The Secret to Saving Money

| March 7, 2013

Saving is easy for some while it is difficult for few others. But if an individual is not able to save, we cannot blame it on his habit alone. It may so happen that his income is not enough so that after meeting all the financial obligations, he has something left to save. But there is nothing to worry; there is a remedy for this problem too. Spend only as much as you have to. Let us say, aside from your income not being enough, you also have to make payments for your debts. So, this is an extra cash outflow that is temporary and one which is expected to get over very soon unless it is a mortgage repayment that you are making that usually has tenure of its own.

Shed the frills and fancies

When you are trying hard to save money, it is best to do away with the frills and fancies. For instance, if you are already having 7 pairs of shoes, it does not make sense in getting another pair. Here you can do your part to help your household. If you have been partying at nights, give up the habit for few days. Instead, you can call your friends over or visit their place. But visiting cafes and pubs definitely means you are going to spend more than you actually thought.

Prioritize your expenses

This concept is more or less the same as what has been just mentioned above. Expenses might include paying for your kids’ tuition or college, paying for your debts or mortgage, making payments for grocery bills, credit card bills, medical bills, gas, and other household expenses that include payment for the satellite TV connectivity or your internet access. So, you cannot defer these payments. These are recurring expenses every month. If after meeting all these expenses you have something left, keep it aside for the rainy day.

Do away with plastic cards

Plastic cards are nothing but traps. They can be of immense help undoubtedly; nevertheless, you are actually using someone else’s money which you have to eventually return sooner or later. But avoid using credit cards. In the above paragraph, if you had no bills to pay for your credit card, you could have put aside that money as your saving. Moreover, credit cards have various terms and conditions of usage, which if you are not aware of can make your payments go haywire only to confuse you more.

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Category: Saving Money

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