Best 12 Money Saving Tips

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After the college period, as like everyone I got a job and started earning money. But the teachers and institutions didn’t give any tips or lessons about the money management in real life and money saving tips. I felt very difficult to manage the financial position at the end of the month and my salary week was like repayment week for bills and borrowing fund. I started reading more magazines, websites and all informations about money saving tips. I am publishing the best money saving tips among them for you. Read and share if you like it and don’t forget to join our whatsapp group for updations.

1.      Create a separate bank account

The bank account mentioned in the heading should not be your salary account or expense account. If it is your salary account, it will increase your tendency to spend more when you see the balance of the money in that account. You must open a new savings bank account in any of the banks near your house for save some portion of the money you earned from your job or work.

You should invest a fixed amount of money every month and it should be a habit. Spend only after invest. It will create wealth and improve your financial position. Avoid cheque book, ATM card, Mobile banking, Net banking etc to reduce the expense from that account. The only method to withdraw money from that account should be directly from the branch. That difficulty of travelling, time, cost of transportation and laziness reduce the tendency to withdrew amount from that bank account

2.      Never open online shopping website when your mind disturbed

If you open any online shopping website when you get disturbed, the various products displayed in the online shopping website will satisfy you and cool down your mindset. In that mood, the chances for buy any of the products displayed in the website will be very high.

 You will get some satisfaction or get rid of disturbance. But it will increase your expenses gradually even without your knowledge. You will definitely buying unnecessary items at that time. So never open online shopping website when your mind disturbed.

3.      Avoid shopping in the salary week

The management of the shopping centers exactly knows that the customers have money in their pocket in the salary week and doesn’t need any push to attract them to the shop. The push may be in the form of offers and discounts. So there will not be any offers and discounts at that time in the shops and also the price will be little higher than usually in the salary week. So avoid shopping in the salary week to reduce over expense.

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4.      Don’t buy any item with EMI

Equated Monthly Installment (EMI) is a new strategy by the shopping centers to increase the sales. They provide products without fully receiving the amount of the product and they offer monthly installments. This increase the tendency to buy the products even we didn’t have the money to buy that product. So the customers will buy products without control and will suffer the financial stability. And there is some tricks in EMI that some providers will charge interest for the EMI.

5.      Avoid Loans

Loans will charge interest and our life will be stuck in repaying the loan and its interest. We don’t have any financial freedom to enjoy and buy happiness. So it’s better avoid loans.

6.      Say NO to Credit Cards

Credit cards are the service provided by the banks or financial institutions to meet the expenditure of their customers even their account has zero balance. They can spend money from the credit cards upto a limit and should repay at the end of the fixed period. This encourages the customers to spend more even they don’t have the money. It will narrow the balance amount in our hands after the repayment of credit card bills. This is same like the emi service.

7.      Salary-Expenditure Management

You should create a habit of good salary expenditure management for a better financial stability. Note down the expected expenses of the month on the salary day and create a budget and invest some amount also to increase your wealth. This management will help you to smooth the money flow and money management

8.      Pay the fixed expenses earlier

You should pay your fixed expenses like bills, rent etc at the salary week itself. This will relieve you from the burden of bills at the starting of the month itself. We don’t have to bother about the amount of bills. We will reduce our over expenses if we do like that.

9.      Self cooking

If we can cook for ourselves, it will reduce a major portion of our expense can be avoided. The hotels are charging very high amount for the food they are offering and it will be a big amount at the end of month. So we can reduce that expense and save that money.

10.  Don’t run for the brand

Our young generation has a tendency to buy branded products because of fantasy. Yes I agreed that the branded products have the quality but there are also other products which are not branded with quality. We can save a large amount of money if we avoid branded products and select normal products with quality.

11.  Make a list before shopping

Never go for a super market or shopping complex without a list. The displayed items will attract us and create a tendency to buy unnecessary items. So to avoid that, prepare a list for the shopping and control your mind by purchasing only that.

12.  Buy a product if you can buy it twice

You can purchase a product using various methods like EMI, Credit cards, Loans etc. If you purchase like that, you have to suffer the installment amount every month, interest, maintenance charge etc.  So keep it in mind that buys that product only if you have the financial stability to buy it twice