12 Effective Tips To Save Money For Rainy Days
Money is the biggest influencing factor for most of the people. It motivates people to work hard to earn it. However, due to the growing necessities and inflation around the globe, it has also become hard for people to save it.
Given below are some ways which will help you save money for rainy days.
1. Use Credit Cards Less Often:
Most of the people nowadays are addicted to using credit cards whether they are buying a pin or plane. The trend of carrying no cash or paying all via credit cards is not good at all. It is because the more you will buy from your credit cards; it will affect your credit score and increase the interest rate that you will have to return. Therefore, it is recommended to use plastic money less often and try to pay cash for things.
2. Track Your Spending:
You will not be able to know whether you have wasted or utilized your money if you do not have the track of your spending. You must at least check your cards, statements and other records to determine where you have spent your money. Estimate the amount you have used in buying in extra things and consider reallocating that amount for your emergency fund.
3. Create List Of Items:
It is important to create a list of items when going for shopping and stick to it. It is usually seen that people who go for shopping without having list of necessary items in hand return back to their home with plenty of shopping bags having extra items that they do not need to buy at that time. Therefore, you must create a list of items that you need and stick to it.
4. Make The Most Of Deals And Discount Offers:
If you really want to save money, then you must keep your eye on the deals and discounts offers provided by your favorite brands. Also, there are deals websites over the internet which offers products at discounted rates. Therefore, before you go for purchasing, make sure to check the deals and discount offers.
5. Dine-Out Less:
Dining-out is not all about having delicious food on your table, but it is also a source of spending quality time with family, friends or your loved ones. However, it costs a lot. Therefore, it is important to go less for dine-out and try to enjoy some moments by preparing your favorite food on your own.
6. Save Coins In A Pot:
Most of the people are not likely to save the coins because they think that some cents do not make a difference to their expense. However, they are completely wrong. Saving just 50 cents daily in a pot can help you save 40% of the total emergency fund.
7. Ask Physician To Prescribe Generic Drugs:
The medicine prescribed by your physician of a renowned brand is not the only one that is comprised of that formula. There will be other medicines as well having that particular formula that will cost you less as compared to the branded ones. Therefore, you must ask your physician to prescribe you generic drugs instead of branded ones. You can also save money by finding the stores that offers discounts on purchase of medicines.
8. Avoid Bouncing Checks:
Every check that bounces costs you $20-30 depending on the amount and the bank in which you have opened your account. Avoiding a single check from bouncing can help you save nearly $500 per annum. Therefore, make sure to avoid bouncing checks.
9. Shop Around For Gas:
The fueling of vehicle is undoubtedly a major part of your expenses. There is nothing that you can do about it as it is mandatory for commutation purpose. However, shopping around for gas will help you compare prices of different fueling stations and fueling your vehicle using the lowest-octane will help you save hundreds of dollars annually.
10. Avoid Buying Big Houses:
Americans are usually seen to buy large houses and apartments having plenty of extra space that they do not need. Extra space means that you have paid extra amount than your need. Therefore, you must avoid buying big-size apartments and think about utilizing the space more efficiently.
11. Buy Clothes From Discount Outlets:
There is a huge difference between the prices of clothes that you buy from a department and from a discount outlet. Therefore, if you really want to be money-savvy, then you must buy clothes on sales from discount outlets instead of specialty stores.
12. Use Required Communication Capacity:
Due to the rapid growth and use of internet and wireless connections, it is seen that most of the users are paying for non-required communication capacity. In short, it can be said that they are simply wasting their money. Most of the people have a cell phone and 2 landlines one for their computer and other for personal use. However, by diverting the calls on your cell phone, you can save the amount that you are paying on the two phone lines.