Saving money is not instant noodles. It takes practice to save money and to create that money saving habit.
Putting some effort can save you hundreds or even thousands of dollars a year from your budget.
Here are a few tips on how to save money and to start saving effectively!
You can also watch the full video on YouTube below.
1. Look out for discounts
Save up to 80% of market price on groceries by searching through the periodic discounts offered at various outlets.
Often, products nearing their expiration dates are sold at killer prices for specific durations. Promos and flyers detailing the available price reductions every week are also available.
Stock up your pantry rationally during such discounts, thereby saving money, time and getting the same quality at cheaper costs. The same applies for restaurants and other amenities.
2. Know where your money is going
Know where your money is going. Be meticulous with records of your expenses each month.
Each and every expense must be accounted for to help you prevent overspending. To avoid unpleasant surprises, set a cap or budget for individual categories or your total expenditure.
Apps like MAE expenses not only keep track of your expenditure, but also, they sort your shopping trip into various subcategories.
Others provide reward points for saving above a specific amount per week/month, thus encouraging more savings.
3. Avoid unnecessary expenditures
Is upgrading that fully functional and latest smartphone really necessary?
Or, the pair of shoes which will be used once and spend the rest of its life in storage?
Make purchases based on needs and not wants and whims. If you cannot make do without a particular item, only then go for its purchase. Your money is going to thank you!
4. Make optimal use of a savings account
Many banks have options for savings accounts or fixed deposits in which clients can save money and need to leave their savings untouched for a specific period of time, depending on their needs.
If any amount is withdrawn before ‘ripening’, there will be additional significant charges or loss profit incurred each time withdrawal takes place.
The transfer into your savings account can be automated and thus, the process made more streamlined and organized.
5. Pay off loans and debts at the earliest
The most inconspicuous way that expenses accumulate is through paying interest on debt.
To avoid paying further interest, you want to clear your debts earliest possible. Make sure the repayment scheme is being followed each month and up to the mark.
If there are mortgages, prioritize paying it off over a overseas holiday trip.
By now you have got some ways to save money. So, keep these five hacks in mind and create your own savings strategy from this day on!
Originally Published on IQI Global Blog