Five Money-Saving Tips For The Terrible Saver

free money saving tips

You have a big expense coming up. It might be a car, a new house or the kids’ education. It is at this moment that you realize the importance of saving. By finding ways to trim your budget, you can free up extra funds for saving, investments or for purchasing something special. Here are some simple steps you can take in developing a saving habit and improving your financial situation.

Make use of customer rewards programs

Sign up for the free membership or customer rewards programs. Having a rewards card for a shop, a cafe or a supermarket may eventually get you various coupons and discounts. Make sure you organise all your rewards cards into one place so you don’t lose track of them. However, discounts and coupons do encourage people to spend more – to counteract this, create an email address just for these mailings and check this account for coupons only when you are about to shop.

Be a smart consumer

Compare prices in different stores and find the cheapest grocery store where you can do your daily shopping. Shop in a variety of stores in your neighbourhood and check the prices for the items that you buy most often.

Making a list before shopping is another efficient way to control your spending and save more. Make a plan of what you need to buy before setting foot in the store and always stick to the list. Do not take anything you do not have in the list, no matter how tempting it seems, and you will come out of the store saving plenty.

Purchasing non-perishable items in bulk can also help you save a lot. Paper goods like toilet paper, paper towels and printing paper are the best items to buy in bulk. They do not go bad and are simple to store. Similarly, it is sensible to stock up cleaning supplies, garbage bags and laundry detergent. They are things that you will always need, and buying them in large packs may save you five to ten per cent. But bulk purchase can go wrong sometimes. A pack of blank DVDs, for instance, may seem like a good bargain at the time until everyone switch to flash drives.

Give up expensive habits

Most people have regular consumptions, especially those who cannot live without cigarettes and alcohol. Keep in mind those habits cause money to flow away without anything in return. Make an effort to cut off or even quit this addiction, and you will end up saving a lot. Alternatively, instead of consuming expensive cigars and wine, invest in them and gain extra income.

If you collect, be critical with your “collection”. Is it something that continues bringing you joy or you simply buy it as a habit? Can you cut down on the spending on this hobby? If you do not feel strongly about it, maybe it is time to give it up.

Manage your money

Try to save for your purchases instead of buying things on credit. To do so, you may consider switching from a credit to a debit card so that you won’t be paying to use somebody else’s money. Meanwhile, make a plan of your monthly income and outcome and stick to the plan like you stick to your shopping list. Be clear of the difference between the things you need and those you want, so that you do not end up buying things which are not essential for your everyday living.

Get professional help

Exhausted of reading all the advice articles about saving and investment? You can always consult financial advisors in your city and have someone do it for you from the beginning.

Author Bio

Yuan Liu is a freelancer in Sydney who is currently looking for a managed fund to invest in. As an amateur investor, she found it helpful to consult professional fund managers like Clime before making any decision.

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