Do you wish to save up money? Did you know that when you know how to handle your cash well, you would be able to keep some for the future? In this article, you will learn about some of the wisest tips in order to save up.
The first thing you need to do is determine what you need and what you want. Shelter, food, clothing are definitely your needs. A car can also be a need, unless you’d only take a 40-thousand dollar SUV. Clearly, that is a want.
It is very crucial for you to distinguish the necessary from the not-so. Do not delude yourself that a want is a need because it isn’t. When you can classify things appropriately, then you’ll know where to spend your money on.
The next tip is for you to establish a budget. By doing so, you will have a clear view of your income and expenditures. Once these things have already been defined, you will be able to tell better where you can save. Twenty dollars may not seem much in a week, but that’s already $1040 in a year. Not bad, right?
Third pointer is to try first before you buy. How many times have you made thoughtless purchases? Before handing over your cash or credit card to the cashier, why not give yourself some time to try the product or item first? This is especially true for things which come with high price tags. Why not borrow or rent first? After sometime, you may be surprised at how boring the thing could actually be. That’s a good amount of saving going back to your pocket.
Fourth suggestion is to buy in bulk. Plan your meals ahead and then go to the grocery to buy everything you would need. This way, you won’t have to make multiple trips to the store every time you are cooking. Besides, many items in the grocery come in lower prices when they are bought in bulk.
Fifth tip is to buy second-hand. Of course, everyone likes to buy new, but you can keep a lot of cash if you start buying used items. For example, a car usually loses 1/3 of its value in its first two years. Why not buy a car which is that old?
Sixth, when there’s sale, make sure that it’s a real sale. Do some price research because often times, a sale is just a marketing strategy; a technique to encourage people to buy without thinking much.
Seventh tip is to shop wisely. Go to local shops, farmer’s markets, superstores, and marts. It’s worth to check shopping places so you can identify where you can save more. For instance, a farmer’s market can be good because you are directly buying from the producer and the produces are cheaper.
Finally, improve your credit score. You see, when your credit score is good, you can enjoy lower interest rates on everything such as car loan, home loan, or even study loan. That’s absolutely a great way to save up money!
by Dan Cavalli