Daffodil International University

Career Development Centre (CDC) => Be a Business man/woman => Topic started by: Shamim Ansary on June 13, 2010, 04:11:57 PM

Title: Save Your Money
Post by: Shamim Ansary on June 13, 2010, 04:11:57 PM
1. Spend Less. This is not over simplifying the best way to save money! It is essential if you are serious about being a long term money saver and being able to save money every day. Review what you spend and look at ways you can save money. Consider making telephone calls for instance only at off-peak times. Do you really need to have newspapers and magazines delivered? Can you do without those coffees you buy at break time everyday - would a flask of coffee taken to work save you money? What about using the public lending library instead of buying books or music CDs? Once you start looking for little ways to save money and spend less you will quickly become an expert and really save money.

2. Establish a personal budget. This is essential for families and individuals and can be the fastest way to save money. You will instantly see your incomings and outgoings once you create your budget. You will not be able to save money unless you know how much money you have coming in, and how much money you have going out. Once you have prepared a budget of incoming money and outgoing money, you WILL be able to identify areas where you can save. It is MUCH more difficult to save money over a long period of time (the rest of your life?) without a budget.

3. Bulk is good. Think about shopping and buying in bulk. Save money grocery shopping by planning meals in advance and bulk-buying. You can also save money by cooking in bulk. This is a real way you can save money with little preparation and almost no extra outlay. Always purchase generics when you can. Prepared foods and convenience foods will always be much more expensive than the generic ingredients needed to make the food. Preparing food in bulk and in advance also gives you the opportunity to plan ahead and be more accurate in your budget. Save Money by buying in bulk whenever you can. One thing to be aware of when buying in bulk is to be sure that any product you buy will get used before it goes bad - you won't save money if you have to throw stuff away. Buying in bulk is not only a good way to save money it is also a good strategy for coping with and surviving emergencies.

4. Make sure a sale is a sale. By this I mean do your price research before you commit to making an expensive purchase in a retailers money-off sale. You have to be sure the sale really is a sale and not a creative marketing strategy of the store to encourage you to spend your money without thinking. Once you have researched the true price of a product (any product) you are in a good position to take advantage of a sale, special offer or discount and really save money. "Buy one get one free", "50% off", and "Huge Discount" will only help you save money if the actual price you pay is lower than you would pay somewhere else for exactly the same product.

5. Buy used. Sure, we all like to buy new. But there are huge money savings to be made in buying used. Typically cars lose one-third of their value in the first 24 months from new. Why not buy a car 24 months old? Other items such as clothes can be worth even less just the day after new. Look for ways to buy "as good as new" items and save money. Typical products you might consider buying used to save money include: cars, clothes, electrical goods, garden items... tools and sheds, household items... pots and pans, the list of used goods where you can save money is endless.

6. Don't carry excessive debt. Some debt in our lives may be essential. We may need a mortgage to purchase a home, we may need to use our credit card to make purchases until pay-day, but your aim to save money should be to have as little debt as possible. Credit Card deb is typically the most expensive debt we may carry. You will be able to save money every month if you make it an absolute rule to pay off your outstanding balance every month. If you can have the discipline to do this you will save money by effectively having no debt, and thus no interest charge on your credit card(s).

7. Save Money. No, I mean really save some money. Each week or each month get into the habit of putting an amount, however small into your savings. You could start by saving a very small fixed amount each time and then move to putting in larger amounts once you begin to save money from your other money saving strategies. You will find that by saving money on a regular basis you will quickly build up a store of reserve money and also feel motivated to save more. The hardest part is to take the first step and start saving money - so START TODAY and save some money NOW! If you find it impossible to save money once you have it, consider having money deducted from your paycheck direct each month. This can be a great way to save money rapidly as once it is set up you will not notice it is being collected and your savings will grow with no more effort from you.

8. Shop Wisely. Consider markets, superstores, farmer's markets, local shops, marts and stores. Anywhere is worth checking out to see if you can save money. Farmer's Markets can be particularly good places to save money. Typically you are buying direct from the producer of the product so the savings are passed on to you. Use your bulk buying strategy here - farmer's markets often offer opportunities to save money by buying larger quantities of staples, for instance potatoes, rice or corn. Save money and shop wisely.

