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10 Money Saving Tips for a Balanced Life

10 Money Saving Tips for a Balanced Life

Money means a lot, no matter where one is at present on the financial journey, but we all know it is possible that a single incident can turn the table around. So it’s important to save money for a financial crisis. Following are some saving tips that can help to monitor your spending habits.

1. Start selling, stop collecting

People have many things which they are not using. But still, they keep these things. In the first place, one should not buy such things, but since you already have them. try to to sell them off. Today we have number of online sites where we can our stuff; and use the funds for number of other worthy financial goals.

2. Sign up for free customer rewards

There are number of retailers who are attracting the customers by giving out reward point for every purchase you make no matter where you live. So try to sign up for such. Just create a Yahoo or Gmail address just for this purpose and collect as many cards you can. One can add these discounts and rewards to earn points on purchases at the store by using rewards credit cards for cash back or some other benefits. Remember the above point and buy only what you need.

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3. Decide your shopping list and stick to it

Create a list before you go for grocery shopping, it’s the easiest way to save money as you will buy only things which are there on your list. When you are without a list, you tend to end up with unplanned purchases and making impulse buys, things that cost you money but are not really required.

Creating a shopping list not only helps you to buy items that fit your meal plan, it also helps in avoiding buying food which you might waste. It’s not about creating a list, but more importantly, sticking to it, that makes all the difference.

4. Declutter that closet

Look in your closets and find everything and anything which you are not using any more. Don’t just throw it away, use it for your benefit. You can sell those on eBay or the consignment shop, or donate it for the tax deduction. All of these options result in money in your pocket for the old stuff you don’t want anymore. Decluttering is also psychologically refreshing experience.

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5. Move your bank account to get more perks 

Now a day’s banks are offering a number of benefits to lure the customers, like greater interest rate or zero monthly fees for your saving account. Try to do a  research of newest banking offers in market. Some banks even offer sign up bonuses just for opening an account and for setting up direct deposit.

6. Avoid convenient foods and fast food

Instead of nuking on prepackaged dinner or fast food when you get home, one should try to make something healthy and simple for yourself. An hour’s worth of preparation will leave you with a number of easy, cheap snacks and dinner options. This will not only save your money, but also keeps you healthy which is an even better result than just saving money.

7. Install LED or CFL wherever required

You can save money by being careful in your use of electricity. One should make use of energy efficient light bulbs that might cost a bit more, but have a longer life than normal bulbs. These use less electricity which results in saving money on your electricity bills. There are two types of bulbs you can use: CFLs or LEDs. Though LEDs are a bit more expensive than CFLs, they light up instantly, doesn’t get too hot, and last for decades.

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8. Remove your credit card details from online sites

People tend to save time by saving their credit card details in online account. Its easy way to buy things just clicks and buys, which leads to unnecessary purchases. The best way to avoid this is simply delete your card information from your account.

In that way, you be forced to dig out your card and look for details which will give you some time to think whether you really need this or not. It is irritating filling the details time and again. Sometimes being forced to do these extra steps is all you need to convince yourself that you do not need these items.

9. Do price comparison

Most of us buy grocery from the same store without even realizing that some other stores have better deals. Just prepare the list of things you want to buy, and then shop the same items at different stores each time. Thus eventually, you will find which store has cheaper rates. Just make this store your regular shopping point and you will be able to save some money.

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10. Avoid using credit cards

People use credit cards out of temptation, for impulse buys. You should use it for emergencies only. Hide credit cards by keeping them at a safe place in home, not in the wallet. Try not to carry it around as we sometimes we end up buying things which are not required, resulting in loss of money.

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Abhay Jeet Mishra

Writer at Lifehack & Enterested.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

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