20 Practical and Easy Ways to Save Money (Part 1)
Want to be the richest man in the world? Strictly speaking, the chances are slim and honestly close to none; it is quite literally impossible to be richer than Bill Gates himself. But if you are wondering whether you can change your circumstances or not (and then maybe slowly pave your path to riches); the answer is a definite, and resounding yes.
Aside from the typical means of active and passive income, saving money is undeniably the other most obvious, and easiest way to go about in this quest to improve your financial circumstances. To bring about such a permanent, positive change in your life, the very first thing you will need in this quest however is the willpower and resolution to be dedicated to your money-saving mission.
Now, you are going to be familiar with some of our favourite secrets, like online paid surveys and other practical methods, that we use to help us to better save money.
Without further ado, let’s run through part 1, of these 20 imperative and must-know ways of saving money:
20 Practical and Easy Ways to Save Money (Part 1)
Saving in Financial Services
1. Securing Maximum Profits from Banking
For a wide variety of reasons (e.g. cultivating good saving habits, earning profit and etc.), everyone saves and keeps their money in a bank account these days. Most consumers however, never do maximise their profits in the banking industry. By choosing the right bank and savings account, one can increase their profits and thus savings significantly. Perhaps this is due to plausible reasons such as convenience and such, but it is important to always gather necessary information before making the decision to open a bank account. Some banks will offer higher interest rates and therefore higher returns, which are essential to your saving endeavours. New banks, in particular, will need more account holders to expand their branches and business, so they may offer comparatively more attractive saving packages that fulfill your monetary needs.
Saving in Friends
2. Controlling Spending When Out Socialising
While hanging out with our friends can be one’s favourite pastime, it usually comes at large expenditures and splurges as well. Spontaneous spending on luxury goods (e.g. dining in restaurants, catching a movie together, visiting the amusement park) are all but the usual happenings in our outings, and it is important to understand that this will hamper our efforts in saving money. Maybe then, an entertainment plan meant for indoors will be a good and cheaper alternative instead.
Saving in Shopping
3. Sticking to Shopping Lists
For impulsive shoppers and shopaholics, it is very common for them to fall into the trap of buying unnecessary things, and exceeding their budgets when they are out in the market. A good solution to this problem will be to always prepare a shopping list before going out. When purchasing only, and only the required things when you have listed; by adhering to the list, this may help you control and prevent any unnecessary expenses.
4. Being Cautious while Spending Money on Children Entertainment
With kids being kids and their young immature selves, the responsibility to handle their never-ending desires falls on the parents’ shoulders. Certainly, buying them whatever they wished for is not the most ideal way of parenting, for it not only means many excessive splurges on unnecessary children's entertainment, but also that we will be spoiling our children. An alternative to this will be to distract them by expending their energy elsewhere, or try engaging them in activities where their creativity can run wild. Hence, while managing to stick to our plan of saving money, we will also be able to reduce the willfulness in our children in the long run.
5. Preparing Your Own Gifts
Instead of wondering what you can buy to gift others, think about what you can make to gift others. Gifts, such as cookies, soap, bread, candles and etc.; are all rather easy to make and much cheaper compared to gifts you can buy at departmental stores, and this adds a touch of sincerity in your gifts too. For special events and occasions in the future, perhaps you can consider preparing your own gifts as a possible course of action.
6. Taking Cheaper Options of Food and Drink
While there is a large variety of food and drinks available in the market, perhaps you can consider changing the brands of the daily necessities you consume for cheaper, and equally good options. While the effects of this habit may not be evident immediately, this will help you save quite an amount of money in the long run.
Saving in Travelling
7. Using Public Transportation
Using public transport not only helps you save on your vehicle expenditures, but it is also very beneficial in the long run. You would be able to save on expenses such as fuel and maintenance fees, and prevent yourself from experiencing inconveniences such as finding an appropriate place to park. Also, a big plus to public transport will be that you will be preventing climate change. Just think about the icebergs in Antarctica. And polar bears. Not only do you save money in the long run, you also help by playing your part in protecting Mother Nature.
8. Getting the Best Deals for Air Fare and Trip Packages
Air fares and overseas trips can incur quite a bit of costs so if you are going to go on a trip, gather all the necessary information from all the airlines and travel companies, to know the prices and see all the packages they are offering respectively. This will help you get a good gauge of where to buy your ticket or tour package from, and knowing when is the peak season of booking and etc. is also important to help minimise your expenses. Information is power after all.
Saving by Gathering Coins
9. Saving Even Spare Coins
Collect and save all your spare coins so you can cultivate in yourself a good kind of saving habit. This way of gathering coins has a wonderfully positive impact on your personality, and by scrimping and saving every coin; you begin to learn the art of saving and will be less likely to make large and extravagant expenses. Besides, after accumulating these coins for a long time, all of them can total up to be a large amount of money as well; which is all the better for us!
Saving by Using Rewards
10. Maximising Benefit From All Reward Programs
With our capitalist society and the success of a business is largely dependent upon the volume of consumers, this had led to increasing competition amongst retailers for customers. Businesses have tried multiple ways to gain a competitive advantage over one another, and the giving of rewards for customers (who fulfill specific conditions) is one such attempt and strategy by them. Certain credit cards may be offering rewards on every shopping visit, and it will be good to have knowledge of these details as it will aid you in your journey to save more money.
That’s all for now… More to come soon!
Ultimately, regardless of your income bracket, saving money is essential in your path and quest to improve your financial state. This is all but a matter of willpower and determination. Discover the exciting world outside while trying out all these tips to help you redirect your expenses and accumulate money. Not to forget, your membership in online paid surveys can also definitely serve as an extra source of income! Even business magnates like Gates and Steve Jobs themselves started out penniless once, and while the first few steps of your journey to start saving may be difficult; remember, the results will be all worth it!
Still, if you have some questions on your mind about online paid surveys, then you can check out our earlier post on the seven truths about paid survey, where we will provide you the clear concepts on how you can make money with paid surveys.
We don’t want to rush you here until you digest the ten ways of saving money listed above. Coming up next will be our continuation to this section, and all the best for embarking on your saving journey!