In the present economic situation, the prices of different goods and services are always increasing everyday. Money has become quite hard to earn. Therefore, many people are looking for ways to save their money. In my opinion, as a housework, I think saving money at home is one of the best ways to save our money. According to our monthly income is high or low that we can have the good ways to save money at home. First of all, to people with high income, living standard is also higher.
In the home, they use many equipments that maybe cost a lot of money for them such as: television, refrigerator, air-conditoner…. One of the best ways to reduce their home costs is saving money on their energy bills. Monthly, they have to pay a large of money for water, electricity, gas bills, … . To reduce monthly payments, they must decrease the quantity of using energy at home. They should turn refrigerator, air-conditioner down by setting temperature as suitable as possible. Don’t open fridge doors for longer than necessary . To clothes washer, they can wash economically by only using washing machine when having collected a full of load and setting clothes washer to the warm or the cold water setting, not hot.
If they need to wash a part of load, they should use the half load setting to save electricity. Besides, to electrical appliances and lighting, they had better turn any appliance off that they are not using, especially by switching lights off , turning the computer off or put computer to “sleep” automatically when they are not using or leaving the room… These method can help them minimise unnecessary energy. If they can save energy, this also means they can reduce their payments and save more money monthly.
On the other hand, people with low income, saving money seems to be like a challenge. They have make difficult decisions about what they spend money for and how they cut out daily expenses at least wherever possible. To do that, besides reducing monthly energy bills, they should make a planning for daily goods. They’d better change their shopping habits completely. They must plan their meals and make a shopping list . This usually help them to take less time than the time they spent going back to the store for forgotten items.
Before going to department store, they should check kitchen cabinets and refrigerator, then making a weekly menu of favourite dishes. When shopping, they just shop only once a week because the more trips to the store, the more money they will spend. With a menu plan, they can reduce trips to the store and casual spending. Another way for people with low income is saving salary that they earn. Each month, they should leave on their saving account 10% of salary, and remember that don’t spend any cent from this amount of money and keep it for future plan or emergency situation.
Saving of money is not really difficult and there are many ways of saving money. In my opinion, if we can control our costs at home with some thought, some change and planning, we can reduce monthly expense and save much more money. I think that it’s more better when everyone plan to save money for any emergency situation. It will be good habit to save money and spend only on what is really required, especially in the present economic situation. Planning to save money will help us to be happier and to ensure our future life.
How To Save Money
Saving money, especially this time and age when there are so many temptations calling out to you every second of the day, is very, very difficult. From loans which turns into college debt, to buying highly expensive smart phones which is said to be at the value of a person’s kidney, needless to say, millennials or anyone born in modern generation will and have a difficult time in preventing themselves from spending.
Now, the big question is how do you save money?
As stated before, there are so many temptations here and there; however, it is also important to take into account that due to inflation and increase in demand, prices even for some common goods have skyrocketed to the point that the marginalized part of society increased more than the capable ones or the middle class and above who are able to buy their daily life necessities. Thinking about this, it is almost an impossibility to even save money, especially for those living in cities or areas where taxes are high with very low income and some do not even reach minimum wage, or rent is high due to congestion but there are still many ways in order to save money, regardless of whether or not, you are saving a huge or small amount of cash per period.
The following are tips and tricks in order for you to efficiently save your dough:
I cannot put enough emphasis on how important it is to note down every expenses you make. Keep track of EVERYTHING – yes, that means even the cost you spent on toothpaste, newspaper, snacks, everything. You need to take into account every penny, every cent you spend, and you need to be able to efficiently organize those set of data so that once you need to consult your bank or in need of money to pull out, you are sure on how much money you have left and what you actually spent on instead of spending your money like there’s no tomorrow.
By this I mean, plan ahead. If for example, you want to save a million dollars in 4 years’ time, make a timetable on how much you should save per interval and restrict yourself to how any dollars you can only spend.
- Choose a Target to Save for
Once you have set an amount you want to target, you now have to choose on what you will do with your money after. You can either save money for material possessions such as a car or a house or you can simply put it in your savings account in the bank for retirement. The choice is up to you. Choose wisely.
- Efficiently Decide on your Priorities
Material possessions have a limited life span, especially for technology such as cars or phones. For sure, it is inevitable that your car must be replaced, say after 10 years or so. It is then important for you to save money, not only for long-term goals such as retirement but also for short-term goals such as replacing whatever it is in need to be replaced.
- Use Legitimate Means of Saving Money and Make it Automatic
Saving money in a piggy bank is good for pennies; however, saving money for many wads of cash should be saved in another place, particularly in a bank. You are free to choose which type of bank account you want to save your money in but I highly suggest you put your money in a savings account, make it a habit to never always do cash transactions by availing modes of payments such as cheque and credit/debit card. Another thing is you should have the habit of saving money automatically.
For security purposes, it is important that you watch your progress per month. This will help you and encourage you to continue saving money and be able to hit your goals quicker and easier.