5 Simple Ways to Save Money

ashton-greenThese days, it is more important than ever to stay focused on saving money. To help you monitor your spending habits and cut expenses, here are five easy ways you can save every day if you start right now.

1. Get Rid of Debt

One of the golden rules of personal financial planning is to clear the most expensive debts first, which means your credit cards. It is true that cards provide you a convenient way to pay for services and goods, but if you cannot clear the balance every month, you should consider a low-cost loan as an alternative.

2. Say No to Luxuries

Eliminating luxury expenses is a good start to saving as it will not significantly impact the quality of your life or your ability to do work. While it can be impossible to imagine life without a cable TV subscription, you may be surprised how convenient it is to live without these things once you remove them from your life. If you are serious about saving, you need to unsubscribe from internet packages or optional television. Go for a car that is cheap to maintain and fuel-efficient instead of an expensive car. Buy home furnishing and clothing from thrift stores.

3. Be Careful About What You Buy

Get yourself a pen and paper and make a list of things that you intend to buy before you visit a supermarket. Giant supermarkets have spent millions on tricks to make you put stuff you do not want in your trolley and that is how you are unable to save money. Check out some cookery books, plan a few meals, and purchase only what is on the list. You can go for cheap and nutritious foods instead of buying prepared and processed foods. Take benefit of discounts. Many grocery stores give out vouchers and discounts at the check-out counter; do not let these go to waste. It is generally cheaper to cook a meal at home than to order an equivalent dish in a restaurant. Therefore, if you go out to eat frequently, you need to stop.

4. Use a Cheap Form of Transportation

Owning, maintaining, and driving an automobile can eat up a significant portion of your income. Depending on the distance you drive, car fuel can cost you hundreds of dollars each month. Furthermore, your car will cost you in maintenance expenses and license fees. Instead of driving, use a cheaper alternative. Most big cities have the facility of metro or subway running in and out of the city, while smaller towns can have buses or train systems for you to use. If the distance is not much, consider walking or biking to your destination.

5. Sell Your Clutter

If your cupboard is full of clothes that you have not worn in a long time or accessories that you have not used in years, it is time to get rid of them. The ideal way is to sell them to someone who needs them. There are several e-commerce websites that provide you the facility to sell used stuff.