Top 5 Money Saving Tips

By : Admin
Tips 21/02/2018 11:30am
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Are you looking for ways to save money in your daily life? There are several ways that will help you to trim a few pounds and save it from your monthly budget.

Money Saving Tips On Spending

  • Budget is the most important financial planning that will guide you with your spending and saving habits.
  • In addition to budgeting, you should also make sure that you keep a track of all your spending so that you know how much exactly is going out and coming in every month.
  • Try to trim the extra expenses. For instance, instead of getting pedicures try painting your own toenails, brew coffee at home instead of buying and so on.
  • Bundle all your errands into one single one and save on fuel cost and from massive trip per week.
  • Try to reduce the amount that you dine out, which alone can save you at least £100 every month.
  • Visit the library instead of bookstore.

Money Saving Tips On Paying Off Debt

  • Try to pay all your debts as soon as possible. This way you will save hundreds or thousands on interest.
  • If you are a homeowner, refinancing your mortgage can help you to lower your monthly payments.
  • If you are paying mortgage insurance and you have enough equity to waive it, you should call your lender to start the process.
  • Use the avalanche method to pay off debt and save more money on the interest.
  • If you have credit card debt, ask your creditors if they are willing to lower the interest rate.

Money Saving Tips On Shopping

  • Save money by buying groceries in bulk at wholesale stores.
  • Shop at garage sales or thrift stores.
  • Before buying anything at a retail store, check for prices online. Also check for coupon codes.

Money Saving Tips On Recurring Costs

  • Try to minimise your internet and cable/satellite TV packages.
  • Change your phone contract and save money on your monthly bills.
  • Reduce the minutes of your cell phone to the lowest amount that you need. You can set an automatic calendar reminder to keep an eye on your minute usage and change the plan to stay away from overage charges.
  • Use your home air-conditioner wisely.
  • Plug out the appliances from the power socket when not in use. This way you will be able to save on the cost of energy that slowly drains from keeping things plugged in.
  • Get a gym membership only if you are going to hit the gym regularly.
  • Take quick showers.
  • Turn the thermostat down by an extra 4 degrees in winter and up by an extra 4 degrees in summer and keep your home a little colder in winter and hotter in the summer.
  • Place an insulation blanket over the water heater to prevent heat from escaping.

Money-Saving Tips For Your Future

  • Teach kids about money and savings. Let them help you with daily chores and pay them for that. Also help them save the money that they make for stuffs such as toys and video games that they want.
  • Weather-seal and caulk all the gaps and drafts around your doors and windows beforehand.
  • If you have a vehicle that consumes a lot of gas then it is time that you sell or trade it for a more fuel-efficient vehicle.
  • If you live in a place that has a good public transit, consider commuting on the subway or the bus.
  • Maintain and services your car as well as home appliances regularly. Such task may feel like an extra expense but you will be saving several pounds in the long run.
  • Choose a bank that offers decent annual percentage yield so that the money that is sitting in your account accumulates more interest over the years.
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