The first step to saving money is to have a positive attitude and set goals for this. Aging is a stage in life when we no longer work or not able to do and what we store throughout our lives comes in handy. Short-term thinking can save your money but in the long run, it will be easier to overcome this age without financial problems. Here are given some great tips on how to save money rapidly even if your earnings are small.
1. Open a pre-savings account to save money every month
If you do not have a pre-savings system, talk to the bank, and to save money open a second checking account. Enter electronic banking as you would and order an automatic transfer on the day you collect your salary. You can start with 5% of your income if you want. The most difficult stage of saving is completed only by opening a second bank account. Start saving and make sure that a certain amount of money is being credited to your account every month. Advantages of pre-savings
- It is easy to apply.
- Can be done in a short time.
- Even if your willpower is limited and fails it may not have much effect on an automated system.
2. Sell the things that you will never use
One of the easiest and most practical tips to save money rapidly and make money swiftly is to sell things you no longer use. Many times we buy things out of necessity. That’s why we store a lot of things in our house that are not used. So, sell clothes, bags, old books, records, and even children’s toys that are no longer used. You must remember that with this action you can earn a little money which you did not have but can also gain space. Old items can be sold in different places:
- In the Facebook Marketplace.
- On platforms like Amazon, eBay, etc.
- Participating in various exchange groups on social media.
- In the second-hand market.
3. Keep a place to put coins and save up from the day today
One of the oldest money-saving tips in the world is: have a place for lost coins and low-value bills. Keep these in a transparent and large box so that this progress can be visually followed. Surprisingly, when the box is full you will probably have more than 500 in stock and, above all, you will not feel that you have saved this money.
4. Enjoy the promotions of products that you consume
To use this tip, you need to be very careful. Therefore, if you are truly a controlled person, just practice this advice. It goes like this: If you are accustomed to using, for example, 1 kg of steak per month, which costs $ 60, try to buy only the same steak when entering the campaign. Buy lots of about 10 kg. Normally you would have to spend $600 to buy a normal 10kg lot but you would have to spend $400 when entering the promotion. Then buy all the products that come in this category regularly, keep track of the expiration dates and use them normally without exaggeration.
5. Make small changes and save money
If you can go to a particular route on foot or by bus, do so and leave your car at home. If you work outdoors, pack lunch boxes instead of paying for lunch. For dinner, order a glass or two of drinks instead of the whole bottle. Take the opportunity to share sweets and spend less. Having a healthy habit is very good advice because, in addition to protecting your funds, it brings good health and quality of life.
6. Choose low-cost leisure options and save money
On weekends enjoy a free ride without going to a mall. In any case, you will spend but the price in the mall will be much higher. Spend wisely on every need of your life and save extra money. This tip will help you save money quickly.
7. Increase savings by renting out your extra room
Without any doubt, rent (or mortgage) is one of the biggest expenses. On average, people spend 40% of their income on housing payments (rent or mortgage). The truth is that there are not many alternatives to paying less rent, but some ideas are:
- Share a flat and save money on rent and bills.
- Move to a cheaper apartment. For example, if you have a flat with plenty of rooms, you can look for something smaller and cheaper.
- If you do not want to relocate and have an extra room, you can rent that room.
- Before renewing the contract for your apartment, talk to the owner and try to decrease the rent. The truth is that saving money here will not be easy. But if you managed to pay $50 less per month, this would save you $600 per year.
Cooking at home is the most economical because we can use all the products in our fridge and we don’t have to throw away food. The same food can be prepared at home at a much lower cost than in restaurants. Moreover, homemade food is also good for health.
In the beginning, many started making food at home for their own purposes. A few days later they establish a business plan to sell homemade food online on the Facebook marketplace or other food delivery apps. Finally, they have set up a small business successfully and gained a concept of saving money.
9. Find part-time work that complements the original work
Look for occasional or part-time work that complements your core work. This is a process that will increase your physical exertion and you have to work longer. However, this process will increase your savings rate. Besides you can think deeply about how to start a website for earning and finally to save money.
