A negative bank balance is something no one wants. No matter how much you earn, money always seems to disappear. If you’re looking for money saving tips, this post will be very helpful!
1Make a budget
The first step to save money is to devise a detailed budget. Mention every single expense in this budget. Record your expenditures even if they are as little as a penny! Save your receipts from all places to calculate where you’re spending the most. When making a budget, first of all, set aside money for your rent, bills, fee, and any other payments. The next priority should be
2Avoid impulse buying
Do not, at any cost, make impulse purchases. Use the 30-day rule which is to list down the item you really want on a piece of paper. Place this paper on your fridge, mirror or someplace where you’ll see it every day. For a month, keep considering whether you really want that product or not. If after 30 days you’re still into the item, purchase it. Otherwise, you’ve saved yourself from splurging on something that you didn’t really need!
3Sell unwanted things
Selling things you’re not using is one of the best ways to save money. You may not find any use for these things, but other people on the internet might. Collectibles, antique items, and anything that is in a decent condition can be sold online. You can also go to sell your old clothes, accessories, and shoes to local thrift stores.
4Learn the art of DIY
One of the best ways to save money is by cutting down on expenses of buying gifts. Go for DIY projects not just to save money, but also for a more personal touch. DIY projects will also help you in decorating your apartment or home. The only thing to take care of here is the cost comparison. Sometimes, DIYs can end up costing more than a ready-made product.
5Minimize TV usage
This may sound like an irrelevant tip to save money but it will help you in more than one way. A TV is a medium where you’re exposed to new items. The urge to splurge increases when advertisers successfully portray their products as useful for everyone. If you’re not watching TV, you won’t know of all these products and hence, the expense will decrease. Lesser TV usage will also offer you more time in the day. If you want, you can utilize this time slot to make money in other ways. Lastly, lesser TV usage leads to lesser electricity bills too.
These money saving tips will help you throughout life. Make a mental note of these methods so that you’re set for all unexpected ups and downs!