Top 5 Money Saving Tips

Saturday, October 24, 2015, 6:00 AM | Leave Comment

Saving is really important when you are planning to live a happy and comfortable life. Yes, the importance of a healthy paycheck every month is much admitted but unless you accompany it with sensible savings – your financial zone is not properly secured.

Thus, here are top 5 money saving tips for you.

  1. Research on latest banking offers

    It is always intelligent to move the savings or checking account from one bank to another if the other one is offering higher rate of interest.

    Thus, you have to keep eye on the latest banking offers time to time. Some of the banks even offer good sign-up bonuses just for opening a new account & setting direct deposit.

  2. Save energy by switching off on time

    This is one of the most underrated money saving tips but you can really save a lot if you are strict about unmindful energy waste.

    So, always make sure to switch off the electrical appliances while not in use and teach every member of the family to do the same.

    This way you would not only be reducing your monthly electric bills but would be contributing something towards Mother Earth as well.

  3. Sell your old useful goodies

    All of us have got some great old collectibles in our house that we no longer use. It could be books or toys or clothes or some appliances.

    So, make a list of all such old yet useful items/collectibles in your home and put them on sale.

    You can arrange for a yard sale on place them on online shopping sites that accept used items.

  4. Follow the famous 30-day rule

    Impulsive shopping is one of the main reasons of a damaged financial shopping which can even lead to uncontrollable debts.

    Most of the outstanding credit card debts are because of unmindful avoidable shopping made on a sudden impulse.

    At times, people have a tremendous urge to grab a certain attraction given momentary pleasure. It might not be a much welcome addition to the house or could mean a serious blow to the savings and when they discover it- it’s just too late.

    Thus, there is the thirty day rule to prevent you from such avoidable expenses and guard your saving efforts.

    According to the rule, if you are feeling a sudden urge to buy something really expensive, you give yourself a 30-day tenure.

    Within the duration, weigh the pros and cons of purchasing it diligently and contemplate on whether it would be truly useful for you.

    If it’s ultimately not that important to you, the urge would wane away over time.

  5. Stick to your shopping list

    You should make and stick to your shopping list- no matter wherever you go to shop, be it the supermarket or shopping mall.

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