Everyone wants to save money in their life to be able to afford an exotic family vacation, a most-wanted car or the perfect house. Some people wish to save money to be able to put more money in wise investments that would give better returns later on. Whatever your need to save money, many find it tough to cut down on day-to-day luxuries that they are used to. Here are 10 best way of saving money.
Finish your Debts first
Many of you take up costly EMI’s and find its alright to keep paying monthly servicing the debt while struggling to meet other expenses. If you calculate how much extra you are paying to service your debt, you will realize what a waste of money it is. If you really want to save money, then focus on eliminating your debt first. Once you have paid each and every penny to complete your loan, all your income is your added gain. You can still save some money from this income and put it in further savings.
Set up Savings Goals
Set up goals every month on how you much you should be saving each month. You should jot down your expenses chart and write down each and every item that you regularly purchase, including your $4 Latte. Then analyze and see what is unnecessary and which expenses you can avoid once a week to add up to your savings.
Cut Unnecessary Expenses
Useless expenditures like smoking and alcohol take up too much of your savings. You can allot weekends for alcohol binging if you really want and stop smoking completely. Smoking is an addiction that eventually increases and you will end up paying a lot from your monthly savings on your cigarettes. Just stop smoking to see how much money you can save every month.
Plan Cheaper Vacations
Who says you need to travel in business class all the time while holidaying. While planning a holiday budget, see where you can cut down on unnecessary expenses. Book cheap flights, try living in bed and breakfast lodges rather than fancy 5 star hotels and you will see how easily you can save and enjoy a vacation at the same time.
Pack your lunch
Do you always eat out at the canteen or order online while at work? Do you realize how much you spend on food from outside? Apart from being unhealthy, it is also costly. How much time does it take to wrap up your own sandwich everyday in the morning? Start doing this and you will realize how easily you can save money from your daily expenses.
Check your costly appliances
You might not realize that your AC or your fridge is consuming double the power it should be using. Ask your neighbors about their electricity bills and try to analyze yours. Is there some way you can cut down the costs on your electricity bills? This will bring a major relief to your monthly budget. You may be having faulty appliances that are using too much of power.
Plan Cheaper Parties
Love throwing parties or entertaining guests at home? This time, instead of cooking up the entire affair on your own or calling fancy and costly food from outside, try pot luck. Try asking each one to contribute towards the food and alcohol to have a fantastic party at home. This way, the burden does not fall on one person only.
These cool tricks can easily help you save substantial amount of money.