A monetary cycle revolves around expenditures and savings. Whatever you earn is either spent on bills, taxes, purchasing of basic necessities, food and clothing, entertainment, medical, education and other expenses or is saved in banks or in the form of commodities. Sometimes the purchases are made on credit, which means another payment is due at the end of the month. It is always wise to save some for the rainy day, despite having a long list of expenses and instant gratifications to fulfill. Here are some of the ways you can save:
- Organize your shopping list and budget accordingly. Make a list of all the shopping you intend to do and work accordingly. It is also important to stick to the list. We tend to do impulse purchase which exceeds our budget expenses.
- Look for alternatives. When you can do a beauty treatment by yourself, why to spend several pennies on a visit to a salon. Similar is the case with other services.
- Next, limit your visits to restaurants. Dining out is necessary, but always having lunches, desserts and dinner in a restaurant isn’t the only place where you can spend time with your family.
- Entertainment is not always a movie at a cinema. Movies can be watched at home as well. Choose alternate outings such as parks, museums, beach and other places. But once in a while allow yourself to splurge on things you really want (that maybe even could enhance your lifestyle at the given time), e.g. fitness watches, GPS trackers for kids, well-reviewed technology gadgets, a cool new game, repair tools, etc.
- Reduce the number of shopping trips. This can help reduce your extra expense that is not necessary. Also, think a number of times before purchasing it.
- Save up on your fuel and energy cost, by minimizing its wastage.
Apart from all the above tips, it is also advisable to join committees and other saving groups. This will be a good motivation to save, as you will get a handful amount after a period which can be secured in the bank or invested further to multiply the savings.