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How to save money

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Nagarjuna Reddy
Nagarjuna Reddy

This document provides tips for saving money in different ways such as saving responsibly by paying yourself first, avoiding debt, setting savings goals and keeping a budget. It also suggests cutting expenses by reducing luxuries, housing costs, food costs, energy usage and transportation costs. Additionally, it recommends spending money intelligently by prioritizing essentials, an emergency fund, debt repayment, savings and non-essentials before luxuries. Specific tips include overestimating expenses, saving change, using affirmations, matching hobby spending to savings, enjoying free entertainment and sharing items with friends.

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DIFFERENT TYPES OF WAYS TO SAVE MONEY
? Saving Money Responsibly . 1. Pay yourself first.
2. Avoid accumulating new debt.
3. Set reasonable savings goals.
4. Establish a time-frame for your goals.
5. Keep a budget.
6. Record your expenses.
7. Start saving as early as possible.
8. Consider contributing to a retirement account.
9. Make stock market investments cautiously.
10. Don't get discouraged.
? Cutting Expenses. 1. Remove luxuries from your budget.
2. Find cheaper housing.
3. Eat for cheap.
4. Reduce your energy usage.
5. Use cheaper forms of transportation.
6. Have fun for cheap (or free).
7. Avoid expensive addictions.
? Spending Money Intelligently. 1. Spend money on absolute essentials first.
2. Next, save for an emergency fund.
3. Next, pay off your debt.
4. Put away money next.
5. Next, spend on smart non-essentials.
6. Spend on luxuries last.
How To Save Money Tips ?Always overestimate your expenses and underestimate your income. ?Take care of your possessions. In this way, you'll need to replace items less. Also, don't replace items until it's absolutely necessary. For instance, just because a motor in an electric toothbrush breaks doesn't mean it stops functioning as a toothbrush. Continue to use it, and when ready go buy a new one or check the warranty.
?Make purchases with paper money, not exact change, and always save the change. Use a piggy bank or jar for your coins. Coins and change may look insignificant but when accumulated over time they can help you save. Some banks now offer free coin counting machines. When you redeem your coins, ask to be paid by check so you won't be tempted to spend your new found cash. ?Every time you go to buy something think of the thing you are saving for and the rough percentage of your savings so far that the thing costs and quite often you won't buy it. ?Use affirmations. For example, repeat this affirmation to yourself until it sinks in: Debt is not an option.
?If you get paid about the same amount on a regular basis, it'll get easier to budget your money over time. If you have a variable income, it'll be harder to anticipate your expenses because you won't know when's the next time you'll get paid. List your budget categories in order of importance and fulfill the most important items first. Play it safe; assume it'll be awhile before you get money again. ?If you receive unexpected cash, put all or most of it into your savings, but continue to set aside your regularly scheduled amount as well. You¡¯ll reach your savings goals sooner.
?Even if you REALLY want something, ask yourself, do you REALLY need this? More than half of the time it will be a big no. ? Most people can save something regardless of their income. Starting to save a little will help build the habit of saving. Even saving as little as $5 a month will teach you that you don't need as much money as you think. ? Try to find at least one penny on the ground everyday. Put the money you find in a jar and see how fast it adds up!
?If you can't bring yourself to destroy all your credit cards, at least freeze them. Put them in a container, fill it with water, and stick it in a freezer. That way, if you feel the urge to use credit, you have to wait until the ice melts, and during that time you may come to your senses and realize you don't really need to buy what you wanted to buy. ? Have a hobby? Match your funds. One important habit for saving is if you have a hobby, such as model airplanes, scrap-booking, dirt biking, scuba diving, etc., set a hard and fast rule that whatever you allow yourself to spend on your hobby, you match those funds to your savings. For example, if you buy yourself a $45 pair of riding gloves, another $45 goes to your savings.
?Serious about saving? Try doubling your matched funds! These savings plans will do two things: Save money regularly and quickly, and really show you how much you are spending on your hobby, when it costs you twice as much. ?Enjoy the simple pleasures in life. During the Great Depression, people still had fun, just not lavishly expensive fun. Children had soapbox derbies, teenagers had dance contests, and everyone played Monopoly, did puzzles, read, and listened to the radio. Get together to discuss philosophy or pray; play poker or make crazy quilt pillows; play instruments and dance. In those days, it took some imagination and ingenuity, but they had plenty of fun, and so can you.
?If you can afford to share things you have, from food to living space to appliances, try to do so. What goes around comes around when it's between close friends, soon enough, you'll find your friends doing the same, and everybody benefits.
How to save money

