So you want to be a money saving expert. But, you don’t know what to do for that. In my experience, It is simple once if you acquire required knowledge with five areas. I have identified these five areas for my blog readers to to get knowledge to be a money saving expert.
1. Budgeting
Through proper budgeting, a person able to explain his money flows perfectly. It helps to identify and the ‘Need’ category, where a person normally won’t be able to save more money but the next, ‘Want’ category will lead him to save money. Need category generally have the expenses for utility bills, day today food items etc. and the ‘Want’ category involve anything that help for little posh life. A careful budget planning will enable one to identify what he not really want from the ‘Want’ category and that lead him to save money.
2. Shopping
There are many possibilities of saving money while shopping. In my personal experience, I never buy any product without identifying the price with multiple store. Of course, if the item falling to my ‘Want’ category, I even ready to wait for the price to come down. Careful shopping at the time of reduction sales and festival times help people to save good money. I have found most people wasting money unnecessarily while doing shopping and it happening because of not having a shopping plan before starts to shop. Through having a clear shopping plan with little patience, you can save lots of money easily. Developing a bargaining skill will be fantastic to deal better during your shopping.
3. Credit Card
Controlling usage of credit card certainly helps people to save enough money as well as keep away from falling to debt. Never accept any offers from credit card companies that indirectly force you to shop more using your credit cards. You should know the ‘do an don’ts’ with credit cards and develop your own credit card using plans. Here is my personal experience with credit cards for your reference.
4. Banking
Bank deals should be intact or will cost you. A person not have enough knowledge on the fees and charges applicable for dealings and defaults, automatically authorizing banks to deduct money from his account as fees or charges. There are many fantastic articles available in the net to refer and have knowledge on intelligent banking to save money.
5. Investing
I think, no need to say anything about investments. Investing is an integral part of financial planning but, it if one don’t have enough knowledge on what he is doing, will give negative result along with money lose. Never ever start investing on any product till you know each and everything about the same, is the solution to avoid such errors. As a better solution, one can contact a certified, experience financial planner to ask help with low fees.Above five are the areas a person should acquire knowledge to save money and lead better life. It is easily possible by anyone if give little focus to this goal. Unlike 20 years back, now we have all the resources like good books, dedicated blogs and websites to get good knowledge on these five most important areas. When you are practicing the knowledge receiving from books and blogs, experiences later shape you to be money expert.Welcome your thoughts to share here.