Tips On How To Save Money

Tips On How To Save Money



Tips on​ how to​ save money
Money is​ an​ essential element in​ every body’s life .​
It is​ the​ one that we​ exchange to​ get all the​ necessary things in​ life .​
And that is​ exactly the​ reason why we​ work all day and sometimes night .​
Since the​ flow of​ money in​ one’s life is​ not uniform,​ it​ is​ only prudent to​ save some money for the​ crunch days .​
Economics permits one to​ spend his/her money in​ any amount as​ he/she wishes .​
But how rationally one could plan so as​ to​ maintain a​ minimum level of​ backup in​ any given day is​ directly linked with his/her ability to​ save .​
In daily life,​ even if​ we​ know that we​ are spending money to​ buy things we​ need,​ most of​ us tend to​ over see the​ fact that more than 50% of​ the​ spending is​ for purposes that are quite unnecessary or​ those expenditures can be avoided without affecting one’s basic life style .​
Exactly this is​ the​ point from where one should start thinking of​ saving money .​
Distinguish between and clearly understand your needs and wants .​
Needs are those things one require to​ sustain his/her basic needs .​
Want on​ the​ other hand refers to​ anything that is​ not an​ absolute necessity but which presence enhances one’s way of​ life .​
For example,​ a​ car can be a​ need but a​ $40,​000 SUV is​ a​ want .​
It is​ a​ human nature to​ insist on​ the​ best and the​ biggest even if​ the​ same quality is​ available at​ a​ lower cost .​
Spending $100 in​ a​ posh restaurant when one can afford the​ same sumptuous meal at​ $20 or​ buying a​ $20 shirt with a​ $30 trendy label attached all belong to​ this category of​ keeping up with the​ Joneses .​
a​ bit of​ intelligent spending here can save a​ lot .​
It is​ a​ good idea to​ try a​ commodity and get a​ feel of​ it​ before actually buying one .​
Because there is​ no point in​ buying something you may never use or​ hardly use .​
Such an​ analysis is​ relevant especially when the​ item under consideration is​ a​ costly one .​
Rent one,​ borrow one,​ and try one out before making the​ final call .​
Mortgages can easily be the​ biggest single expense most families have in​ their monthly budget .​
Here,​ zeroing on​ the​ best deal is​ where the​ trick lies .​
Calculated comparisons can make a​ difference of​ few thousand dollars in​ the​ entire deal .​
Another big expense is​ linked with the​ vehicles a​ person owns .​
One should see if​ he/she is​ getting the​ best deal on​ the​ maintenance,​ insurance and repairs .​
True,​ food is​ a​ need as​ well as​ a​ recurring expense .​
Keeping a​ check over the​ money spend on​ food – to​ a​ necessary extend - can make a​ big difference in​ the​ money one could save at​ the​ end of​ the​ month .​
Plan food purchases in​ advance,​ go for generics or​ store brands and stock up the​ items that you regularly use when available on​ sale .​
Another expenditure that drains a​ lot of​ money is​ one’s fascination for clothes .​
Unlike electronic goods,​ the​ price of​ clothes is​ continuously on​ an​ upward spiral .​
Hence it​ is​ a​ good idea to​ buy quality clothes that lasts a​ longer period .​
Such clothes are better than the​ ‘throw away’ types .​
The cost of​ clothes is​ not going to​ come down either .​
Therefore,​ buying in​ advance for a​ season ahead is​ a​ logical correct step .​
But never over do it .​
Getting clothes for 5 years in​ advance is​ stupid!
Telephone is​ a​ common thing in​ every house hold .​
This is​ one department where money drains like an​ open tap .​
Though local phone service has a​ fixed price long distance calls matters .​
Shop around to​ find out the​ best deal as​ far as​ the​ service provider is​ concerned .​
Keep in​ mind,​ a​ saving of​ $16.75 a​ month can add up to​ $200 a​ year .​
If you are a​ travel addict,​ travel expenses can make a​ big difference if​ not having the​ right travel agent .​
Even if​ it​ is​ the​ same place,​ airline,​ hotel or​ car rental,​ the​ difference between two travelers can easily exceed $1000 .​
Keep one’s eyes and ears open when hunting for a​ traveler .​
Remember,​ saving money is​ not putting all the​ dollars that one earns in​ his/her savings account .​
But it​ is​ all about intelligently spending the​ bucks,​ at​ the​ same keeping a​ check on​ all the​ unnecessary expenses .​
Good Luck!




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