There is a common misconception that has taken over the majority of people’s mindset that “the more the price the better is the product” secondly the option of “buy now and pay later” which is not by any means a good idea. No one pays later and this has caused a continuous rise in the national debt.
Saving money does not mean to live in the state of poverty and at the same time, it does not mean to compromise on the quality of products. All rich people are not rich due to inheritance. There are many self-made millionaires who have chosen to spend money smartly and have put in a lot of hard work. It does not mean that hard work and spending money wisely will make all a millionaire, but yes it can make life more relaxing and free from the stress of financial burden.
Below are some points that help you get more out of your money:
1. Use Cash: Don’t buy if you do not have the cash to pay. Stop buying on credit using cards. Anything on credit is a trap unless you can pay back the amount in full within the due date to avoid any interest. Using a credit card and then not being able to play within the due date will gradually end up paying twice or even more the cost of the product purchased as the due add up with interest and another fine. It’s wiser to wait for a few weeks and buy the items using cash saved.
2. Eat home food: Carry home-prepared lunch to work. Buying food from out can cost somewhere around $10 to $20 each day. Taking lunch from home can save you on an average of $5 to $7 per day. This will mean that you save around $150 to $210 every month. Apart from this if you further reduce eating out for dinner from trice to once a week can save another $300 per month. The mentioned amount can vary based on meal preference; it might be more or less for different people.
3. Set a budget: Work on budgeting portions of income to every month for a major expense like rent, food, gas, car, utilities, savings etc. This will help you in proper segregation of the income to avoid wastage of money. It also helps one know what expenses are incurred for what purpose and how much is left at the end of the month.
4. Shop for discounted products: Getting anything on a discount online is not very difficult. You just need to know where to look for discounted products. Stores like The Dump, Nike Outlets, Big Lots’s and many others have products on sales and coupons for discount on all items. Garage sales and thrift stores are good places for used products in good conditions. Basically, when you shop online, you will be surprised to know how you have been paying the full price all these years whereas the same could have been purchased at a discount using coupons online. Keeping the above points in minds will help in huge savings.
The changes mentioned above are not very difficult to implement and should be done from this very moment.