9. Eat in rather than out. This is a huge area where you can save money. A cup of coffee taken out could easily cost you TWENTY times (or more) what it would cost you to make it at home. So think before you drink when you are out. Eating is the same. Fast food restaurants are counting on you eating food that you perhaps don't really need at that time but buy just because it is quick. Why not wait until you get home and have a more nutritious meal and save money at the same time.

10. Use less. This money saving tip is a lesson we all need to learn. We live in a consumer society where waste is a huge problem. If we could all use and consume less there would be less waste, less power consumption, and the benefits for you are SAVING MONEY. Consider using less shampoo when you wash your hair, this may not mean washing your hair less effectively it means not flushing the excess shampoo and your money down the drain. What about saving on heating? Turn the thermostat down or put on extra clothes when you are cold. Turn off lights, the TV and the computer when they are not in use. Each little saving you make will build up and enable you to save money. Huge savings in energy can be made which will save you money and be good for our planet and the other people on it.
Title: Re: Save Your Money
Post by: Shamim Ansary on June 13, 2010, 04:22:56 PM
Save your Money Everyday

Step 1
Create monthly budget. Sit down and write up a list of your monthly expenses. Find out where your money is going and where you might be able to tighten your budget a little. Try to find places where you might be able to save $10 here and $15 there. These amounts really add up. Try putting your utilities on a budget or cutting out phone expenses by using just a cell phone. If you loans are too high, consider consolidation. Most banks will do this even for multiple personal and car loans. It's amazing what you can save a month!

Step 2
Cut out unnecessary purchases. If you buy coffee every morning before work, try brewing your own at home and taking it to work in a thermos. Pack a lunch to take to work instead of buying lunch everyday. Make meals at home instead of ordering take-out. Every little purchase you make that isn't a necessity can hurt your wallet. Try cutting out these items and putting the money away. Your savings will really add up.

Step 3
Put even a dollar a day away. Try putting a dollar into a piggy bank everyday. By the end of the month, you'll have saved $30 dollars. That's $360.00 a year! Now, think if you are able to put $5 into that piggy bank. Do whatever you can. Every dollar counts and can add up to a big savings at the end of the month. Most people can do without a dollar a day and won't even miss it. See how much you can live without and how your savings will increase per month.

Step 4
Save change and only use cash for purchases. Paying for items with cash only and saving all your change will increase your piggy bank savings. Most people will save approximately $60 a month this way. $60 is a lot when you need gas for your car or milk and bread and have no available money. I had a friend once who saved all her change for a year and had enough to take a vacation to Disneyland for four days. She ended up saving nearly $1,000! It's totally worth it.

Step 5
Clip coupons for grocery purchases. Coupons can save you a lot of money a month on grocery expenses. Get store ads and find out when items are on sale. Most grocery ads go in sync with newspaper coupons so that you can save even more. Also, try going generic when you can or purchase condiments and other items at Dollar Stores. Whatever you save a month in groceries can be put into your piggy bank for a rainy day.

Step 6
Trade items with friends and family. If you don't have enough money to make your ends meet and are looking to save some money, try trading items with others for things you need. People always have clothes they've outgrown, household items they don't use anymore, or are willing to help out when times are tough just knowing you will help them when they need it. This will save you money from having to purchase everything. Think of it as a barter...instead of paying money for the things you need, you pay with items you have that you no longer use. Even better, you could offer services such as mowing their lawn, carrying their groceries, or cleaning their house.

Step 7
Keep energy bills low by cutting out on unnecessary expenses. Turn off lights when they are not in use, keep the heat down as low as you can comfortably handle, take faster showers, and don't run the water a lot when brushing teeth. Save money on expenses that could be put back into your pocket just by paying attention to the energy levels in your home. Conserving energy will lower your utility bills by amazing amounts. You'll be surprised how much money you can save just by keeping electricity and heating levels to a minimum in your home. Watch how carefully you use certain items so that you can lower your utility bills and have more money left at the end of the month.