College Students

Want to know how to save more money? To save money, you should know how to record your spending and develop a strategic and realistic method of increasing your savings. You can keep track an account of all your spending. In this way, you are able to see the cost-benefit relationship of the things you pay for and consume. Organize the data of your spending by dividing them into categories such as food budget, transportation expenses, mortgage, utility bills, etc. Take note the total amount of each and from there, you can calculate how you are going to split your salary into your savings and necessities.

Create an outline of how you want to spend within a month. By recording your expenses, you can find your way into your own workable budget. These all depend upon your salary, the number of people in your household, and your overall lifestyle. It is a must that you adjust it according to your own salary and be sure to factor in all elements that concern finances such as car maintenance and home essentials. By creating a budget, you are limiting yourself from overspending or getting in trouble with financial affairs. Here are some more Money Saving Tricks from team that you can practice.

Write a list before you go shopping

Many students who are only starting to get the hang of budgeting are usually shocked when they know how much they are actually spending. By making a list of the things that you need to buy, you are lessening the chances of paying for things that you do not really need. Plan your meals each week and make a record of your pantry and have an inventory of everything that you have before going to the store. It helps prevent overspending and wasting food, and naturally, you get more money for savings.

Save by making coffee or tea at home

Buying coffee or tea outside our homes is usually the go-to for our typical routine. However, if you calculate how much you can save by making your drink at home, we might actually be able to realize that coffee and tea shops are overpricing their customers for the drink. What we are actually buying in coffee or tea shops is the efficiency of it. If we brew our own tea or coffee at home, we are spending less, generating less waste, and consuming safer and healthier drinks. Buying coffee powder or ready-to-brew tea opens yourself to cheaper and healthier options.

Quit smoking

Another top tip for saving is quitting smoking. It isn’t hard to figure out why smoking is a negative for your finances. Simply, cigarettes cost money and they are undoubtedly addictive. Every pack that you buy is a direct deficit to your cash and your body. However, it is not impossible to quit it. Many people are already sharing their own evidence of the benefits of quitting smoking.  By quitting smoking, you are immediately recovering lost finances through the betterment of your health and the lessening of your finance load. The money you save from quitting will pile-up in the long run and you will have more wealth to spend.

Swap books, music, and DVD’s at the library

Most people are not really aware that this is a thing. Today, more and more people are finding out that they can swap books, music, and DVDs at the local library. Instead of buying your own records, you can actually swap your old stuff with treasures hidden in your local library or collection store. Most people are not realizing that some of their old stuff hold genuine value to other people like collectors and enthusiasts. Swapping your old stuff with new precious ones not only saves us money, but it gains us something of value. Your old objects might be a treasure for another and the mystery of finding something interesting is always present.

Quit using credit cards

Credit cards, when not used responsibly, can lead us to debt and finance troubles. In our society today, most people are relying on their credit cards to buy what they want. They sometimes get overcome with their desire and forget the sacrifices they have to make to earn money. It is very essential to stop relying on credit cards because it makes one spend money that they do not yet have. Credit cards can add to your debt each month and it lessens the possibility of enlarging your savings because you are putting imaginary money to things that you may not really need. By not using a credit card, you are spending on resources that you presently own. You are not diminishing your financial capabilities but rather, getting rid of troubling or negative opportunities.

Do a price comparison

Another tip for saving money is to price comparisons with the products that you buy. Nowadays, products have many different brands but the overall quality is not far from each other. Don’t get tricked by the packaging and have your own list of which brands are just and fair in their service or products. In modern times, there are so many company names that mass produces our food and manufacture our goods but it might all be from the same network of the product maker. Do not prioritize brand name over quality and quantity and check other similar products when opting to buy. You can also plan to buy in bulk which lessens the amount of trash that you produce and saves you an extra dollar or two each time you shop.

Master the 10-second rule

The ten-second rule is getting more popular when it comes to saving tips. The ten-second rule states that during a moment that you are about to spend on something, count to ten slowly and use that time to ponder whether you really should spend your money on that something. It is a simple technique, but trust me, it works wonders. This allows you to review your decision and saves you from creating a possibly wrong one.  By learning this skill, you can preempt your money-related decisions and become a more efficient saver.