how to save money
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Saving money is one challenge initially, but it is an important skill one should impart in their lives. Here we will give you tips on how to save money. These loopholes can make you quite rich in your own eyes.

50 Smart Ways to Save Money for Lifetime

Let’s start with the basics.

Before rushing into, all your accounts and cash loads of money, let’s start with basics of how to save money.

Determine your exact income and expenses

Before everything you start, know how much you earn in a month and how much you spend.

The difference between can be a part of your savings. The hard part is that you shouldn’t have a vague idea of the income and expenses, you should be exact.

Note down every single detail. Use a simple handbook(pen and paper). You can also go ahead by creating an Excel sheet.

Create your budget spreadsheet

After learning about your exact income and exact expenses. Create a spreadsheet. One side with your revenues, another side all your expenses.

You are maybe able to determine that you are spending $200 more than you earn. From the spreadsheet, you will learn where you pay more.

Try to put expenses on auto-pay

The modern world, where automation has made lives more comfortable, the older are still pretty picky about the automation.

The auto-pay makes making payments on time, to reduce the chances of getting fine for delayed payments.

This struggling world, where remembering our birthday becomes hard; liabilities are much more difficult. Auto pay releases us from the pain.

Check your spreadsheet, daily, monthly, weekly

Checking your expenses on a regular basis is must when it comes to saving money. Monitoring your every debit and credit of your money.

It is easy to create a budget, and automate the cash but, tracking it daily will help you to keep a better balance.

Make sure to check every entry twice, whether there is any mistake, or any entry is done twice. There is no place for errors in ways to save money.

These are the baby steps for saving money.

Decide your spending for a month and try to stick to it

If you decide to put away a certain amount of money aside in the beginning after evaluating all your expenses. This would be one of the best ways to save money.

Think, if there is a certain amount already collected, it is safe. If you are a little short on expenses. Take out the needful from the saved money.

For example – You get a salary $1000 a month. You all expenses in total are $500 a month. If you put aside the rest $500 and go ahead with your month. God forbid! You need $200. And you take out $200 from saved money. You will still be safe with $300.

Do away with your credit cards.

The credit cards, are a debt hole. They never let anyone save money. Financial institutions give bait to people to spend and provide bad habits to people.

Credit cards put people in debt; the debt takes away all the savings. If you don’t use a credit card, you are safe. You can keep one for emergency purposes. However, if you other debts then you can read our How to Get out Debt Guide.

Cash Challenge

A lot of surveys concluded that people spend less money if they use cash. People with loads of money saves a lot. Using cash boosts the saving hormone inside us.

Keep you automated expenses as it is. The cash would be for groceries, entertainment, and other ways. That is how you save money, in stock and bank.

Keep cash in small denominations.

Small denominations of money allow us to spend less. If a person has only $50-$60 in his wallet, he won’t go out and contribute openly.

If a person has $100-$200 in his pocket, it will make him buy more stuff. Use a weekly track on the money to keep in a wallet. This will cost your savings.

The answer to yourselves, why and what?

When it comes to saving money, we lack mostly at shopping. There we lose our control and buy stuff we don’t need. So before buying anything, ask yourself. “What is the need of it” or Why do you want it”?

This question in your mind will allow you to spend less on the useless or luxury commodity. This is the best money saving tips there is out there. If it starts in your mind, New Year, New savings, Save money in 2019.

Set your big Saving Goals (Achievable)

People who are new to saving money trying to take a slow approach, but this will not save money fast for them. They need to understand how to save money quick, for a better future. Would you like to have $2000 by the end of 2019 or $6000? The more significant saving, the better!

Try making goals suitable and easy for you. If you have a salary of $12000 per year, trying to save $10000 will be foolish, it isn’t feasible. You can try saving around $4000 a year. Try to keep at least 40% of your income. Since it is only the starting of this year, you can try to set the financial goals for 2019, and plan your way ahead.

Some saving methods start from your households and monitoring many things inside your house.

Start by changing to LED bulbs

LED bulbs cost more but are much more efficient. A 5 watt LED gives similar light emission of that of 10-15 watt CFL bulb.

