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How To Effectively Save More Money

Author: Rosh Vine
by Rosh Vine
Posted: Jun 26, 2019

According to the consumers spending report , the amount of spending from consumers is increasing.

While these facts and a host of temptations are a commonplace scenario in the real world, there are many ways you can to prevent overspending in your life.

1. Compulsive Buying - Don’t buy the item you like in a store at a first glance.

Most of the time, people who originally planned on window-shopping ended up buying personal stuff if they are taking their bank cards and money with them.

If you are doing window-shopping, limit your spending and try making your list the next time you plan on buying such items. Buy only the store items you need and abandon those that do not satisfy an immediate need.

  1. Budgeting List - Along with your pursuit of saving money, it is also important to keep an organized and effective, yet reasonable budgeting technique. Budgeting eliminates buying temptations that would tend to build up during malling and help you save money along the process due to preformed lists of items you need to buy.
  2. Performing Price Comparison - The internet provides a great avenue on providing a checklist of prices on specific items that you plan on buying.

This is great for you if you are into bulk buying and plan on conducting your malling activity in one place. This will give you a good idea if the usual store from where you usually get all your everyday household needs provides you a reasonable price for specific products.

4. Take All the Convenience At Home - Lunch, snacks, and major meals are something which you can prepare at home. If you are serious about saving money, you can prepare all this from home and get away with some amenities of the gut by replacing soda with water.

This is not only beneficial to your pocket but does a great deal for your health as well.

  1. Save Some Percentage From Your Salary - Most money-savers automatically take at least 30% from their salary and save them into their savings account. The basic concept here is that most of us spend whatever amount we have on our paycheck, and maybe even more. If you are able to limit that amount, your expenses will unexplainably get smaller.
  2. Pay Everything In Cash - Credit cards had always been a way of life for most consumers. The problem is that they become so comfortable with it that they tend to spend everything on credit. In fact, statistics show that the average family has an average outstanding balance on their credit cards amounting to $7,000. And they even pay almost $1,000 in each year just on the interest charges alone.

Hence, because of this comfortable shopping, they forget to keep track of their expenses and accumulate more payables than what they can afford to pay.

7. Set Goals - Create goals that you really want and not be fickle-minded about it. If theres a certain amount involved, be specific with the amount, like saying I will save $5,000 in a year and not around $5,000.

Try to set your goals based on your priorities. Have a period for every goal.

8. Check Your Companys Retirement Plan - With your employer plan such as the 401(k) or the 403(b), you can definitely save more money for the future. Here, your company will deduct a percentage of your salary from each paycheck and invest the amount in your choice of instrumentsmainly mutual funds.

Other than saving more money, you can also make some side income to cover your excess expenses.

About the Author

Josh Alen, blogger at BrizFeel.com.

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  • shahidafridi  -  5 years ago

    great work appreciatable work thanks for this

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Author: Rosh Vine

Rosh Vine

Member since: Jun 23, 2019
Published articles: 2

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