Somebody said that the fittest will survive and a million options popped up in response; all looking to get enumerated as potential candidates to present their case for being considered as the top contenders.
However, this particular logic is an apt fit for all most situations and environments. But, speaking from the viewpoint of the current scenarios, it will not be very difficult to pinpoint many situations that would absolutely fit the bill.
After considering all the ticklish problems which a person encounters in his daily rat-race for survival, I would consider the following as a very vital condition i.e. making both ends meet. Here are the top 10 ways you can learn how to save money and lead a life with lesser struggles:
Top 10 Ways To Save Money
10. ADOPT A PURPOSE FOR SAVING
If you are really interested in savings, you can always save by making commitments for the amounts which you may otherwise just squander way in other pursuits; they may not get you any returns. Keep a specific goal (say, a cruise or vacation) and work towards it. If you’re saving for retirement, visit keyadvice.co.uk for specific financial advice.
9. KEEP THE CHANGE
Another contribution to your saving habits can easily be made by the tinkling coins which lie unobtrusively in various pockets, drawers, and pen stands. It is very handy to earmark a box or piggy bank which will be yet another point which makes a dent on your spending habits. This change can come in handy when you gather it for longer periods.
8. COMPARISON SHOPPING
It is the art which has been perfected by ladies in a big way. Their grapevines and social circles are full of sensible beings that, at the risk of being called miserly, are able to stretch their monthly income to compare the rates and deals so that they are able to save as much as possible.
7. ADOPT FRUGAL SHORTCUTS
It pays to be frugal; try to extend the life of consumables so that, in the long run, you are stretching every dollar of yours to last longer. There are so many things that you can reduce the usage of like coffee, tea, cool drinks, and toilet papers. Some people cut their own hair, sport a beard to save on shaving, turn the thermostat down, use less oil, fewer condiments the list goes on and on. It’s your house and your money, just gather the will; all else will fall in place.
6. DO NOT USE CREDIT
Maintaining a credit card makes you pay more due to the high rates on interest charged. As far as possible, it should be your endeavor to spend in one transaction without having to linger the payments and ending up paying exorbitant interest. The efforts should be directed at curbing some expenses and making room for some out of budget payments.
5. MAKE A BUDGET
Like in a dieting program, it is imperative to note down each piece of expenditure that you have made over a period of time. This is the trend of your spending (List A). Secondly, sit down, with your family, if necessary, and make a note of the fixed commitments and variable expenses which are routine (List B). Then compare the two and plan in advance.
4. AVOID NEW DEBTS
The debt trap is a famous snare which creeps up on those who do not observe the right mix of caution and planning while borrowing money. You may believe that you will be able to amend and adjust your finances later on. It is very easy to borrow from another source when the planned commitments are on you. Resist the urge to do just that; instead, seek out an alternate course of action.
3. PAY YOURSELF FIRST
If there are any fixed monthly commitments which can be cleared without your intervention it will be to your benefit because; in trying to decide each month as to how much to spend on each fixed item of expenditure, you may skip some payments to perform others.
2. CONTRIBUTE TO A RETIREMENT ACCOUNT
When a person is young and healthy, it is customary to be without any worries or thoughts of what pitfalls your future may hold for you. But, it is a fact too that this is the age when you do not have too many responsibilities and burdens. Hence, it is imperative that you start investing in retirement as soon as you land a steady job. It may also be in your best interest to find out more information on equity release, as this will come in handy when the time comes for you to retire. It’s never too early to start planning for your future.
Some employers also provide the facility of monthly deductions from the salary which could be a boon if you want to save.
1. AUTOMATIC DEDUCTIONS
The most important aspect that has emerged in our quest to find the best ways to save money and to store it for a rainy day is the automatic deductions from your salary or pay checks so that you are not able to lay hands on it and spend it elsewhere. To lead a debt-free life, it is inescapable to maintain fiscal discipline.
Some more tips
Stick to your savings decisions, no matter what;
Set reasonable goals so that you can come up trumps;
Set time frames for each goal;
Jot down everything, it teaches a lot;