money

When it comes to ways to save money at home, there are surprising ways to pile up on some change and get more money in your pocket over time.

There are many ways to save money on everyday purchases in the house. The number one rule of thumb when it comes to saving a big portion of your income is develop an attitude and mindset of being comfortable with money sitting in your account. Do not be in a hurry to go on a shopping spree as soon as you have some money in hand or in your account. If you tend to have that urge to go shopping or buying something because you have some money in hand, you will need to wean yourself of that impulse. Learn to get comfortable with extra money sitting idle in your account. Look for ways to save on everyday purchases so as to save more money in addition to your regular monthly savings allocations.

The following are some brilliant and surprising ways you can save money over time.

  1. Have a monthly budget and stick to it. You can go even further by making a weekly allocation of expenses. This will help you stick to your monthly budget.
  2. Put your monthly savings allocations in a separate account from your checking account to avoid dipping into it. If your bank has the capability, choose the option of not being able to access your savings account at the ATM. 
  3. Track your expenses and swipe with caution. Do not keep swiping because your debit card allows you to. Some transactions you make with your debit card are not debited from your account till after a number of days. This can cause you to spend more than you have and lead to paying overdraft fees and penalties to your bank. A good way to prevent this is to use cash as much as possible in making purchases. Withdraw cash and make purchases with it. This will help you keep track of how much money you are actually spending instead of just swiping away. Also make sure to keep receipts of all your purchases especially ones made with debit cards. 
  4. Make a shopping list and stick to it as much as possible. This money saving tip helps to prevent impulse buying. Of course there may be a few instances when you may have to fault on this. For instance it will be unwise not to buy a box of salt which you forgot to put on  a list but remembered whiles at the shop. This indeed will be an obvious exception to this rule. 
  5. If you are a coffee drinker, these daily morning cups can add up quickly. A good way to save money on your daily morning cup purchases and put some money in your pocket is to make your own coffee at home before heading out in the morning.
  6. Another great way to save money is to take lunch and snacks to work. You will find out that you can save a lot of money this way. Not only will you save money this way but this will also help you be on track if you are trying to eat healthy. Check out my article on how to prepare your meals ahead of time on my post living healthy
  7. Avoid buying too much groceries than you’ll need for a week or two unless you have an effective means of storing them. Statistics show that every year, millions of dollars are wasted on food that people throw away. A report by UNEP and the World Resources Institute (WRI) estimates that one-third of the food produced worldwide which is equivalent to $1 trillion goes into waste. Buy only what you need to eat especially if the food you buy has a short shelf-life. Buy vegetables and fruits in small quantities at a time.
  8. Make payments on time to avoid paying penalties. Overdraft fees, dept collection fees, high interest rates due to not having good credit history all add up over time and can become very expensive and eat into your savings over time. Look at the long term implications of your choices and make it a point to make your payments on time.
  9. Call your credit card company to ask for a reduction on your credit card interest rates. A small reduction in the interest rate of credit card as low as 2% can make a huge impact on how much money you keep in your pocket yearly. Do this every year even if you were denied the year before.
  10. If you have a mortgage, look into refinancing your home loan. Take advantage of lower interest rates and see if you qualify for refinancing.
  11. Another great way to save on everyday purchases such as clothing is to head to the clearance aisle first thing when you enter the clothing store. You will be surprised to find out that the same shirt that cost $30.00 on the front display has a similar one on the clearance aisle just because the later was opened or was part of an old stock. Shop wisely. 
  12. A good rule of thumb to saving money- negotiate, negotiate, negotiate! I cannot emphasize on this enough. As much as the situation will allow you to, go ahead and negotiate on the prizes of things you buy frequently ranging from clothing to automobile. Sign-up for discounts and coupons and buy on clearance and huge reduction events.
  13. Talk to your friends and colleagues about recommendations to getting great deals on items in your locality and surrounding area. Share tips and where to get great deals with each other. 
  14. Reuse items as much as appropriate. Hand-me-downs are not a necessary bad idea if the items are gently used and well cared for. 
  15. Use the internet and other free resources for DIYs. Learn to do simple things like decorating your rooms, painting, changing your headlights and wipers to putting together a beautiful picture frame. 
  16. Buy used products with caution. Ever been in a situation where you spend more money on repairs of a used car than what it cost to buy it? These repairs can add up over time not taken into account the inconvenience and anxiety of your automobile leaving you half-way to work.
  17. When it comes to purchasing of everyday products, a great way to save money or in this case avoid using any money at all is to delay the purchasing of the items. How many times have you decided to go out and get something from the store but after getting a cold feet, you were able to get something else to substitute for what you wanted to go out and purchase in the first place. It amazes me how much food or clothes we have but still manage to say we don’t have food or we don’t have clothes to wear. By delaying the purchase of these items, we are most likely to get creative with the things we already have and not have to spend money on purchasing a new item after all. 

Reference

http://www.worldfooddayusa.org/food_waste_the_facts

 

 

 

 

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