What are your ways in saving money?
By ratyz5
@ratyz5 (7808)
Philippines
February 28, 2023 11:58pm CST
With prices of basic needs just keep on going up, it's really a challenge at times when we only have limited sources of income. Considering also different statuses in life as some live by themselves while others with family, it sure gets trying at times. Then again, even with limited sources of income, we can still get by as long as we get to plan and adjust some of the spending habits we might be consciously, or unconsciously do.
There are several strategies to save costs, some of which are more successful than others. You might find the following suggestions for money-saving strategies useful:
1. Make a budget: Knowing where your money is going is one of the most critical steps towards saving money. Make a budget at the beginning that details all of your income and outgoings. You can use this to find places where you can make savings.
2. Reduce wasteful spending: Examine your budget to find areas where you may make savings. This can entail cutting back on eating out, terminating unused subscriptions, or shopping around for less expensive versions of often purchased items.
3. While purchasing food or other basics, shop wisely by keeping an eye out for bargains and discounts. Instead of name-brand goods, you can think about purchasing generic or store-brand goods.
4. Utilize coupons and promo codes: When buying in-store or online, take advantage of coupons and promo codes. On things you frequently use, discounts are frequently available.
5. Pay off high-interest debt: If you owe money on credit cards or other high-interest loans, you can save a lot of money by paying them off in the long run. The debt with the greatest interest rate should be paid off first.
6. Automate your savings by setting up recurring automated deposits into a savings account. You can automatically save money by doing this.
7. Lower energy expenditures: Take action to lower your energy bills by washing your clothing in cold water, using a programmable thermostat, and turning off the lights when you leave a room.
8. Employ public transit: If you reside in a location with reliable public transportation, think about forgoing driving altogether. Gas, maintenance, and parking costs may be reduced as a result.
9. Cook at home: It might be expensive to eat out, so try to prepare meals as often as you can. By meal planning and purchasing food in bulk, you can also save money.
10. DIY: Instead of hiring someone to do something, think about doing it yourself. This could be gardening, housekeeping, or repairs. Just be cautious to balance the possible savings against the time investment.
These are just a few, what else do you guys consider or do just to save money?
6 people like this
7 responses
@MarieCoyle (28100)
•
2 Mar 23
I do everything I can to be frugal. I am constantly amazed at the number of people I hear screeching about how much things cost, but they have dinner delivered every evening and even go out to eat for breakfast or lunch--but they have no money. How hard is it to cook a meal? And if they don't know how to cook, either learn to make some simple meals, or even purchasing frozen stuff on sale would be cheaper than all the eating out. I don't get that.
From what all information is available to us, inflation and higher prices, as well as some things being hard to obtain, is here to stay, at least for this year. Your post is a good one, like Anna, I do these things, but your post might help at least one person, which is good.
3 people like this
@ratyz5 (7808)
• Philippines
2 Mar 23
Our different set-up with how we live our lives do vary from person to person. And as this is a dependent factor in how we save money, we either make an effort to apply what we think is best or be better with other areas of saving so that any item(s) mentioned earlier can be allowed, disregarded or set aside.
2 people like this
