How to Save Money Quickly
What do we spend our money on in vain?
Before we mention the practical tips for learning how to save money, let’s first look at what we spend our money on in vain.
1. Buy recognized brands when you have the alternative of buying the supermarket’s’white label’. It is usually the same product packaged under a different brand. Many times they are selling you the brand, not the product as such.
Not knowing how to change things in your car without taking it to the dealership. Like the brands, dealers charge you high prices for a simple oil change. This kind of thing is what you have to learn.
3. If you want to spend more money in vain you can go to the supermarket to buy food when you are hungry or have a lot of time.
4. Buy bottles of water and chips in the cafeteria, when you can have a thermos of water and fill it with tap water and buy the chips in bulk at a supermarket.
To save money, people are willing to pay any price. (Lawrence of Arabia)
5. Throwing away food that has theoretically expired. When you store your food in good condition in your refrigerator, it usually lasts longer than it says on the expiration date.
6. Pay for TV cable you don’t use. Seriously, what do you do paying for so many channels when you barely turn on your TV and watch the same three channels?
7. Pay small amounts of money with your credit card. You lose track of money and it seems to you that each purchase is insignificant, the problem is that there are hundreds of them. This is one of the most common mistakes you make with your credit card.
8. Not knowing every cost and fee the bank charges you, from the cost of withdrawing money to the fee for having it in an account. Not knowing that the interest rate on your credit card is extremely high, paying in very distant installments because”this makes it easier for you to pay”.
9. Living in a space that is too big for you to”fill” with things that you don’t need and that is expensive.
10. Buy apps and spend money buying gadgets inside your cell phone that you hardly use. You think those apps will make you more productive.
Never spend your money before you have it. (Thomas Jefferson)
11. Ignore the witness in your car who says your tires are out of the air. If you don’t know it, flat tires use more gas and are damaged faster.
12. Thinking you know how to save money because you use coupons to buy things you don’t need. Just because it’s a promotion doesn’t mean you have to buy it, especially when you don’t need it.
13. Buy the latest trends and clothing collections. There are cheaper alternatives in stores that have the balances. Find the outlets in your city where the brands wear the clothes of past seasons.
14. Don’t take care of yourself preventively. Do not visit the dentist, take care of your skin and do not have healthy and hygienic habits in general. If you don’t believe this, look how much the treatments and medications cost.
15. Purchase products based on your sales promise. Don’t be a victim of a good marketing strategy. These products will not take 10 years off your life, nor will they reduce your hip by 5 centimeters…. and so on.
16. Wash clothes several times a week and do not accumulate a single batch to save water, soap and time. As far as possible, do not use the dryer, which can damage your clothes and is an enemy of your pocket with these gas and electricity bills.
17. Stop buying energy drinks that affect your pocket and, more importantly, your physical condition – have you ever read the contraindications of these types of drinks? If you feel tired, evaluate your habits before going to sleep, what you are doing that does not allow you to sleep well and therefore feel this way.
Always spend one coin less than you earn. (Cesare Cantú)
18. Buy disposable razors that do not last more than a week. It is preferable to invest in a good one time only, and not to be every week with your face cut off (in the case of men), or with your sensitive and damaged skin.
Do not carry a thermos flask for your water or a reusable cup for your coffee or hot drink. In the first case, you will be buying bottled water, with free options. And in the second, there are places that discount the price of the glass, if you have your own.
20. Pay for individual coffee when you can brew yours at home for free. This is one of the unnecessary expenses that impoverishes you without realizing it. You don’t know how much money you can save if you decide to make coffee at home.
21. Buy in small quantities those products that you know are not due, or that you can keep for a long period of time. This ends up being more expensive than buying them in bulk.
22. Buy a lot of fruits and vegetables that you know you’re going to miss. In this type of product be sure to buy what you need. Not only will they be fresher, but you’ll save money.
If you’re not using the discounts you get for being a student, for being part of a community, for having a newspaper subscription, you’re still not applying the practical tips on how to save money. At each establishment, ask what discount program they run.