The life of LED is identical to 5-6 CFL bulbs. That means one LED is equivalent to 2 CFL in price.

Check water usage

Check your water appliances, none of them should be running. At an average, the water bill is raised by 10% just by one running tap. Repair these or they will empty your pockets.

These running waters are your savings and money flowing away in the drain. This is another way how to save money.

Do Maintenance on a Regular Basis

A regular check of the household will allow you to lose less money. Think it this way, if anything needs a small repair today and we neglect it, the minor repair might become a bigger problem after a few days. A regular house monitoring is a must while maintaining a house.

Use Energy-efficient Appliances

Energy efficient appliances, are nowadays available in the market, that too at an affordable price. Efficient Appliances, save around 30% of your electric bills. It is also a way, on how to save money, by reducing expenses.

You can also save a lot of money traveling. Rather than traveling like a king, if you want you can prefer traveling great but cheaper. Here, you can learn ways, how to save money traveling.

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Use Airbnb

Airbnb is much cheaper than any hotel or other accommodations. There are more facilities, home-like feeling and you can cock your food. Things get cheaper as travel with Airbnb. You can save additional money for more fun stuff.

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Prefer Camping and trekking trips.

Trekking and camping is a fun and healthy way for a vacation. I have witnessed, after a camping trip, I come home with 4 kgs less. It is cheaper, funnier, adventurous and gives you way more experience.

Plan cost-effective activities

Traveling doesn’t mean, you relax and enjoy. It is another way for you to learn. You can prefer trying to plan events on your travel that is cheaper and, you can try packages that include everything and are inexpensive.

Shopping, the killer to all the savings and money, but there are ways you can save money in shopping. Here is how to save money while shopping. The shopping includes clothing, groceries and everything else.

Wait for Black Friday

The golden day for shopping, Black Friday is the day to get stuff that is 80% less its price. You get everything on sale, huge sale.

The black Friday happens after Thanksgiving. You can already find clothing for a year, and groceries and everything.

Go to cheaper and better stores

Rather than shopping in places of branded stores and big sites like Macy’s, you can find same and good stuff in stores such as Marshall’s, Ross, Old Navy and many more. These stores provide everything at a much lower price than other places.

Buy groceries from dollar stores.

Groceries are a necessity for us, and we cannot stay away. Rather than going to places like Food try going to places like Dollar stores, 7/11 and others. These places have groceries at cheaper rates.

Check your refrigerator, before you go and buy

Before going grocery shopping, check the fridge and make a list of everything you want. The needful you buy, the more you save. This is a simple way on how to save money.

Buy used Car/Vehicles

If you want to buy any cars, prefer a used one. For cars, you get a similar car at a cheaper rate. People love their vehicles and care for them a lot if you buy used you get good condition and lower price. Same is with bicycles, bikes, mopeds and all.

Use cash to buy vehicles

Buying used vehicles with cash allows you to negotiate, for a much lower price. If you have the money right away, you can have more power for negotiation.

Hungry but close to home, but microwave food

Canned food, is quick and cheap. In 2-3 dollars you can have two bowls of pasta and two mac and cheese. That is enough to eat and ready to cook. A restaurant the cheapest would be more than a $2, but it won’t be sufficient.

Newer shouldn’t attract

You should never get tempted to anything new. Until and unless you need to change your electronics, don’t turn, and take care of your old ones very carefully. This is too how to save money.

Cancel your Cable TV

In the age of Netflix, Amazon Prime and Hulu, who watches cable TV. Cable Tv in today’s generation is like using a pager to notify something to someone.

Cable TV is obsolete and should be done with it will be an easy way to save at least $60 a month. Another way to save money.

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Use Coupons

Coupons are the best way to save money and an easy way. Nobody says questions coupons and everyone accepts them. This sometimes saves 20-30 dollars.

The next segment deals with the working class, people who have jobs, but have to save more for many stuff in life. Here are your ways on how to save money.

Put aside Money for Taxes before everything

If you set aside the tax money before every other expense, it will allow you to save some money over the taxes. If you pay your fee early or on time, you can save 30-35% of your income.

