Perhaps one of the
most important tips for saving money is to remind yourself why you want to save
money to begin with. Saving money is much easier when you have a particular
goal in mind such as a vacation or children education that you are saving
toward.
There are multitudes of ways to save money.
(1) CUT BACK ON
EXPENSES:
Cut back on your
meal expenses by brown- bagging it at lunchtime. You can easily save several Thousand
Naira a year, just by taking your lunch to work with you. You can also take
buses to work as opposed to driving which can serve you enormous amount of
money you did spend on fuel, if this would not make you late to work.
(2) MAKE A BUDGET
Make a budget and
find places where you are spending money on things that aren’t truly necessary.
Manicures, massages, dinners are wonderful and expensive. By cutting back or
eliminating these and similar types of expenses you can save money that might
be better spend in other places or used to make investments.
(3) WAIT A WHILE
ON BIG PURCHASES
Put off large
purchases. Do you really need that new car? That new house? Some times it’s
easy to get caught up in the excitement of buying something like a new car. By
waiting your emotions cool and your reason takeover you may also be able to
find the same car or a similar house for much less if you wait a while. Buying
when you are riding on emotional high is not a wait a white on big purchases to
make sure you don’t waste money instead of saving money.
(4) PLUG THE LEAKS
IN YOUR BUDGET
Find the leaks in
your budget and plug them, one way you can do this is to only use cash, writing
cheques, using debit and credit cards often make it easier to spend more than
you would if you had to pay cash.
It also makes you
very much aware of just where you are spending your money any place where you
can easily be saving money instead.
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