Simple Tips on How to Save Money

Building your wealth through saving

Sometimes, it becomes important for us to save a great deal of money quickly. There may be an urgent need to set up fund for rainy days or to buy a new car.

Here I am sharing some simple tips on how you can save money. You can do more saving by either earning more or spending less. These tips touch upon both aspects.

Sell unnecessary things

These days, some ecommerce sites are doing their advertisements on TV. These sites are the meeting points of two individuals - one sells and other buys. You need to upload photos of what you want to sell. Once it is done, you will receive calls from the interested buyers.

The question is what you will sell. Obviously, those you don’t need now or are likely to use in future. Collect them at a particular zone of your house. Look for other stuffs that you could sell. You may have emotional attachment to some unimportant things. Exclude them if they are in good shape. Selling unnecessary items is a good way to make some cash overnight. However, make sure not to spend money - that you earn from sale - on something you are less likely to use in immediate future as you may have to sell it for half of price. Before selling anything, judge its market value while considering the depreciation cost.

Dine out occasionally

It is an advice to encourage you to cook your food at home. It will help you save money and stay healthy. I really hate paying for others’ labor, innovation and time at the restaurants just to avoid sweat and smell in the kitchen. Everyone cannot be a great chef but if you try, you can make yummy dishes at home. With so many high-end tools being available, it is fairly easy to whip up exotic dishes right at your kitchen.

If you frequently visit restaurants, just calculate how much you save by having home-made foods. You save restaurant bills plus car fuel charge. If you are a working professional, bring your lunch from home instead of looking for a food stall during break. Parting your way with the habit of lunching out will save you more money than you ever expected.

Work more

We all know overtime increases your income five times more. If you want to earn more, you need to be ready to work more. If you have an option to do overtime, accept it. Money is sweeter than honey and so don’t think twice to accept the offer of overtime.

Look for a part-time job

Not all organizations require their employers work to do overtime. So, what is the other way to make money? Find out a part-time job. Freelancing works are favorite with the college-goers and house-wives. A two-hour part-time job or freelancing is unlikely to be stressful for you and you will be happy to have some extra money arriving at the end of the month. 

Share your rent

If you are a bachelor or not staying with your family, share your room with someone. It will benefit you in multiple ways. You can share rent and electricity, cable, water and internet bills with your roommate. It is a good option to save your money if you don’t mind sacrificing your privacy. I did it during my college days and amassed a good amount by saving on rent and other bills.

The only thing to consider is to ensure that the person you are going to share your room with is a good one, otherwise; the decision may cost you in the long run.

Downsize your monthly bills

With price/unit going up on a regularly basis, electricity bill eats up a significant part of your earning. If you have air conditioner, limit its use to only a few hours. Wash your clothes manually instead of using washing machine. Avoid using heaters too much as they consume more electricity.

If it comes to cable bill, don’t pay for the channels that you don’t watch. Total package comes at less price if individual price of every channel is summed up. Choose a package that covers most of your favorite channels.

Bring some changes in your food habit. Instead of taking spicy food, eat them boiled or shallow fried. This way, you can save fuel charge and also stay healthy.

Save on your insurance payment

You may have a number of insurance policies to your name and those take up a larger part of your earning, no matter if you pay premium monthly or annually. Before buying insurance, you need to do some legwork in order to get the best rate subject to your requirements and spending power. Get quotes from the website and compare before buying insurance for your life, home, car and other things. There is no alternative to shopping around if you want to buy insurance.

If you want to save more not only for a while but for years to come, you need some serious modifications in your spending habit. Failing to do so will get you back to the spot where you were before.

If you have more tips on quick saving, share those with me.

Tina Roth is the Founder and Editor at personal finance blog. On here blog she covers budget management, frugal living, money saving tips, credit score and many other finance topics to help people build a financial secure life. She is also a contributing writer at Finance Guest Post - a community for personal finance blogger.

No comments