Keep on reevaluating, your expenses

As employees, or entrepreneurs and every job personnel in this world should check their costs on a daily. There shouldn’t be any wrong expenses.

You need to find what expense is working and what is not working. The costs are something that keeps us going on, but it doesn’t mean you spend it carelessly.

Save for your retirement

What do we save for, better future and retirement, it is easier to save for retirement when you are at full-time employment, you can save in Fixed Deposits and Savings account and can make more of the money by the interest on your saved money.

You can save some money over on investments. But that will save money, and earn over saved money.

Health, if you have no health, what is the use of wealth. If you want your saved money to be used efficiently, stay healthy.

Regular annual checkups

Even if you feel healthy, you should have health checks annually which are usually included in most of the health plans

Quit Smoking

One pack of cigarette can cost you around $2,000 a year. That is many people save in a year. Smoking is bad for health, and with the cigarette bill, and hospital bills different.

Do exercise daily

Being fit will keep you away from the hospitals in your old age, who doesn’t want to be a silver fox. That is how to save money and your youth.

Buy medications over the counter, on sale

The counter medications are the best way to save money over medications. They usually are on sale and very useful.

Buy Common Medications

Conventional medicines are effective and cheap, That is how to save money. Many pharmaceuticals give generic medication, but if someone doesn’t provide ask me.

Some other common ways to save money are the following:

Make your detergent

There are so many DIY detergents that one can create with their households that work better than company detergent.

Save for Holidays, all year

Holidays come once a year. You can save for the holidays. This is the best way for holidays. The saved money holiday will give you more pleasure than any other holiday does.

Pay your insurances twice a year

If you pay your insurance once a month, you are paying more over the year. Once in six months, will let you pay less.

Buy furniture from IKEA

Ikea sells good quality furniture, and the best part is it is affordable for everyone. The make DIY furniture, so everything is great. Moreover, if you have some extra at home, you can also sell your furniture online for extra money.

ATM fees are rising. Caution!

Nowadays ATMs are taking some charges like few take $4 on every withdrawal. Try to use the banks that refunds ATM fees, saving the fees is one way, how to save money.

Buy life insurance at a young age

If you buy life insurance at a young age, you will be left with a handsome amount by the time life insurance ends.

Check whether any subscriptions are there

Sometimes there are recurring subscriptions, that take away a lot of money for no reason. You can check on your accounts if there are any. It can count to you at a significant loss.

Now are some ways on how to save money while parenting.

Use cloth diapers; they are economical

Cloth diapers for children are very inexpensive and can be used over and over. This way you can save a lot. This is one way, how to save money

DIY baby food

If you make your baby food, rather than buying expensive baby food.

Have affordable birthday parties

Do kids even remember how their birthday was? If you have affordable birthdays, they can be great. You can just decorate the house and spend a little bit.

There you can spend more on the gift that will be memorable. That is a way to be happy and how to save money. The last segment is for the people and the life phase for which we all safe.

Here is How to Save Money for Retirement – 

Start early

For a great retirement, you need to start from an early stage. Even if you save $1 every day from the age of 10 to the age of 50. You will have more than $14000 without extra savings.

Think, if you start early and save more than that you will have more by the end. That is one way how to save money for retirement.

how to save money

Start investing

You can invest in bonds, equity and lots of option. If you spend money, you don’t save money; you make money out of the money you just saved. Isn’t it better to make more money instead protect them? You can learn to start investing at any age.

Keep the brokerage fees in mind

When you go investing in shares, beware of the brokerage fees of your broker. Sometimes they take a large number of charges and you are left with nothing. Choose your broker very carefully.

This is a straightforward way everyone should follow to save money rather than wasting it. This is one fundamental rule on how to save money. If you follow this, you will be fine.

Pay on-time, every-time

This is one trick on how to save money. You will be high with your credit score if all your payments are on time. It will give you the ability to get lots easily. You will be away from extra interests on payments.

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Final Words

Once you are into this money-saving habit, it gets addicting. It makes you want to save more and more money. Who doesn’t want financial security for their future? Who doesn’t want to learn how to save money.

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