Article by Sherin Dev; Follow me in Twitter / Facebook
Year 2011 is near to our doorsteps. To do something practically in this year, some thoughts on possible money saving would help us to have a year end with lots of balances in our savings accounts. One of the quickest ways to improve your savings is through cut down your unwanted expenses. Here are some beautiful thoughts, which are realistic and practical, on how and where to do the reductions to help you save money penny by penny in each day. If practices, this would work like magic!
Money saving is simple. Anyone can do it. While practicing, it shouldn’t happen in a way that takes down the quality of our present life style. But, intelligently identify where all you can cut down expenses in various segments. I have found 10 major segments that offer huge possibilities to save money. Here are those secrets for our readers:
Save Money on TransportFuel price hikes happening regularly. This phenomenon puts standard families in panic when thinking about regular travel. Instead of worrying, consider this as a chance to save lots of money through using parallel solutions to travel. Consider options like public transport system for regular travel. If you are young, use bicycles to travel which even improve health. Car pooling with colleagues is one of the best solutions to save lots of money.
Save Money on Foods at work
Try to pack your lunch in each day instead of eating out while in work. Generally the prices of food items supplied to the work location would be high compare with outside. Practice of having own lunch, snacks would help us to save lots of money in each day. Take the advantage of free coffee and other drinks in the work place this cut down costs related to drinking outside.
Control Credit Card usage
Credit cards can be a good friend or an arch foe. Depend on how to deal with it. Use credit card wisely. Consider it as a money source for emergencies than using frequently for each spending. Give importance to Pay off credit card bills first in each month to avoid penalties and high interests.
Deal with Debt Carefully
Having Debts are real pain for all. It adds enormous burden to our finance and monthly budgets. Don’t put your head into debt trap. Instead, work best to come out of debt before doing any financial plan. Give priority to pay the monthly debt EMIs in time to avoid further interests which lead to money lose to a great extend.
Intelligent use of electricity and water
Electricity and water are of course the costliest utilities. If not utilize carefully, it would eat major chunk of our monthly budget. If use efficiently, it work like a great friend and allows to save huge money in each month. I have already written number of article on how to deal with such utilities efficiently. Read those to learn how efficiently use these utilities.
Cut Down unnecessary Phone and utility bills
Identify vendors who offer highly competitive prices and services for phone, cable and internet connections. Always prefer to use pre-paid connections than post paid. This would make you sensitive on each call and help to save lots of money in each bill.
Find out Deal and Discounts around you
Shopping is of course an unavoidable activity and the major culprit to empty most people’s pocket in no time. When do shopping, think and act smart by identifying best deals and discounts. An advance purchase of seasonable items would help us to save lots of money. If you have little patience, you can save lots of money when shopping.
Do your exercise in home
It is highly feasible, time saving as well as money saving. Learn about exercises possible to do in home than costly gym or other places. You can save money, time, traveling expenses and even eating out expenses.
Watch movies at home
Whenever possible, rent CD’s and DVD’s from local libraries to watch the movies in home. Remember, going for movies with family is a cost counting activity in the sense of ticket costs, snacks, drinks as well as travel costs.
Recycle possible items…
Never spend money on moving items from your home. Instead, recycle all possible items or sell it to the local market by an advertisement in the local newspaper. This would help us to save money as well as making some money fr