As it is for every great investor, saving money is quite essential. Yeah, it is. How can you make investments and become rich without having to save money? The importance of saving money cannot be overstated. Saving money can be done through some creative ways so that it does not seem like you are cutting down on some expenses. I am not talking about dumpster diving for food or drinking rainwater in a bid to save that extra cost, No! I am talking about more creative and less harmful ways to do that.
I prefer to still have the same quality and experience of my everyday living, all for a fraction of what I would have paid for something. This way I would save more money without having to risk my health or the health of my loved ones. I have tried a lot of these tips, and they have helped me save a ton of money, but there are some of these tips that stand out, and I will be sharing them in this blog. Check out my other blogs such as, “How To Invest A Lump Sum Of Cash“.
Hello readers, and welcome once again to this exciting platform that is aimed to help you save healthily. As with my other blogs, it promises to be informative and geared toward making you a better person. So, without wasting any more time, let us talk about those things that can help one save the biggest amount in a short time.
Here are 15 ways to save money:
Because it is on sale doesn’t mean you should buy it
Products on sale give birth to impulse purchases. It is one of the reasons people buy things unnecessarily. Imagine going through an Ecommerce website or walking past a store, and you see the red notification “On sale” or 50% off. You might be tempted to buy these products even if you might not be needing them at the moment. But if you buy these products, at the end of a few days, you will realize that they are just consuming space in your home because you are not using them. I don’t want that to be you. If you buy a product at a lower price, you still bought it, and that involved spending money. It is always better to wait for the products you need to be on sale before you buy them. Now you save money.
Review correctly what you buy online
Some retailers go ahead and buy goods from the exact place you would have bought, and then increase the prices for sales just because of their brand name or fancy websites—there are little steps one can take to buy something online which can save one from unnecessary spending. Once you see what you want to buy, right-click on the image and click “Search Google for image” in the dialogue box that pops up. You will immediately see all the websites containing these images, allowing you to make a wise choice. If this doesn’t work, try using the model numbers to search for the products online. It will also help to produce all the websites that have this product, and you can make your choice.
Stick to items with generic brands
Most of these items are exactly the same as other name brands, and it gets better because they are sold at half the cost. If you do a little digging on generic brands versus name brands, you will be surprised at what you find. The difference may just be in the euphoria of being a brand name, and maybe… Packaging.
Extravagance is not enjoyment
Most people are of the opinion that if the products are not expensive, they are not original. I believe that is not true. You may just be paying more because of where you bought it, not necessarily because it was of a higher quality.
Visit restaurants during happy hours
If you want to visit a restaurant, what better time to visit than during happy hours? The earlier you go, the less busy restaurants are, right? Most restaurants handle these empty space problems by selling foods at a discount. It is important to note that the time you buy your foods doesn’t affect the quality of the foods. These happy hour moments save you a lot and still gives you the same quality as what you would have bought at regular prices.
Try making your own coffee
Recent studies have shown that most people have spent more on coffee than on their life investments. Coffee bought in stores is ridiculously expensive, and making your own coffee is sure to save you a lot more.
Try drinking more water than alcohol and beverages
When you go to a restaurant or on a date, you need to drink expensive wines, beers, and beverages, right? Studies have shown that water is way better than most of these, and it is less expensive. Numerous studies have shown the damage some of these drinks can do to your system, but water is still the safest drink around. Remember, you want to save costs, so you don’t need all the fancy bottled water. Just regular filtered water is okay.
Postpone your shopping by three days
Sometimes, impulse drives you to want to buy certain products. But waiting for some time, preferably three days, may open your eyes to the reality that you did not need the products after all. It was just the spur of the moment or even the fact that they were on sale. Researches have shown that shopping releases dopamine, a substance in the brain that stimulates better well-being and happiness. But further researches have confirmed that this dopamine is produced when you anticipate shopping instead of actually shopping. So, if you really want to enjoy the same experience of happiness and well-being, try window shopping. So, after waiting for three days, if you are still excited about it, find the cheapest place that sells the highest quality and buy it.
Always be sure to spend less than you earn
That is one of the golden rules of investments. If you keep spending more than you earn, it is impossible to have any kind of savings.
Try buying quality products
Some people prefer to buy cheap products. When it is damaged, they buy another cheap one. But, in the long run, they end up spending more than if they had bought just one quality product.
Free travels using credit card points
I see credit cards as just money printing machines. To make people sign up and use their money wisely and not to save money, most credit card companies offer credit points whenever one meets the minimum requirements. These points can be converted to money into your bank accounts, purchases, and even free travels. Learn how to get and use credit card points, and you are most likely never going to worry about traveling, hotel reservations, exclusive dinners, and the like. You need to learn to monitor your credit reports and scores, be selective of what you use these credit points for, try not to overspend, and you should settle everything concerning your credit in full to maximize the potential of these credit points. Getting many points on your credit card is not enough of an excuse to start over-spending. You can invest in more credit cards and use the points for bettering your life and the lives of your loved ones.
Try negotiating your insurance
You do not need to pay for everything you are being told. I know it can be stressful doing some research and calling some other insurance companies to find common ground, but in the end, it will be worth your while considering how much you will be able to save.
Saying no to friends when you’re trying to save money
Hanging out with friends can be fun until they want to start shopping and buying expensive things. You do not need to buy things you will not use just because your friends are buying stuff. The faster you learn that the more money you will save.
Think about the future value of the money before you spend it
Imagine spending a thousand bucks on an expensive watch when you could have invested in for the long term. There is a high chance that with the wise kinds of investments, that money may have given you twice the value in a year’s time. Once people start looking at things this way, everyone will be more careful about how they spend their cash. This can be applied to just about every area of your life, as long as your mind is set on saving more.
Keep applying these tips religiously
Knowing these tips is one thing, applying them is another. So, if you can apply for them, you will be sure to save more money.
I hope I have been able to guide you through quicker ways to save cash. If you want to see more related content, please subscribe to my platform. Also, do not forget to like and share this blog because it will cost you nothing. Also, let me hear your views and thoughts on how you save money for yourself.
This is not very valid for Bulgarian banks. We have cashback from a few banks, but the cashback is in terms of the gift cards and the cashback is very small %. For example, with my personal credit card, with active usage for 2 years, I have only 100 lv cashback.
Recommended for further reading:
- Learn how to make more money and transform your life
- The Wealthy Barber
- The Barefoot Investor: The Only Money Guide You’ll Ever Need
- Think and Grow Rich
- Stock Market Investing For Beginners: The Investment Guide