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Tuesday, January 29, 2013

MONEY SAVING TIPS

Saving is the part of  a persons's income that is not spent, for future or emergency use. For example, putting money aside in a bank, for un expected expenses such as sudden job loss, car repair etc. for future uses eg, save for retirement , kids education. Money saved  gives us security and safety.

 


There are so  many tips on google about money saving, but I like to share the followings;

Make a budget;  take all the monthly expenses, try to cut back or minimize the ones you can, and look  for opportunities to maximize saving. By keeping a budget  you avoid spending than you earn.

Pay yourself first ; make saving a habit, each time you get paid, deposit 10% of your income into saving account .

Make a shopping list before you go to shop, and stick to it . So that you can avoid over spending.

Try to buy things that cost less instead of things that cost more.

Don't buy into trends; keep a wardrobe of classic pieces  so that you don't need update your clothes every year.

Save your coins; empty your pockets every day and put all change in a jar,don't touch it, until a specific use.

Pause for a thought ; if you are about to buy something, which isn't a necessity, wait and think twice, before you make a purchase, give yourself a time to compare prices , or come up with a plan b, or decide not to buy.


So money can't buy  happiness but make life easier and comfortable. 

2 comments:

Joan Price said...

I have been trying to research ways to save money. I had a bad accident many years ago, and it left me with a lot of debt. I received a settlement, but because I had so much debt, I had to get cash for my structured settlements instead of keeping the payment plan. This did help me get out of debt, but I want to avoid getting into debt again. These tips are fantastic, and I appreciate you sharing. I am going to start employing them immediately.

Eunice Mahundi said...

Thanks Joan, no one fail until you dtop trying