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10 Saving Tricks You Haven’t Tried Yet

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 March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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