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5 Ways You Can Save Big Money Starting Now

5 Ways You Can Save Big Money Starting Now

If you need to save big money starting now, you can’t waste time on questionable tactics that give small results. Nor can you waste time on strategies that depend on other people (for example, looking for coupons and sales). Here are 5 rock-solid methods that are within your control and actually work.

Here are 5 rock-solid methods that are within your control and actually work.

1. Stop money leaks

Eliminate the money leaking out of your bank account by tracking every penny you earn, and every penny you spend. Most people who do this are shocked by how much money they burn on things that don’t fit in with their goals for their money. Additionally, tracking how much you earn allows you to compare your spending to earnings, and ensure that you’re living within your means.  Seeing the numbers in black and white will prevent you from lying to yourself about how much you’re spending on frivolous items, and allow you to see a crystal clear picture of where you can improve.

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Additionally, tracking how much you earn allows you to compare your spending to earnings, and ensure that you’re living within your means. Seeing the numbers in black and white will prevent you from lying to yourself about how much you’re spending on frivolous items, and allow you to see a crystal clear picture of where you can improve.

2. Spread the word

Boost your willpower to stick with your money-saving plans by sharing them with everyone you know. For example, if you’re going to save money by skipping your daily Starbucks coffee, tell people. You can share the news in person, or via social media. Use whatever method of sharing is most convenient for you. Social scientists have proven that we want to be seen as consistent and truthful – so the very fact that you’ve told people what you’re going to do will increase the odds that you’ll follow through and do what you said you would.  And who knows, you might just inspire your friends and family to do as you’re doing, and improve their own financial positions too!

Social scientists have proven that we want to be seen as consistent and truthful – so the very fact that you’ve told people what you’re going to do will increase the odds that you’ll follow through and do what you said you would.  And who knows, you might just inspire your friends and family to do as you’re doing, and improve their own financial positions too!

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3. Use the right tools

If you’re great with computers, you can set up a spreadsheet to track your spending and expenses. Or, use a budgeting app that’s ready-made for you. If you like a simple solution to budgeting, get back to basics with a foolproof notebook, pen, and calculator to track everything and add it all up. Any of these methods will work to help you save big money. If you love technology, embrace it and use it. If not, there’s nothing wrong with sticking to the old-fashioned (but effective) basics.

If you like a simple solution to budgeting, get back to basics with a foolproof notebook, pen, and calculator to track everything and add it all up. Any of these methods will work to help you save big money. If you love technology, embrace it and use it. If not, there’s nothing wrong with sticking to the old-fashioned (but effective) basics.

4. Avoid impulse buying

Impulse buying is a huge cause of unnecessary spending, and you can stop this habit dead in its tracks with a tried and true tool, the shopping list. It’s not novel or sexy, but it works.

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Make a list of exactly what you need to buy when heading to the grocery store or mall. This will help you to stay focused on buying only the items you actually need, and avoid being caught up in the excitement of purchasing things you can do without.

5. Make a plan

You need to plan where you want your money to go. Having a crystal clear picture of where you want your money to go will help you to stay on course, as opposed to getting sidetracked by the latest thing vying for your money.

You’ll spend less cash on things that aren’t important to you, have more money available for the things you need, save tons of money over the long haul, and reach your financial goals faster.

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Make a plan, save big money, and change your finances forever

If you incorporate these simple tips into your day to day life, you’re sure to see a difference in the health and wealth of your bank account.  There’s no better time than now to take action.

So what are you waiting for?  Stop your money leaks, spread the word about what you’re trying to accomplish, use the right tools, avoid impulse buying, and make a plan for your money.  You’ll be glad you did.

Featured photo credit: www.traviscu.org via traviscu.org

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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