There are Easy Ways to Save Money
Many people think that saving money is difficult or even impossible. The good news is that this is not true. There are many ways to save money, most of which are actually quite easy.
Just a Few Ways to Save Money
While you may already know (and apply) a few of these tips, there may be other ways to save money that you may not have been aware of. Some may be somewhat unconventional or downright strange, but all of them serve a common purpose – they are able to help you to save more of your hard-earned cash.
One of the most Straightforward Ways to Save Money
1. Stop Using Credit for Disposable Purchases
These days it’s far too easy to ‘pay with plastic.’ What many people don’t think about is how their plastic purchase will end up costing them a lot more than the initial price of the item or service. This is because banks normally charge outrageously high interest rates on money that they lend to you by means of a credit card.
One of the best ways to save money is to stop using credit for unneccessary purchases,especially for disposable items like food, clothing and gas. You will avoid paying the interest charges on these items long after you have used them up.
2. Only Buy what you Truly Need
We’ve all been caught like this. You’re walking past your favourite store and you notice a ‘sale’ sign in their window. You stop and think to yourself, ‘I’ll just look around. I don’t have to buy anything.’ The next thing you know, you’re walking out of the store weighed down by bags of stuff that you didn’t intend purchasing and certainly didn’t need before seeing the ‘sale’ sign.
If you know that you are unable to resist sales, one of the best ways to save money may be to avoid the mall completely until you have money to spend.
3. Make use of the envelope system
One of the best ways to save money is to make use of the envelope system. For those who aren’t too sure how it works, it’s quite simple. Once your fixed expenses have been covered for the month (or week if you pay weekly), you take all of the funds you have left and divide it into envelopes.
Each envelope can either represent the entire week’s spending, or it can be categorized into food, gas or any other expenses that you may need to cover. Once the cash in the envelope is finished, you are not allowed to ‘borrow’ from the other envelopes. The upside is that if there is any cash left over in any of the envelopes after you get paid again, you can add it to your savings account.
4. Consider Trying Store Brands
One of the more popular ways to save money is by trying store brands of some of your most commonly used items. These can range from cleaning products to various food items. In most cases you often can’t tell the difference between branded items or their store brand counterparts. If you truly don’t enjoy using the store brands, you can always switch back to your regular brand or even try others that are cheaper than the ones that you use regularly.
5. Consider Buying Gently Used Clothing Instead of New
One of the easiest ways to save money is to purchase clothing from consignment stores, thrift stores or even yard sales (especially for young children). At the end of the day, used clothing can be considered as clothing which has simply been prewashed before you end up buying it.
Children especially will not know the difference between used and new clothing and you will save a bundle by not rushing off to the local mall to purchase new clothing that will either be ruined in no time or that the child will have grown out of in just a few months. Often, you will find really great quality clothing at yard sales (especially in wealthier neighbourhoods), so you will actually have nothing to lose by making use of one of the most popular ways to save money.
There are many other ways to save money. Most times, it simply requires a little out of the box thinking coupled with a little creativity. It is also important to remember that you can actually have fun while looking for other ways to save money.