News & Articles 8 Tips To Help You Save Money Faster
8 Tips To Help You Save Money Faster
6 Jan 2016
In this trying economic times, saving money is a really difficult challenge. It seems that once you receive your pay you are immediately burdened by having to pay this dept and that loan. Hence it an be extremely frustrating.
However, with enough discipline and the right strategy, saving money is not impossible. It may be challenging at first but if you keep at it, it will be easier as time goes along. No matter how much you earn and what stage you are in at your career, sometimes what you have is never enough.
The secret to prudent financial management is to spend what you already have and be contented. Greed will not get you anywhere, only into more debt. Here are some pointers that can help you control your expenditure.
1. Save small, buy big
Put in a little money every month into a savings account and at the end of a few months you will find that you have enough for big electronic equipment like computers, flat screen TVs, refrigerators and washing machines. Try not to spend on smaller items like trinkets and target more important ones.
2. Automatic savings plan
Some banks offer this automatic savings plan whereby they will cut a portion of your salary and deposit it into an account that is not easily liquefied, like a fixed deposit. This will require discipline as that money is to be kept for the long term.
3. Write a list of things you need
This is especially helpful for when you go shopping as this list will function as a guide and save you from buying unnecessary items that you don't need. You won't believe how much you can save just by cutting down on one or two things that you almost bought on a whim.
4. Collect Coins
Any spare change you have at the end of the day you can collect into a sort of piggy bank and you's be surprised that at the end of a long period, you have more than you actually though possible.
5. Say 'no' to luxury brands
Focus on quality and not brand names when buying stuff. There is no point going into debt to impress friends and family members. If somebody likes you because of what you own, you should really question if you need them in your life.
6. Freeze your credit cards
If you find that your credit card is causing you to spend uncontrollably, take firm steps and request that your credit card provider freeze them.
7. Shopping online
Shop online for better deals as you can also compare prices and buy the ones you feel most worth it. There are also always more discounts online compared to if you buy from a shop.
8. Invest in high interest rate accounts
Make your money work for you and not just lay dormant in a savings account. Find unit trusts, stocks or other shared dividend investments to grow your income.
However, with enough discipline and the right strategy, saving money is not impossible. It may be challenging at first but if you keep at it, it will be easier as time goes along. No matter how much you earn and what stage you are in at your career, sometimes what you have is never enough.
The secret to prudent financial management is to spend what you already have and be contented. Greed will not get you anywhere, only into more debt. Here are some pointers that can help you control your expenditure.
1. Save small, buy big
Put in a little money every month into a savings account and at the end of a few months you will find that you have enough for big electronic equipment like computers, flat screen TVs, refrigerators and washing machines. Try not to spend on smaller items like trinkets and target more important ones.
2. Automatic savings plan
Some banks offer this automatic savings plan whereby they will cut a portion of your salary and deposit it into an account that is not easily liquefied, like a fixed deposit. This will require discipline as that money is to be kept for the long term.
3. Write a list of things you need
This is especially helpful for when you go shopping as this list will function as a guide and save you from buying unnecessary items that you don't need. You won't believe how much you can save just by cutting down on one or two things that you almost bought on a whim.
4. Collect Coins
Any spare change you have at the end of the day you can collect into a sort of piggy bank and you's be surprised that at the end of a long period, you have more than you actually though possible.
5. Say 'no' to luxury brands
Focus on quality and not brand names when buying stuff. There is no point going into debt to impress friends and family members. If somebody likes you because of what you own, you should really question if you need them in your life.
6. Freeze your credit cards
If you find that your credit card is causing you to spend uncontrollably, take firm steps and request that your credit card provider freeze them.
7. Shopping online
Shop online for better deals as you can also compare prices and buy the ones you feel most worth it. There are also always more discounts online compared to if you buy from a shop.
8. Invest in high interest rate accounts
Make your money work for you and not just lay dormant in a savings account. Find unit trusts, stocks or other shared dividend investments to grow your income.
Source: DurianProperty.com