Money Saving Ways to Economize at Home – 10 Tips
My neighbor Uma thanked me recently as she has started building a good savings for a vacation by following my frequent tips during the last year. Saving money has been a mantra of todays scenario.
A penny saved is a penny earned is a maxim that hold true even today. It was then I decided to write this article which may be an eye opener for many.
In the current scenario where expenses are spiralling out of control and where incomes are static, it is imperative that we utilise every available resource in the best possible manner.
Saving money may require a bit of short term pain for long term gain, but it’s worth it and you can be assured that as time goes by your financial situation improves on a compounding basis.
Money is a means of exchange and the means by which we procure what we need for living. In fact, money is a resource and should be deployed in the most effective manner possible. Saving money not only helps you improve your life, gets ahead by investing, adds security to potential troubles you face.
Using a few common sense tips, it is possible to economize and cut down on expenses. Saving money is a concious decision for ones long term living and security.
All it takes is awareness of the ways in which we often spend without thinking how to cut down on the same. Here are a few methods:
1. Cut down on dining out
Eating out is expensive as compared to self-cooking. Keep a record of the amount you spend on entertainment in a month. A family of four, eating out once a week can dent your finances in a big way.
It is possible to save money by restricting eating out to just once a month. The chances are that the family will derive more enjoyment if eating out is a treat instead of a habit.
Cooking at home is cheaper and healthier in the long run. It is possible to compare prices and pick up the best possible deals on groceries and fresh produce. Cooking is a fun activity and it is a deeply satisfying one. Working people can carry lunch from home instead of buying lunch every day.
2. Avoid impulsive buying
Before buying anything new, make sure you really need it. Impulse purchases are a drain on resources and are often regretted. Do not get carried away by attractive displays and sales spiel of salespersons.
In case you are in a wavering state of mind as to whether you need to buy something or not, chances are you do not really need to buy it. Defer your decision for another day, and it is more than likely that you would not give in to your impulse.
3. Buy in bulk
Buy groceries and spices in bulk. In many states in India, the practice is to buy grains, spices and cereals in bulk in the early days of summer. Often two or more families club their purchases to avail of discounts offered in whole sale markets.
The groceries are cleaned, dried and packed away for use through the year. Bulk purchases work out cheaper besides saving money in the long run besides ensuring that the same quality of groceries is used through the year.
4. Cut down on electricity bills
Switch off electrical appliances when not in use. Inculcate this habit in your family members, the environment will thank you for it! Replace conventional lighting appliances with CFL bulbs. Clean windows often and use natural light to the fullest extent possible.
5. Use Free listings
Dispose off any household item you have not used for over 6 months. Newspapers, plastic bottles and scrap materials can be sold to scrap dealers for tidy amounts.
Advertise on free listings on the internet to sell or rent any items you do not need. Free listings get you quick responses and help save on brokerage. This habit helps to economise and save money at home.
6. Carpool whenever possible
Not only do you save on fuel bills but you also help conserve the environment. Use public transport more often and walk or cycle short distances.
7. Reduce entertainment expenses
Rent out DVDs for a fraction of the cost of movie tickets. If you do have to watch a movie at a movie hall, catch morning shows which are priced cheaper than night and evening shows.
8. Pay bills on time
You can avoid interest and penalties that banks and utility companies charge on delayed payments.
9. Compare Prices and Use Coupons
Compare mobile service provider plans and select one which is the most economical. Likewise for internet connections cut down on international call costs by using cheap internet enabled options like Skype and chat options.
10. Select thoughtful gifts
Cultivate the habit of giving simple, inexpensive but valuable gifts like books. Thoughtful gifts are more appreciated than expensive ones. This habit also helps you to economise and save money.
Conclusion – Saving Money
Saving Money allows you to invest some amount as a side business to increase your overall income. Apart from income security, saving money also help you invest properly in the future of your children. If you save money today, you would be in a better position to invest in your children’s future tomorrow. Moreover, your children are your assets. So investing on an asset today would reap you profits tomorrow