Save and Live in Full? Is that possible?
The spend thrift son of a billionaire and boastful middle-class lawyer both have this in common. Making savings without too much effect on our daily lives is not only possible, it’s highly achievable.
Everything that has to do with saving and budgeting is always resisted by those individuals who have the “I CAN so I spend it” kind of attitude. Well maybe not anymore since the economic crisis. The recent turn of events which came about for the later part of 2008 has shown a lot of us the modern day picture of what the “great depression” our grandparents always talked about could have looked like. And here’s not forgetting the crisis isn’t yet over, and there even the slightest possibility that things might get uglier.
Live on a Budget
Living on a budget has never been an easy thing to do especially for those who weren’t subdued to the hardships of you can’t have this toy as a child. Prior to creating a budget, one might actually want to analysis spending over the last three to six months. This should help bring to fore spending habits that are wasteful and not just good enough. It also helps plan for a budget that should be created any moment after now.
This means saying no to things that could lead to wastefulness and misuse of your hard-earned currency. No more “I’ll buy the latest Rolex watch” when it so happens that a new edition is released sooner than every now and then. Recycling items is also a great way of refraining oneself from buying something new. Sowing the kids socks, instead of buying a new one would save a few dollars that could be pumped into other aspects of daily living.
Shop Locally & Online
The ease of online shopping takes away any stress caused by moving out of one’s house to a shopping mall. And, your shopping is private so no one sees you purchase those extra cheap products you’d never lay your hands on in a mall.
Ever visited a gas station that’s sells cheaper than the one closest to your home? Shopping for cheaper items is best done at places not so close but not too distant from one’s home. Traveling all the way down to a big discount store may not prove efficient except when stashing up for months.
Do Comparison Shopping
Yet another advantage of the online experience, the internet gives you the freedom of comparing prices without stress. Comparison shopping is probably the best way to cut down on prices when shopping. Although, this kind of shopping is also possible in the physical realm, transportation costs may prove to be a problem.
Don’t let your year-old addiction to a certain brand prevent you from purchasing another product of similar quality but at a cheaper price.
Choose Credit Cards Wisely
As credit cards are an integral of life as citizens of the developed world, it seems much more important to choose credit cards wisely rather than go based on a referral or for higher credit limits. These days, debt can often be avoided by choosing a cheaper option when it comes to credit cards. A combination of low interest rates, and no annual fees should always be placed before reward programs, or other fringe benefits. Simply reading credit card reviews or using a credit card analyzer reveals those in-details you never thought of.
Recycle items where necessary
Give good riddance to bad rubbish of the “my under pants are torn, I’ll buy a new one way of thinking.” Recycling items can be interpreted as having to use a needle and thread to sow up those torn pants, thus saving the cost of purchasing a new one. Habits such as throwing away stuff when they’ve not expired or outlived their usefulness should be thrown away in the New Year.
Random shopping sometimes means losing out on coupons and discounts that could be given out to regular customers. Patronizing a particular outlet should always come as long as that outlet is the cheapest option – after comparing prices. There’s really no reason to jump to another store in search of what?