When it comes to save money, people are left with only one excuse that it is not possible because they are spending on necessities and not luxuries. However, it is not what they say. I am not saying that they are lying to someone or themselves. The only reason behind it is either they may not know the difference between necessities and luxuries or they do not keep check and balance on their expenses.

Ways To Save Money

There are different experimented and proven ways of saving money from the monthly budget you get. Therefore, if you really want to become money-savvy, then you must read and follow the given experimented money saving tips.

1. Keep Your Loose Change In A Box:

Most of the people do not worth keeping their loose change in a particular box because they think it will not add up to a value that can be of their use. However, according to a survey, if you will save twenty five cents a day, you will save almost 20% of your $500 emergency fund over the course of a year.

2. Dine-Out Less Often:

Dining out may be a basic of lifestyle you are living but it is not basically a necessity of your life. It is not unhealthy only but costly too. Diners have to pay $40 for the meal that can be prepared for $20 at home. I am not saying to quit it completely but to do it less often and you will see that you will save hundreds of dollars in this way.

3. Make The Most Of Discounts And Promotions:

Another effective way to save money is to make the most of discounts and promotions that you can get. This is something students can make the most of because most of the businesses offer discounts for students. Sometimes it is openly listed and sometimes not. Therefore, you must ask before purchasing anything that is there any discount on that particular thing for students or not.

Similarly, some employers are collaborated with other businesses and therefore they offer discounted and promotional offers to their employees. In short, make sure to check all options of getting discount on the good you are willing to purchase.

4. Create Shopping List And Stick To It:

It is observed that when it comes to shopping, people who do not stick to their shopping list buy as many as 50% of the things that they actually need. As a result of it, the money that can be utilized in something important is wasted. Therefore, it is recommended to make a list and not to buy any other thing unless that particular thing is essential and you may have missed to note it down while making list of items.

5. Go For Generic Drugs:

Medication is one of the most expensive yet essential things for any individual. However, it can be cost effective too. How? There are some medicines having same formula but different prices due to the name of pharmaceutical company which is manufacturing it. Therefore, you should ask your physician to prescribe you generic drugs instead of branded ones.

6. Use ATMs Of Your Bank:

Using ATMs of other banks and financial institutes can cost you hundreds of dollars over a year. It is because, using ATM of other financial institute once a week will cost you $3 on every withdrawal which means that more than $150 will be wasted in an year for just using ATM of any other bank.

7. Buy Clothes On Sale:

There is no doubt that it is desire and right of every individual to dress well and look good. However, it does not mean that you have to buy and wear something expensive. The dress you are willing to buy from a regular departmental store can be available on a discount store. Therefore, it is better to check discount stores in your area before buying it from a specialty store.