Savings seems to be in everyone's mind these days. Here are some tips to help you save more effectively: 1. Crunch numbers-Make a detailed budget, that way you will be able to identify where your money goes to and if possible what other expenses you can cut out to save more money. 2. Don't add expenses, subtract or substitute-If there are new services or products you want to add to your budget think of subtracting something from your budget in place of it. If you want a mobile phone but already have a landline take the landline out of the equation and just keep the mobile phone. 3.Consider online savings accounts instead of using your local bank-Interest rates are higher with online banks than brick and mortal ones. Can you share your savings tips?
Great tips. Thanks a lot. Now I see where I make mistake, adding expenses but without cutting elsewhere.
These are very practical tips for doing what we all should, living within our means. I would also include switching your account to a credit union. They have lower fees and normally do not require a minimum balance. Years ago, it was difficult to join a credit union, but these days your employer may have relationships with one or you may simply be sponsored by a friend or relative. I prefer credit unions to online banks, because in cases of an emergency, you have somewhere to go to withdraw funds. Nice post
My saving tip would be to buy food in bulk and shop for discounts. I rarely buy items when they are not in the sale. I save the items I'm interested in and I wait for the sales. You need to be patient and you can save 50% or more.
Some people really disagree against this one, but I buy supermarkets own branded food. Say asda for example, I'll buy their tins of beans for a fraction of the price compared to Heinz. It saves so much money and sometimes they even taste better I think, the only branded things I buy at supermarkets are eggs and chickens because I like to know they are cared for better than a cheap supermarket one. I always have to go for free range! It makes me feel sick when I know I'm eating something that isn't free range.
I have to ask about the third one on the list because I don't think that online banks are in any way safer compared to local banks. Yes, they might yield higher interest rates but is your money really secured with them? There are many cases of hacking happening nowadays and who knows, they might strike at your online bank next.
I agree with this one. A lot of generic store brands are just as good as the name brand product. The only time where I would buy the branded product is if I had a coupon or promotion that made the brand name temporarily cheaper than the store brand.
I would also add "Use it up, make it work or do without." as a way to increase savings. My ex has goes grocery shopping once or twice a week without really looking in his cupboards and freezer to see if he has food in there that he can cook. He does a lot of takeout food, convenience foods and even shops in the overpriced gourmet section. Before running out to go shopping, you should always check if you can cook something yourself , or if you have an item in your home that can be used instead of running out to buy something.
I also buy food or personal products in bulk. I can save money in doing that. There are products that I buy in generic store brand like Oil, Eggs, Chicken. They are cheaper. In buying clothes I sometimes look for the sale. I also avoid going to a high end malls. The brands they sell are more expensive compare to the same products sell in ordinary mall. I think you are just paying the name of the mall but not the product you buy.
I didn't know that online savings accounts offer higher interest rates as compared to their brick and mortar counterparts? If that's the case, then it's worth checking out if it's applicable to my country, since I currently have a savings account.
I save most of my money by shopping online. I have a knack for finding everything cheaper that way and I also save on gas and time. The other way is to trash the cable. My kids were never big tv watchers and I got sick of it the more entertainment became available online in so many place, so that's how I go about it now. Also, no more contracts with shady phone companies.. we do the bare minimum; especially now that we're over the whole smartphone thing.
