Sm Modern Ways Of Saving Money
Modern Ways of Saving Money: 4 Tricks that Can Make You Rich
Saving has always been a way of life for people who believed on its power. These people know that they have to save more money in order to create a more established future.
However, as time goes by, more and more people find it hard to save money. They contend that saving is no longer a way of life but a resolution that they have to strictly adhere to just to salt away some amount of money.
Some people even insist that it is no longer possible for a person to save more money because most of them are already living paycheck to paycheck. With all the high-prices of commodities these days, saving more money is no longer workable.
But the point is that people can indeed save more.
How? Here is a list of some modern ways that will let you save more money:
1. Save some percentage from your salary
Most money-savers automatically take at least 30% from their salary and save them into their savings account. The basic concept here is that most of us spend whatever amount we have on our paycheck, and maybe even more. If you are able to limit that amount, your expenses will unexplainably get smaller.
2. Pay everything in cash
Credit cards had always been a way of life for most consumers. The problem is that they become so comfortable with it that they tend to spend everything on credit. In fact, statistics show that the average family has an average outstanding balance on their credit cards amounting to $7,000. And they even pay almost $1,000 in each year just on the interest charges alone.
Hence, because of this comfortable shopping, they forget to keep track of their expenses and accumulate more payables than what they can afford to pay.
3. Set goals
Create goals that you really want and not be fickle-minded about it. If there's a certain amount involved, be specific with the amount, like saying "I will save $5,000 in a year and not around $5,000."
Try to set your goals based on your priorities. Have a period for every goal.
4. Check your company's retirement plan
With your employer plan such as the 401(k) or the 403(b), you can definitely save more money for the future. Here, your company will deduct a percentage of your salary from each paycheck and invest the amount in your choice of instruments
Extra Money For Your Extra Time
Earning extra money for your future, that is definitely not a bad thing!
However, is it an easy thing? One definitely wants that for a stronger foundations for the future, but how can you manage?
One of the better ways to have a more secured future is to have more than enough money in your bank account, to be more liquid.
Time is Gold
Sometime in a day, you may find yourself with nothing to do. You can either take this time to rest, to sleep, to read a book or any of your favorite pastimes. Basically anything will do just to keep you sane and as long you do not have to spend too much money.
However, instead of looking for activities that will not be too costly to maintain, it is better to pursue things that can even help you earn money. If you have enough free time, consider taking a part-time job. More than saving money, you can even expect more dough into your savings!
Why Should I Get a Part-time Job?
?It can be a source for your extra money for your savings.
?You make good use of your free time.
?For a student, the experience can teach a lot about life and the real world.
?You can meet interesting people.
?There is the possibility of discovering new skills or passions.
?Getting a good part-time job can actually be a start to a more serious endeavor.
Getting a Part-time Job
It will be relatively easy to get a part-time job. You can look up the posters or newspapers. Inquire in different establishments for openings in part-time positions. Ask friends who may recommend you. You can even provide services of your own skills like tutorial, writing or painting.
The job may require from you a few hours of your week. It can be something you do in the afternoons, during the weekends, or during school breaks.
You may feel challenged by exploring this new possibility in your life. You will have to balance your part-time job with what you regularly do. Simply manage your work and time properly. Save time too. Do minor tasks when traveling or waiting. Give no room for distraction, procrastination or cramming.
As long as you keep track of your extra earnings and savings, in the long run, your part-time job will definitely help do wonders to your plans in the future.
Starting Young: Teaching Teens to Save Money
Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding 'money matters'. Teens actually welcome their parent's input about their finances.
In the past few years, teenagers have earned billions of dollars with part-time and summer jobs.
Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education.
Kids these days are becoming more and more aware of their family's source of income and financial status. They apply these money-spending principles when they venture out on their own.
Thus, it becomes more of a parent's responsibility to start "training" their teenage kids to use their money wisely.
Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks:
1. Lead by example.
With your lifestyle, the children will see how you spend your money.
If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep.
2. Help your teens get a bank account.
Establishing a bank account under their name would give them an instant financial responsibility.
Sit down and explain to them how to manage their own account, and the "rewards" that they get once they save enough.
Their savings could go to their college tuition, or a big purchase like a car.
Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it.
You may check out the special benefits that banks offer for teens who open their accounts at such an early age.
3. Construct a "spending plan".
Once they hear the word 'budget', teens tend to cringe at the mere thought of having to restrict the spending of their money.
Instead, you and your teen son or daughter could build a "spending plan". This would get them excited, and think of ways on how they can wisely spend their savings.
