Seven Money Saving Tips

Seven Money Saving Tips

Spending more than your salary or income could cause a lot of stress. Try these tips to help you save more for a vacation, trip, or a special occasion. These seven ways of saving money are simple to do and is suitable for most people.

 

Money Saving Tips:

1. Set a goal

Setting a goal keeps you motivated to save. Plan ahead and consider an attainable yet challenging goal. Think of how much you need to save for a specific length of time. Stay motivated and work in order to attain your goal.

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2. Make the most out of your investment.

Do you have the habit of buying shoes, bags, clothes, or gadgets on a regular basis? Before purchasing another item, think of the last time you invested and if you already enjoyed your money's worth. 

Keep in mind that the value of these items will depreciate later on. Learn to appreciate the value and worth of each item and make the most out of the investment you made.

3. Pay your bills and debts FIRST.

Start budgeting and plan wisely for your next payday.  Prioritize bills and debts first if you already have enough money. You surely wouldn't want interest rates piled up or debts accumulated.

Know your priorities and budget your money wisely. Think of the money you paid for interest rates and penalty fees that were supposed to be spent for yourself.

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4. Do the work.

You need a furniture fixed or a research paper done. Some people would resort on hiring other people to do the job. This habit will drain your resources in the long run. Doing the work yourself will demand time but will help you save more money. In this case, you have to weigh which resource you can sacrifice, is it time or money?

To help you decide, you can ask yourself first, 'Can I work on the research paper this weekend?' 'Can I fix it myself?' It would be very helpful to try and work on the task. You'll never know you could be good at getting things done and fixing.

5. Your "needs" versus your "wants".

The next time you go shopping, pause for a moment and think carefully if you really need the item. Do you really need it now or can you wait for the item to go on sale? 

Contemplate on your wants without sacrificing your needs. If you prioritize your wants first, you will eventually spend more to balance with your daily needs.

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6. Stick to your goal and win over sales-talk.

As a customer, you already know what you want to purchase. This is a cliché, but be aware of the so called "sales-talk" or "business-talk." A staff or salesperson attending to you have a certain sales quota to reach.  

They would often offer items you didn't ask for. After that, they will do more convincing talks so you'd purchase the item. Once you get home, you might regret your decision of buying an item you don't really need.

7. Discipline yourself.

This is a crucial and difficult part of saving -  Discipline. Always have a goal in mind and think of the investment you are saving for like the house, car, or your next vacation.

Have a different mindset, if you want to save then work for your goal. You won't be able to save, when you really don't plan and work for it.