When it comes to best ways to save money, we all have some ideas on how to make it happen, and what changes we need to make. However, few of us really apply that knowledge. It is much easier to spend more than we earn, and at the end of the month to complain about how little income we have.
Let’s face it. If you are short on money, you need to make some changes, to improve that situation. And for this to happen you might also make some sacrifices. Look on the bright side, this is just a matter of time, and the sooner you start applying these ideas, the faster you will save some money.
Write Down All Your Expenses
In order for you to save money, you need to cut some costs. To be able to cut unnecessary costs, you need to know what are you spending your money on. Write down all your monthly spending.
Set Realistic Savings Goals
Commit on saving a small monthly percentage of your income, so that it does not affect your lifestyle too much. This way, you will be persistent in achieving your savings goals. Maybe you want to buy a new bigger house, or you just want to have some extra on the side for when you retire.
However, be careful with big unachievable goals. For example, by the time you retire, the financial market might look very different than it looks now, and money might not have the same value as it has today. In this case, it might help you to think and anticipate the future state of the market.
Set a Deadline for Your Goals
This way, you will somehow feel obliged to work in order to achieve them, or at least, part of them. Even if not everybody admits it, people are more willing to start an activity or work on something if they have a deadline coming. Otherwise, they might get sloppy or lazy, and not finish that task in time.
Remove Luxuries from Your Budget
- Cut out the takeaway coffees;
- Use your bike or walk to work instead of taking the car;
- Look for discounts and special offers;
- Don’t buy the most expensive brands;
- Take your own lunch to work, and do not eat at expensive restaurants that much;
- Cut out the pricey drinks.
Save Money On Utilities
- Change your phone deal;
- Dry clean at home;
- Unplug your electronics and other home supplies;
- Turn off the lights and the TV when you are not using them;
- Negotiate a lower Internet deal;
- Try to renegotiate your interest rates with your creditors.
Cut Down On Your Beauty Regime Expenses
Instead of using fancy expensive facial and body creams, try to prepare your own creams at home. Many cosmetics you buy from beauty shops may harm your skin. Keep it as natural as you can by using organic products you can find in your cabinet.
Another best way to save money is to cancel your gym membership and start working out at home or in the park. There are so many fun ways to lose weight, other than going to a fitness club: jog around the park, bike through the city, lift weights at home, etc.
Cancel Newspaper and Magazine Subscriptions
You should cancel newspaper subscriptions that you get in your mail, especially if you do not read them. Instead, you can easily read them online; almost all magazines have online editions. If you really want to read something in printed form, go to the local library or invest in a few good books.
Avoid Expensive Addictions
- Quit smoking. Smoking and other vices not only are bad for you but are also very expensive.
- Drink less alcohol. On the long run, massive drinking can cause a lot of health problems.
Other Things to Consider When You Think of Best Ways to Save Money:
- Spend your money on necessary things.
- Pay off your debts.
- Use mostly cash when you buy something.
- Spend on luxuries last. Saving money shouldn’t be about how to live hard and suffer during the process. You should also spend a little on yourself. However, think that luxuries are not essential in your life, and have little or no long-term benefits.
To sum up, be careful on what you spend your money. You can easily learn the best ways to save your money. Always, over-estimate your expenses and underestimate your income.