10. Review your expenses and eliminate unnecessary ones.
In the consumer society we live in, there are often many services that are not used more than once or twice a month. Therefore, if you want to save, you need to eliminate all unnecessary expenses. For example, if you don’t go to the gym regularly, drop the club membership costs.
11. Practice cash transactions instead of credit cards
We can’t easily control our spending when using credit cards. Because by using this we can not comfortably understand the amount of our cost. On the other hand, when purchasing by cash, we can visually follow the reduction in the amount of money relatively smoothly and can pull the reins of our spending.
12. Compare prices before making an important purchase
Since the price of the same product may vary in different stores. That’s why if you want to buy something, you have to complete the purchase through a comparative analysis of the price of the product. Moreover, it is possible to save a lot of money when shopping through this survey. Thanks to the internet, we can now get an idea of the price of different things by completing this survey at home and there is no need to go from one place to another.
13. Go to the supermarket with a shopping list
One of the best ways to shop wisely is to make a list of the things you need to buy and go to the supermarket with them. Because if you go to the market without this, you will buy a lot of unnecessary things, as a result, your expenses will increase. So it turns out that this kind of shopping acts as a barrier to our savings.
14. Avoid expensive habits like tobacco and alcohol
These addictive habits are harmful to both health and pockets. Quitting smoking not only improves one’s health but also saves a lot of money by not buying cigarettes. Because these things are bought regularly, we do not easily understand how much money is spent on them. For example, if a person spends $5 per day on cigarettes, he spends $150 in 30 days and $1825 in 365 days. Similarly, if a person spends $250 per month on alcohol, then it costs $3000 per year.
15. Turn off the unnecessary lights and save money
Avoid the habit of turning on unnecessary lights to reduce the cost of electricity. Also, unplug electrical machines at the end of the day to reduce power consumption. E.g, charger, television. Following these methods result in lower electricity consumption which helps in reducing electricity bills. This extra money helps us to increase our savings.
16. Do not buy seasonal clothes as it is more expensive.
Usually, people buy clothes according to the season but buying clothes against the season can be much more profitable. So our advice is to go against the season and buy clothes. Such winter clothing towards the end of winter and vice versa. Heavy clothing is mainly worn in winter, such as jackets, sweaters, mufflers, gloves, hats, etc. This means that these clothes are priceless during the summer. These garments are sold at special discounts towards the end of winter. Similarly, swimwear, thin clothes are usually needed in hot weather and these clothes are sold at special discounts towards the end of the summer. Properly planned and following these tips can help you to save a lot of money.
17. Be careful where you keep your money
Maybe you have had an account with the same bank for many years and it is convenient for you to have an account there. However, many banks are very expensive and sometimes charge exorbitant fees and interest rates. Find out if there are better ways to save money. Also, analyze the advantages of other banks to see if you can manage an account with a bank at a relatively low cost.
18. Repair garments to save money and the planet
Is there a coat in your cupboard that you don’t wear because you lost a button on it or one of your favorite pants with a zipper broken? Don’t worry, you can repair and use these things if you want. This will save you money and clothing. No problem if you don’t know how to mend because there are many sewing channels on YouTube that will help you get the job done.
Similarly, the cost of repairing machinery is usually high, and cannot do it ourselves. This is why we often do replacements without renovating them. It didn’t even take care of the warranty, so we can’t take advantage of the 2-year warranty. But using these things by servicing we can benefit economically as well as the environment. Every year millions of tons of repairable things are thrown in the dustbin worldwide which is a threat to our planet.
19. Maintain a financial spreadsheet
Before all of the above tips, you should have a spreadsheet of expenses. This will allow you to save money by identifying:
- In which sectors are you spending money?
- Be able to plan expenses
- can get rid of debt and
- Being able to save money in even more conscious ways.
