out of our hand. By incurring a small expense on phone case and tempered glass, we can save hundreds of dollars.
24. Use low steam for cooking:
This is one of the domestic ways to save money. Instead of using large flame burners, it will be wise to use small burners. Also, slow cooking and cooking in covered utensils saves a considerable amount of fuel in the long run and also your money.
25. Don’t look for brands:
If you have an obsession with brands, these money-saving tips are certainly not for you. Believe it or not, if you’re looking for value for money, there are several off-brand products that offer the same quality of service minus the cost for the brand value. This is quite visible, when a reputable company pays a huge amount on TV commercials, billboards, etc., doesn’t it have to recoup the cost from somewhere?
Conclution
When you’re looking for ways to save money, you may come across many money-saving tips. But things will be effective when you apply them properly in your daily life. Remember, advice that works for others may or may not work for you. You need to choose the best way to save money among the large number of money saving tips.