10 Ways to Save Money

10 Ways to Save Money:

Here are the 10 seamless ways to save money, But first let’s look at the definition of money. 

Money is a legal tender and it is a medium of exchange for various goods and services in an economy. Saving money usually can be hard but with these tips being outlisted, Saving money will be seamless for you.

10 Ways to Save Money

1) Keep track of your expenses:

To Save Money you have to keep track of your expenses and record everything you spend be it food, Gas, phone bills, or mortgage, you have to know how much you spend on things, also to know whether you are overspending or not. To do things you can write in a book, spreadsheet, or online spending track app such as; Mint, GoodBudget or YNAB.

2) Budgeting:

Another way of saving money is budgeting. Setting aside some money you need for different purposes is a good way to save. For instance, for your house rent, car payment, and groceries, you allocate the amount you want to use for each of this money, and you are cutting costs and not overspending thereby saving a good amount. A good budgeting app you can resort to is PocketGuard.

3) Cancel certain subscriptions and memberships:

If you have a lot of subscriptions or memberships that you are not utilising, and which are not beneficial to you then it is best you cancel some of them to save money. Rather than having 4-5 different TV streaming services you can as well narrow it down to two at most or even have one. That way you rack up more in your account.

4) Have a saving goal/plan:

Another way to save money is by having a saving goal or plan, you can decide if you want to save daily, weekly or monthly and the particular amount you want to save for each of them respectively. For instance, daily you can agree to save 20 dollars, for a week you can agree to save 100 to 500 dollars, and then in a month you can also decide to save 500 to thousands of dollars depending on how much your income is.

5) Limit takeouts or eating out:

The amount of money being spent when we decide to eat out is quite a lot. If you are to eat more home-cooked meals and reduce the number of times you dine out or order food you tend to save more. If you usually eat out for breakfast, lunch and dinner you can shorten it by having breakfast and dinner at home and probably lunch out, that way you have saved a lot on what you would have spent if you had breakfast and dinner out.

6) Try DIY (Do it yourself):

Implementing this step is one of the smartest ways to save money, whether it be home projects like painting, candle making or fixing one or two items at home. You have YouTube which can give step-by-step guides on how to do it. By doing it yourself, you wouldn’t pay a lot for the services of a professional or purchase the items online, thereby saving more money.

7) The scale of preference:

This means prioritising your needs from your wants. Needs are requirements, what is most important at that time, whereas, Wants are something that is desired. Oftentimes, we go for our wants and not our needs, let’s learn how to prioritise our needs first because they are the basics for survival and let off our wants up until we have more than enough to afford them.

8) Make use of online coupons/discounts:

With the help of coupons you will be able to purchase products at a discounted price, and you won’t have to pay for items at full prices. Also, go for items which are discounted, Look out for Black Friday sales, clearance sales, and sales like 30% or 60% off and the like to purchase. That way you won’t have to pay for products at full price, thereby saving a lot of money.

9) Get a high-interest savings account:

It’s important to grow your funds in an FDIC-insured savings account which has a high-yield savings account. High-yield savings pay much higher interest rates than regular or traditional savings accounts across the country and also it is risk-free.

10) Use cashback services:

By using cashback services you are able to score savings on your regular shopping, and a percentage of the money you spend will be given back to you. Consequently, you are able to save money. You can do Capital One shopping, Rakuten, Active Junky, Swagbucks and the like.