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How to save money

  • 1. DIFFERENT TYPES OF WAYS TO SAVE MONEY
  • 2. ? Saving Money Responsibly . 1. Pay yourself first.
  • 4. 3. Set reasonable savings goals.
  • 5. 4. Establish a time-frame for your goals.
  • 6. 5. Keep a budget.
  • 7. 6. Record your expenses.
  • 8. 7. Start saving as early as possible.
  • 9. 8. Consider contributing to a retirement account.
  • 10. 9. Make stock market investments cautiously.
  • 11. 10. Don't get discouraged.
  • 12. ? Cutting Expenses. 1. Remove luxuries from your budget.
  • 13. 2. Find cheaper housing.
  • 14. 3. Eat for cheap.
  • 15. 4. Reduce your energy usage.
  • 16. 5. Use cheaper forms of transportation.
  • 17. 6. Have fun for cheap (or free).
  • 18. 7. Avoid expensive addictions.
  • 19. ? Spending Money Intelligently. 1. Spend money on absolute essentials first.
  • 20. 2. Next, save for an emergency fund.
  • 21. 3. Next, pay off your debt.
  • 22. 4. Put away money next.
  • 23. 5. Next, spend on smart non-essentials.
  • 24. 6. Spend on luxuries last.
  • 25. How To Save Money Tips ?Always overestimate your expenses and underestimate your income. ?Take care of your possessions. In this way, you'll need to replace items less. Also, don't replace items until it's absolutely necessary. For instance, just because a motor in an electric toothbrush breaks doesn't mean it stops functioning as a toothbrush. Continue to use it, and when ready go buy a new one or check the warranty.
  • 26. ?Make purchases with paper money, not exact change, and always save the change. Use a piggy bank or jar for your coins. Coins and change may look insignificant but when accumulated over time they can help you save. Some banks now offer free coin counting machines. When you redeem your coins, ask to be paid by check so you won't be tempted to spend your new found cash. ?Every time you go to buy something think of the thing you are saving for and the rough percentage of your savings so far that the thing costs and quite often you won't buy it. ?Use affirmations. For example, repeat this affirmation to yourself until it sinks in: Debt is not an option.
  • 27. ?If you get paid about the same amount on a regular basis, it'll get easier to budget your money over time. If you have a variable income, it'll be harder to anticipate your expenses because you won't know when's the next time you'll get paid. List your budget categories in order of importance and fulfill the most important items first. Play it safe; assume it'll be awhile before you get money again. ?If you receive unexpected cash, put all or most of it into your savings, but continue to set aside your regularly scheduled amount as well. You¡¯ll reach your savings goals sooner.
  • 28. ?Even if you REALLY want something, ask yourself, do you REALLY need this? More than half of the time it will be a big no. ? Most people can save something regardless of their income. Starting to save a little will help build the habit of saving. Even saving as little as $5 a month will teach you that you don't need as much money as you think. ? Try to find at least one penny on the ground everyday. Put the money you find in a jar and see how fast it adds up!
  • 29. ?If you can't bring yourself to destroy all your credit cards, at least freeze them. Put them in a container, fill it with water, and stick it in a freezer. That way, if you feel the urge to use credit, you have to wait until the ice melts, and during that time you may come to your senses and realize you don't really need to buy what you wanted to buy. ? Have a hobby? Match your funds. One important habit for saving is if you have a hobby, such as model airplanes, scrap-booking, dirt biking, scuba diving, etc., set a hard and fast rule that whatever you allow yourself to spend on your hobby, you match those funds to your savings. For example, if you buy yourself a $45 pair of riding gloves, another $45 goes to your savings.
  • 30. ?Serious about saving? Try doubling your matched funds! These savings plans will do two things: Save money regularly and quickly, and really show you how much you are spending on your hobby, when it costs you twice as much. ?Enjoy the simple pleasures in life. During the Great Depression, people still had fun, just not lavishly expensive fun. Children had soapbox derbies, teenagers had dance contests, and everyone played Monopoly, did puzzles, read, and listened to the radio. Get together to discuss philosophy or pray; play poker or make crazy quilt pillows; play instruments and dance. In those days, it took some imagination and ingenuity, but they had plenty of fun, and so can you.
  • 31. ?If you can afford to share things you have, from food to living space to appliances, try to do so. What goes around comes around when it's between close friends, soon enough, you'll find your friends doing the same, and everybody benefits.