When you do this you will realize how much you are spending in which sector. This will allow you to identify which sectors of expenditure are more important and which are unreasonable.
Although all of these tips may not seem to have a significant impact on your savings, in reality, they will help you save money rapidly and without much effort in most cases.
What do you think of our savings tips? Tell us about your experience or tell us what your tricks are to get savings quickly and improve your domestic economy.
How to save money rapidly as a student
Although it may seem improbable to save money as a student, in this article we will tell a few ways that will help you save money quickly.
1. Save money by eating homemade food
One of the best ways to save a lot of money every month is to eat homemade food instead of restaurant food. Just following this formula can take your savings project a long way. Because we spend a lot of money eating out every month. For example, the amount of money we spend on a sandwich and a mug of coffee every day together can be huge in 30 days.
So our advice is to buy all the food you need for your whole week on holiday from the supermarket together and make your food at home. Prepare your breakfast sandwiches and pack them in a plastic box. And buy a thermos flask to carry the coffee which will help keep the coffee warm. Start eating lunch and dinner at home. This way, you can reduce your expenses by making meals at home and notice the amount of savings yourself.
2. Take advantage of free WiFi at the library and university
We spend a lot of money on the internet every month. Immediately we recharge it more than once in 30 days as the megabytes run out. This is not rational consumer behavior so we have to be careful about our expenditure. It turns out that when the recharge is over, we are forced to buy extra megabytes to continue browsing. There is a beautiful solution to this problem if you think deeply. That means use it whenever you get free wifi. This facility is readily available on your campus and library. Since you are a student you spend most of your day in the library and university, so take advantage of the free WiFi facility at these institutions to reduce your costs and increase your savings.
3. Avoid calling by phone and use free apps
We spend a lot of money on telephones and mobiles to talk to our loved ones. Mobile is one of the means of communication with loved ones at present. There are also many free apps for talking on it. You can call your loved ones anywhere in the world by using WhatsApp, Facebook Messenger, Hangouts, Emo. For this, you will need only the internet cost. Moreover, you can also send audio and video messages. These free apps play an important role in our savings.
4. Get together at your friend’s house on the weekends to save money
We all know that we have a lot of friends in our student life. At this time our social life goes through a very busy time. Everybody likes to spend this time of life in a lot of hustle and bustle. This is why we often have lunch or dinner with friends at different restaurants and hang out. However, if you want to save, you need to reduce such costs. So hold social gatherings at home.
In this regard, our advice is to arrange lunch or dinner at the house of one of your friends and the rest of them bring a variety of food items. Enjoy your get-together in this way. This plan would be more justified if the chat was arranged in everyone’s house instead of in one’s home every time. For example, if you have eight friends, you need to have a chat at home once every two months.
5. Bicycle is an affordable and healthy vehicle
Using a bicycle as a means of transportation will help reduce your costs. You don’t have to carry a monthly card for transportation if you travel by bicycle all the time. Currently, there are more than one billion bicycles in the world and they are used as a means of transportation and leisure. It is a healthy, eco-friendly, and cost-effective means of transportation. It is valid for movement in both urban and rural areas. Moreover, regular cycling is an excellent exercise for the body. It activates the muscles and burns calories.
6. Take advantage of student discounts and save money
You should keep in mind that different types of companies (mobiles) and a large number of businesses (cinemas, restaurants, etc) offer special discounts for young people and students to increase their deductions. Now our advice is to be aware of such offers if you want to save money.
7. Be affordable by doing a part-time job
Usually, parents pay us for expenses weekly and we decide for ourselves how much will spend or how much will save. But when we go on a trip, we need extra money because it is not possible to cover the cost of the trip with the savings from the weekly expenses. Find a temporary and short-term task to overcome this problem. Restaurants, bars, and supermarkets have convenient jobs for students. You can work part-time at any time in these organizations as you like, on weekends, during vacation time, for a few hours in the evening or afternoon, and so on.