Also, have them list down their earnings versus their expenses.
Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.
4. Make a "mock" investment in the stock market.
Make them aware of the options that they have financially.
Casually introduce to them the business part of your daily newspapers and have them make "mock" investments for companies who manufactures products that they like.
Monitor the stocks together and this would give them another option of investing their money in the future.
How to Save Money for Tuition Fees
As soon as their child is born, parents can start saving up for their children's college education.
With tuition fees climbing up yearly, it is better to have a sound financial plan so that it would not be difficult for you to send your kids off to college when they grow up.
Aside from the cash that you have saved yourself, here are the top 3 sources that can help you get your kids through college:
1. Scholarship grants
2. Part-time jobs
3. Financial aids
These are good alternative sources for your children to start off on their college education.
But as a parent, you would not want to fall in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses.
Here are some ways on how you can have a jump start at shaving off those hard-earned bucks for your child's college education:
1. The earlier, the better.
Start investing your money as soon as your child is born.
First, put the savings or investments under your name.
Later on, decide whether you want to transfer the account to your child's name by the time he or she turns 15. This way, you will have minimal taxes, if at all.
However, you need to be careful when transferring account names.
Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid.
Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.
2. Establish a trust fund for your child.
This is a very wise plan for a child's parents or relatives to invest in.
A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years.
After the designated time, the fund may be received in one lump sum or through an installment basis.
When building up a trust fund, check out details like the interest rates, taxes and withdrawal restrictions.
All in all, you need to approximate the costs of tuition fees, dorm room, meals, books, and other expenses that may come up.
Make sure that you invest money wisely as your child grows.
By the time that there are only two or three years to go before you send your son or daughter off to college, "lock" an ample amount of the funds by investing them in low-risk bonds to ensure that you will get to have enough for them to start their college education.
Effective Money Savings Tips
Saving is your best defense against bankruptcy. It insulates you from possible financial loss and gives you the ability to expand your finances and create a money-generating business machine that will help you earn extra.
Your potential to flexing your base income is augmented in ways that is not confined within the walls of basic employment. You can start up your own business, use it for loan purposes and earn interest on them while being used, among others.
But the basics of it all lies in saving - spending less than what you earn and keep something enough for future use and for unforeseen circumstances.
This article provides you with ways on how you can effectively maximize your financial resources and helps you manage your money by developing correct habits and outlook suitable for your goal.
How To Save Money And Avoid Temptations
Saving money and financial management is very crucial in one's life. Money is very important in order to survive in this world but only a few people know how to manage their household budget properly. Many people have a hard time saving money even if it is for their own good.
Most of the time, you may be motivated to save money but there are times when temptations come your way and before you know it, you have already spent the amount that was supposed to be added to your savings account. Here are some helpful tips on how you can avoid temptations and be able to save money:
1. Try hard to avoid those things that keep you from saving. If you are fond of buying shoes even if you don't really need them, try very hard to stay away from them. Keep yourself away from shoe stores so that you will not be tempted to buy one.
2. When going to grocery stores. Always bring the exact amount and bring with you a grocery list. If you have limited money in your pocket when in grocery stores, you will be forced to buy only those important things that you need. Preparing a grocery list will also help you get organized and will help you in deciding the things that need to be prioritized.
3. Go to the malls only when needed. Do not go shopping if you do not need anything important to buy. Window-shopping will only tempt you to buy the dress you saw in the boutique even if you don't really need it.
4. Do not bring with you your credit cards all the time. Having a credit card in your pocket will only tempt you to buy things that are not necessary. This will also help you lower your balances and have a good credit score.
5. You may want to save money in the bank or invest in time deposits. You will not be tempted to get money from the bank every time you need cash, if they are placed in a time deposit account.
6. You may also want to consider consulting a financial advisor. There are a lot of programs that offer these services for free. They may be able to help you and give you advice on how you can avoid temptations and save more money.
Tips On How To Save Money When Shopping
Shopping is very addictive. Most of the time, the household budget is sacrificed once you go shopping. Shopping should not give you headaches as long as you know how to budget. Here are the things that you need to remember:
1.Always remember to spend your money wisely whenever you go shopping. Bring only the exact amount of money you need in buying your items. To ensure that you only buy the important things, you have to make a list of the items that you need to buy. You may then budget your money wisely and will prevent you from buying things that are not that important.
2.It is advisable that you compare prices from different stores before buying an item. Do not limit yourself to just one store. There are stores that offer the same quality but can have a lower price. A smart thing you may do is to be attentive to the prices of the items that you buy regularly when shopping. There are instances that a store has an untimely changing of prices on different items.
