All of us think about saving ourselves, only after we land up in crisis. We realize that savings could have done some miracle while going through the crisis period. One should be well-prepared to face situations turning from bad to worse. The downturn of US economy has made well-planned budgets go topsy-turvy. Below are some tips to save money in easy ways.
Spend LESS
Our earning potential is limited, not our expenses. How do we make provisions for ever rising needs of life? The only solution is to spend less. Simple lifestyle demands less finance when compared to a posh one. Determination to satisfy the needs in a simple yet fulfilling way is all that matters.
Save MORE
When you try to cut your expenditures on one hand, try to save as much as possible on the other. Savings necessarily doesn't mean saving dollars. Walking leisurely to the market for shopping, will help you to save on the fuel costs and benefit you in shedding some extra calories as well. Not only that, savings also helps you to take care of unpredictable tribulations, which may engulf you at any point of time.
Make a BUDGET
Budgeting helps you control your costs. Set a target and watch your expenses in the very first month of planning. After a month, you know how much funds are needed for your expenses. Next month onwards, set aside a budget for expenses.
Pay off DEBTS Quickly
If you have outstanding debts, do not hold them for long. More than the principal, it's the interest that eats up your money. So clear off your debts at the earliest. Settle off a portion of the principal each month.
Avoid CREDIT CARDS
Getting habituated to using credit cards is one big mistake you shouldn't make. The plastic money has all the potential to ruin your financial status. With credit cards in our pockets, we tend to buy things we don't need. The actual product cost doesn't remain the same when you actually shed out the extra amount associated with the cost price. So avoid credit cards until and unless it becomes a die-hard emergency!
Don't be BRAND SAVVY
Many times we end up purchasing expensive things with a brand tag. We forget to realize that good things are available without a label too! Focus on buying good products, than branded ones. It is not that branded products are not worth spending money on, but focus more on worth of the product than the brand image. Ultimately, it should serve your need, not your status.
Don't Get Wooed by OFFERS
You might just be roaming around a mall, when you see that big attractive banner with large words "DISCOUNT UPTO 50%". And the next moment you find yourself at the billing counter with a bag loaded with stuffs, out of which half of the things would not have been an urgent need. However, you couldn't hold back the discount bug in you. Think twice on this as well.
Cut Down PARTIES
Throwing parties may be a status indicator, but you need to ignore it when money is a priority. Avoid throwing parties for unreasonable events. Also, when you hang out don't get carried away to splurge more along with your friends.
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