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10 Saving Tricks You Haven’t Tried Yet

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10 Saving Tricks You Haven’t Tried Yet

It seems like we can never have enough of cash. Most of us are in the perpetual state of needing more than we earn. Most often, it appears we are actually earning less than what we need. But the reality is quite different. It’s not that we don’t earn enough, it’s actually we don’t save enough. We’re eager to spend as soon as we get our paycheck and thus, how much we earn, we readily spend all of them. The end result is,  we find it difficult to afford things we need the most and often, we might end up turning to loans to save ourselves.

But all of this continual despair and hardship can be avoided. It just takes a bit of self-discipline and wisdom. With proper planning and wise spending, we won’t have much difficulty in making ends meet. Below are the 10 unique and rather unusual saving tricks, often looked over by most of us, which can helps us save a few dollars each month.

1. Partner with someone frugal.

The truth is that not all of us are very wise in terms of making financial decisions. But we could make up for our shortcomings by seeking out a significant other who’s frugal and has a financial head on their shoulders. This is one of the great saving tricks. They help us make better decisions while spending money and keep the balance between earnings and expenditures. One could even focus solely on earning and leave all the works of financial management on the partner’s shoulders.

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2. Unplug.

The plan to execute this trick is quite simple. Unplug just about everything when you are not using it. This includes lights, laptops, coolers, fans, heaters and other such electronic items. This way we can save a significant amount of energy. And, saving valuable energy doesn’t mean we are only contributing to mother earth but also to ourselves. As energy bills make up a significant chunk of our expenditure, with this way, we can spare ourselves a dime or two.

3. Buy fewer clothes.

This one might seem rather silly of the saving tricks. But clothes do make up a significant portion of our expenditures. Moreover, in the case of most adults, they do not actually need to buy more clothes as they already have a fair possession of attires. People often wear only a fewer set of clothes among the ones they possess and rest remain hanging in the closet more often than not. So one could do with buying fewer clothes. For this, going a year without buying clothes could be a good idea.

4. Become good friends with your neighbors.

Well, it’s always good to be friends with more people and more so with one’s neighbors. This way, one doesn’t always need to buy new goods even if they’re required just for a while or even just for once. One can not only turn to their neighbors for help when something is needed at the crucial moment but also look up to them for those things one needs once in a blue moon. This way, a significant amount of unnecessary expenditures can be avoided.

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5. Save your time.

They say time is money and rightfully so. One could save a little bit of time across their activities and add up those moments to do more, leading to some more cash. By saving time, we can use it to do other jobs to make more cash. Time can be saved by avoiding unnecessary chores, which is of course for a person to decide himself/herself, by spending less time on social media, increasing speed at reading and many other ways. By doing works quicker and avoiding waste of time, life can be made significantly more productive. So, search for the moments you can steal every time you’re at work.

6. Graduate sooner.

Normally, bachelor courses are four years long. But one could take more courses in a year so that the program can be completed even within three years. This way, the tuition fees for the courses can’t be reduced as they need to be paid anyway. However, extra annual fees for accommodation, food, libraries and other annual college fees can be avoided. Moreover, you could even avoid potential tuition hikes by paying the fees early. It’s quite challenging but you could save thousands of dollars with this trick.

7. Go shopping at late hours and at sales.

Go shopping at closing hours, just when the owner is about to call it a day. You can bargain and get a few more things at the same price. Furthermore, with late night shopping, you can avoid bustling crowds and won’t need to go through lines at the checkout. And, along the way, you can have your pick of the bargains and markdowns that would otherwise be put out for the next day. This way, you can spare a considerable portion of your monthly budget.

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8. Go vegetarian.

Generally, vegetarian food items are less expensive than even the cheapest varieties of meat. Moreover, vegetarian diets have proven to help reduce the risks of various health hazards, thus avoiding the potentially high medical expenses. So consider going vegetarian and see how much you can save by doing without flesh. Going vegetarian has several benefits, one being that it saves you a considerable share of your budget.

9. Go to bed earlier.

You may be wondering how something like this made the cut. But this one has huge potential, although it is more likely to have never struck more of us than not. The idea is that, going to bed early means we don’t have to use electricity at late hours of the day. We can work with daylight, if we can make up for going to bed early by waking up early in the morning as well. This way, extra expenses which would have to be used for paying electricity bills can be avoided.

10. Buy cheaper versions of goods.

Everyone knows that buying items at a cheaper price will surely help reduce expenses. There’s nothing to fancy about with this idea. But what I’m trying to suggest is that a lot of times, we could do all fine by turning to lesser known brands, which are also the cheaper ones. Let us take the example of Finecoffeeclub. They basically provide coffee capsules to fit Nespresso machines, but at about two-third of the cost of the Nespresso brand. So if you are looking to regularly save money and you are a coffee drinker, this is a great way to go. This is just an example. Most often, prices are inflated just because of the brand name, with not much difference in terms of quality. So this could help you solve a lot of your financial woes.

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Featured photo credit: Tips on saving money via stockrockandroll.com

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Nabin Paudyal

Co-Founder, Siplikan Media Group

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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