24. Buy finished, packaged or prepared products at the supermarket that you can buy in another way. These kinds of products that have some”value added” are made to maximize the profitability of supermarkets, not to make your life easier.
25. Not having a cell phone plan and recharging it every time you run out of credit. If you do the math, you’re paying a much better monthly plan than what you get in each package.
Money grows on the tree of patience. (They say)
26. When you leave your electronic devices connected at home, they continue to consume energy, even if you are not using them…you continue to spend money uselessly.
27. Putting gas in your car during the day, and not at night, makes it perform less well. It is proven that during the day it tends to evaporate with heat, so your money is evaporating.
28. Leave the payment of your credit card until the deadline, which is usually passed and end up paying interest on late payments, which are the highest on the market.
Having several credit cards, which not only increase your level of indebtedness but also imply higher management fees.
30. One of the worst mistakes is not knowing how to manage your money, not saving, and generally not having financial planning. If you live day by day, with the income you have, and without a clear objective, you will never reach your financial independence.
Many times we think that our economic situation is due to the little we earn; and we swear to ourselves that when we earn more money, we will change so many bad habits that led us to the situation in which we find ourselves.
Build an emergency fund.
Having Money Fast can make all the difference. Low-income families with at least $500 in an emergency fund are better off financially than moderate-income families with fewer savings.
Establish your budget
Looking for an easy way to get started? On the first day of a new month, get a receipt for everything you buy. Stack receipts in categories such as restaurants, grocery stores and personal care. At the end of the month, you will be able to see clearly where your money is going.
Budget with cash and envelopes.
If you have problems with overspending, try the envelope budgeting system where you use a fixed amount of cash for most expenses. And once the money’s gone, it’s gone.
Don’t just save money, save.
There is a difference between saving money and saving money for your future. So don’t just spend less, put the money you save into a savings account to plan for college, retirement or emergencies that can make you financially better off.
Automatically saving Setup Automatic savings is the easiest and most effective way to save, and puts extra money out of sight and out of mind.
Each pay period, your employer must deduct a certain amount from your paycheck and transfer it to a savings or retirement account.
Ask your human resources representative for more details on how to set this up. Or, each month, have your bank or credit union transfer a fixed amount from your checking account to a savings or investment account.
Aim for short-term savings goals.
Make a goal, such as setting aside $20 per week or month, rather than a longer-term savings goal. People save more successfully when they have short-term goals in sight.
Start saving for retirement as soon as possible.
Few people are enriched by their wages alone. It is the miracle of compound interest, or earning interest in your interest over many years, that builds wealth.
Because time is on their side, younger workers are in the best position to save for retirement.
Save your windfall profits.
Each time you receive an windfall, a job bonus, inheritance, contest winnings, or tax refund, enter a portion into your savings account.
Make a savings plan Those with a savings plan are twice as likely to save successfully.
Keep your change loose.
For real! And some banks and credit unions or applications offer programs that round up all your purchases to the nearest dollar and put that money in a separate savings account.
Use the 24-hour rule.
These rules help you avoid buying expensive or unnecessary items on impulse. Think about every non-essential purchase for at least 24 hours.
This is particularly easy to do when shopping online because you can add items to your shopping cart or wish list and return to them a day later.
Treat yourself, but use it as an opportunity to save. Match the cost of your non-essential indulgences to savings.
So, for example, if you waste a milkshake while running errands, put the same amount in your savings account. And think about it this way, if you can’t afford to save the corresponding amount, you can’t afford to pay for the treatment either.
Calculate purchases by hours worked instead of cost.
Take the amount of the item you are considering buying and divide it by your hourly rate. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself if those shoes are really worth five hours of work.
Unsubscribe from emails.
Avoid the temptation by unsubscribing from marketing emails to the stores where you spend the most money. By law, each email must have a unsubscribe link, usually at the bottom of the email.
Place a savings reminder on your card.
Remind yourself to think about every purchase when you cover your card with a savings message, such as”Do I really need it? Write the message on tape or colorful washi tape on your card.