A Penny saved is a Penny earned.
Follow the following guidelines to save money:
- Earn Money: How will you save without earning? Earning money will engage you and leave little time to worry for the future. It also restricts the time you get to spend and thus save money which you is your goal.
- Trash the Credit Card : STAY Clear from Credit cards and unnecessary loans. Use debit cards so as to spend in your limits. I have a bank account which i treat as an account for expenses and i transfer monthly limits from my savings account to the expense bank account. Saves you the bother of overspending AND restricting the loss of the debit card incase it is lost!!
- Go CashLess !! Always pay your dependent in account so that they can use theri debit cards to spend or withdraw cash. It also keeps a tab on their spending and reduces the cash in circulation. Remember cash is the governments promissory note ,whereas account payments are your own money. I will elaborate on this topic later on and tell you more about its pros and cons.
Don’t spend money.
Forget that you had the money in the first place. You can’t spend what you don’t remember you had in the first place.
When you get the desire to spend, figure out how long you can last with an existing solution.
When you must buy a product, always hunt for good bargains.
Save on taxes and employ professional advice if required. This should be done all year long and not only for filing returns or queries
Save Energy, Save Money.
Be miserly when dealing with energy. Try to squeeze the maximumm from the energy utilities.
Buy energy efficient appliances and reduce energy bills.
Keep the refrigerator ,freezers, and the air conditioners fit and clean.
Avoid usage of vehicle where you can walk or cycle.
Question every expense.
It’s a fun experiment.
Value Frugality .
Challenge yourself and learn what you can achieve. Learn to know about your addictions or vulnerabilities.
I found I could live without the expensive internet plans as I had very little usage in the peak hours .I learnt to reduce bandwidth usage by refusing to download unnecessary videos and promotional material.
I will not pay for marketing for some trash product which I do not want.
My Cable TV forces me to subscribe to unwatched channels. Trimming the crap saved me money without the inconveniences
I have ended the subscription to unread magazines and newspapers ,which reduced my expenses and the burden on the environment.
Save on your big purchases.
Buying a car , think of various offers and deals before you jump into it.
Actively work towards reducing debts and mortgages ,they just sap the energy out of your wallets and make them limp and useless.
Keep an eye on the developments and predict the seasonal rates of the various things to buy. I always wait for the end of the season sales to make purchases for daily use and bulk items.
If you set a goal and work toward it, you will usually exceed it. I know I usually exceed even my ambitious goals because I make it a fun game of reaching them. Also, make your goal visual, make it easy to chart your progress, and make it social online.
These are the tips I have to living a 35% savings rate, with nobody joking me for being a cheapskate and most people thinking I’m too generous and overspending (I give generously when it’s something of good value, and since I’m not overextended I have money available.)
I think their idea of me “overspending” comes from the fact that I’m not stressed before payday, or when an expense comes up I’m willing and happy to pony up my share.
I spend money on things that make me happy, that make my loved ones happy, that help strangers in need, and I save the rest of my salary. There’s a large portion of my salary I don’t need to spend to be happy.
Just the book you need to kickstart your life and stop worrying about the things you dont control