3.It is recommended that you do your shopping during the end of the season. Prices of many items, especially clothes, are very low and affordable during this time of the year. You may buy clothes in the months of August and September if you are looking for bargain clothes for your summer wear.
4.You may shop in dollar stores where you can find items that are on sale and where prices are low. Although the quality of some items is not the same when you buy in malls and shopping galleries but the merchandises are still new and not yet used. These stores can provide you the best prices that can cope with on your budget.
5.Another way to save money while shopping is to economize the travel you make in finding the stores you want to buy an item. You may take a stop on your daily route to check if the items you buy regularly have not changed their prices or are still in the price of your budget. You may purchase the item even before you do your shopping schedule. This can save you fuel and time.
6. Try to find discount stores that offer quality items that have discounts and can offer a very affordable price on your desired item. The prices on discount stores may vary depending on the season of the year. These stores can be located in large shopping areas like in malls and shopping galleries.
Tips On How To Save Money On Transportation
Prices go higher every year, especially the cost of gas. Transportation is one big factor that makes the household budget difficult to cover all your expenses. Here are some guidelines to help you save money from transportation:
1.To save money, you must always check on your vehicle regularly. A well-maintained vehicle can get you out of trouble on repair expenses. You can actually spend only $50 on maintaining your vehicle and save up to $800 on repair costs in a year. You can even save more if you do the maintenance yourself and not bring your car into an auto shop.
2.If you want to save more money, it is recommended not to buy a new car. The value of a car depreciates automatically when you drive it out off the showroom of the car dealer shop. You may buy a car that is used at least one year. It will save you thousands of dollars to the actual worth of the car when it was new. The owner will then pay all the depreciated value of the car.
3.Save money on buying used cars by comparing the prices of the car dealer and the actual price on the list of the used car dealer ads. To ensure the car that you buy is well conditioned, you may ask for the help of a mechanic to check if the car is good enough for its price. It is better to buy a used car from a person you know and trust. This will help you make sure that you have a good deal in acquiring a car.
4.Try to compare gasoline rates. You may refuel your car with the gasoline station that offers the lowest price on gasoline. You can even save more by pumping gas yourself and use the lowest octane in your car's manual. It is also recommended that you pay cash than credit cards that charge extra rates. Do not forget to check the gas cap if it is tightened to ensure no gas is spilled out.
5.Always keep your engine tuned-up and have your tires inflated to their desired pressure to save you more money. A well-maintained engine consumes less gas. Keep your car's trunk clean to save more fuel. Heavy loads in your vehicle can consume more fuel because of the excess weight it carries.
6.Try to limit the use of your car on your daily route. You may take the bus or the subway to save gasoline. You can also save time by ignoring the traffic that you encounter everyday on the streets.
Patience The Virtue That Saves
Patience is a virtue. It takes some character to exhibit such levels of moral excellence, but did you know that by doing so, you could save money at the same time? Read on to find out how you can economize by emanating the virtue of patience.
Have the patience to walk instead of drive. It saves you gas, parking and the stresses of driving. Walking improves your health and well being while saving gas money.
Be patient: compare before you buy. From personal clothing to health club memberships, from plumbing services to insurance plans, from car accessories to a new home; compare the offers of 3 to 5 suppliers or service providers before finally settling with one. Let them know that you are taking the time to search the market and they may just be able to offer you the best savings. Truly, the patient consumer is a winner!
Use coupons as much as possible. Be patient in cutting them out and going through them before making any purchase. Pack them together with your grocery bag or in the car so you can use the discount voucher at every opportunity. One can save $20 - $50, just by using the coupons.
Track your expenses. Have the patience to keep your receipts and record all your expenses, no matter how small or frequently they occur. By doing so, you are made aware of where every single penny goes. Furthermore, you will know when you have spent too much on clothing, when in fact you still need to settle your credit card balance, or pay the mortgage. You will have a better hold of your financial health, by patiently tracking your finances.
Hold-off and sleep on it! If you are about to purchase a $100 item, hold off the purchase until you've given it much thought, say sleeping on it for 1-2 nights. If after such time, you decide that you absolutely need and can afford the purchase, then go ahead. Nevertheless, you'll be surprised at how much you can save by just sleeping and thinking things over.
Devote money in long-term investment. Understand that when you take up long-term investment, you do not need the money for now, and it is not considered as part of your daily finances. However, such money when set-aside will reap great rewards in the future.
Exude moral excellence by patiently saving for years to come, starting today!
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