Top Nine Tips for Saving Money

Tuesday, February 3, 2015, 3:00 AM | Leave Comment

While most people realise that they should take care of their finances, not too many know exactly what they should do. To help you, here are nine useful techniques that you can apply to your everyday life which should cut down on your expenses and help you save more money in the future.

  1. Form a plan for grocery shopping

    Make a list of items you need from the supermarket beforehand. Only bring enough cash to cover these goods too. This will stop you from spending more than necessary while only buying groceries that you need.

  2. Conserve water and electricity

    While at home, turn off lights and electrical appliances you aren’t using. Take shorter showers, wash dishes in the sink rather than the dishwasher, and refrain from using the clothes dryer. This will lower your monthly utility bills.

  3. Find a thrifty partner

    Saving by yourself can be difficult. Get help by working together with your partner or a friend. By cutting down on your spending with someone else, you won’t feel so alone in your quest to save more money.

  4. Reuse or borrow certain items

    Buy clothes you can wear with different outfits so you don’t have to purchase multiple pieces. If you need any tools, ask your neighbours if you can borrow them. Finally, borrow DVDs and books instead of purchasing them.

  5. Change your bank account

    Look for a bank account that comes with zero account keeping fees, free monthly statements, no minimum deposits and no extra overdrawn charges. Compare banks and you can find a savings account that lives up to its name.

  6. Give up coffee and alcohol

    These two habits can be very expensive especially if you indulge in them often. They can also be harmful to your health. Instead, refrain from having that beer or coffee and put the money towards your savings target.

  7. Make lunch and dinner at home

    Each morning, make lunch and take it to work instead of eating out. To socialise, invite guests over and create a delicious meal. You can even ask people to bring a plate of food to reduce costs.

  8. Cancel the gym membership

    While exercise is important, you can do it for free by running in your neighbourhood, swimming at the beach, or cycling in a local park. Forget that expensive gym membership and opt for a work out which doesn’t cost anything.

  9. Lock your credit cards

    When making a payment, always use cash. People tend to spend more when using credit and typically forget about repaying the debt till the following month. Lock your credit cards to stop this negative spending behaviour.

While some of these will take a little determination, just focus on the extra cash you are putting away each month. Even with the best ways to save money, you should always have a specific goal (e.g., a holiday, car, home or retirement). This will help provide motivation as you see real progress towards your various life aims.

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