Sunday, 15 May 2011

Save More Money from Your Daily Life

We all know we need to save, but most people don't save. Or they can’t save. The secret to saving money is to make it a priority; it's about being financially savvy. it is difficult to save and saving is a priority decision.

Pay your debt. Calculate how much spend each month on debts for giving real amount and interest. Whole process illustrate that eliminating debt is the quickest way to release the money. One time the money is released from the debt, which can be re-proposed savings. Moreover, the earlier you pay off your debt, pay less interest & you can economize in lieu.

Make your money saving activity as your hobby. By this you will feel happier when you can save more. Ultimately it will encourage you to save more money.

Set a savings target first. In case of short-term goals, this is quite simple. In your daily transaction of buying little thing and how much it cost? Try to follow your activities. In case for long-term goals you need a bigger plan. For example, how much funds you require to live comfortably for 20 or 30 years after you retire also figure out how investments will help you accomplish your goals.

You can cancel your gym membership. It really needs a lot of money in our pockets. Just take a walk to go out or work out at home. You can find truth of exercise in the home network that you can maintain your health. Walk or cycle to the station. It will save almost £100 per week.

Draw a time frame. For buying a car or house set a specific date for compliance with the shorter-term goals, & make definite the aim is attainable within that particular time period.

Calculate how much you need to save per week, per month or per paycheck to attain goals. Try to save same amount of money in each period and be realistic. So fine-tune your schedule to arrive at an amount affordable. Cut your fuel costs, insurance premiums and parking fees and save from your transport.

Try to keep a track of your daily weekly and monthly expenses. How much you earn & how much you spend. Since anyone have more control over what you spend, it is prudent to take a critical look at your expenses. Write down everything you spend in a couple of weeks or a month. Try to categorize your expenses. Such as rent, automobile insurance, automobile payments, Phone Bill, Bill Cable, utilities, gas, water, food, entertainment, etc. Keep a tiny laptop or diary with you at all times. Get in to the habit of recording all expenditure & revenue savings.

Whenever possible, borrow your books instead of buying them or visit public library or read books from internet.

Trim your expenses. Take a lovely look at your recorded spending amounts after a month or have passed. You may even see some obvious cuts you can able to do. Depending on the amount you need to save, however, you may need to make some hard decisions. Always over-estimate your expenses and under-estimate your income this always work. Try to avoid smoking, drugs, or drinking habits.

Get organized about your regular bills. Avoid late fees.

Make a budget. Write a budget to know each month or each paycheck.  How much you can spend on anything or section of things. This is important for expenses which tend to fluctuate, and you can able to do a balance between goals and spending, Fun does not mean you have to blow your budget so save on entertainment costs.

Make a list before you go for a shop. Don’t buy unnecessary staffs. Without a list you will buy items that you simply do not need.  Be realistic.

Instead of using credit cards use cash. Not even use checks. It is simpler to overspend when you are pulling a bank or credit account because you have no idea exactly how much is there. In case you have funds, you can see your supplies are jogging low. It will remind of your limit. If you able to avoid credit cards then you also become succeed to avoid their annual fees as well.

Cook at home. This will save tremendous amount of money each month and you will feel much better. Coke them in bulk and store them in individual plastic/glass containers.

Open a savings account with interest. It is much simpler to keep track. You can also get better interest on savings accounts. Think about the more stunning options, such as CDs or money market accounts for longer savings goals. Some banking gives you a discount brokerage which minimizes your trading expenses. Avoid ATM fees as well.

When making a big purchase, like a mortgage or a vehicle. Negotiate and shop around or visit another place for the best rate. This will save you thousands in the long run. Or shop online. By this you can easily compare among product prices and their quality.

You can also make investments for retirement.

Live green. Use CFC light and try to use less amount of electricity.

Keep away from friends who maintain luxury life. Use high-roller, large screen TVs & all other electronic devices imaginable, eat at fancy restaurants every other night & way of life beyond their means, keep your distance. They can be nice people & say no harm, but being with people can often lead to lots of unnecessary desires & discontent. Match your expense according to your pocket.

Do not give up. It makes your daily life a bit hard but stick to it. You will be amazed at how much funds you can put away far more pleasant than it could buy with the savings in the short term. Nice things often take time to give you result.  And the more time you save the more steps you are close to your target!

Readers, I try to follow my advice and just wait for a month. You will find a lot of money you can save each month. And if you think nothing more to say on this article then please leave a comment.