5 Of the Best Money Saving Tips in 2016

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Very often I have stumbled across some great money tips when I was not even actively looking for them. Saving money should come naturally to you and the best money saving tips are those tips that can be carried out and implemented without any great burden or without altering your routine way of living in a huge way.

Today’s post describes some of the best tips to save money in 2016 that everyone can implement easily.

"best money saving tips"

1) Request Discounts

If anyone utters the word discount, we are usually the first to rush in. But why is that we never even think of asking for discounts when there aren’t any in sight? I think we simply lack courage to do this. In the current economic times, everyone is going through financial strains. So it is not just the customers who want to cling to every cent that they possibly can save, but also the business owners who want to save every customer that they possibly can from falling in to their competitor’s net.

It only takes common sense to understand that it is more profitable for businesses to pamper their loyal customers with some discounts rather than refusing them outright. So go ahead and ask for discounts from every company / person that you do business with and you will be pleasantly surprised at some of the responses.

2) Track your Expenditure

No matter how rich you are, you really cannot afford to spend money left, right and center. Unless you have a clear understanding about your earnings and your expenses, it is impossible to have any amount of savings.

You have to track your expenditure very minutely. Following just this one tip is guaranteed to help you save at least 10 % of your expenses, starting as early as next month. Start keeping a close lookout for each and every expense (no matter how small it might seem to you) and log it on your computer or maybe online. When you look at all the expenses at the end of the month, you will definitely find a lot of items that need to be struck off the list immediately.

3) Calculate Actual Costs

Many credit card owners choose to make a partial payment on their monthly credit card bills, which is usually just the minimum due amount. If you belong to this group of card owners, then you really need to think over before going out to purchase stuff on credit.

According to a credit card usage survey, if you use your credit card to pay for something and you keep do not clear the entire bill each month, and simply keep on postponing it, you are actually end up paying 68 % more on your credit card purchases when compared to paying in cash.

So, the next time you see something and you are dying to buy it against your credit card, do this simple trick. Add 70 % extra to the display price and consider this as the actual cost of this product. This trick will achieve either of the following two results.

First, your window-shopping induced hypnotic dullness of your brain will wear off and you quickly realize that you simply do not need this product any more. Or you will take a firm resolve to deter all your shopping plans until you have managed to save some cold hard cash to buy this product at a whopping 70 % discounted price. (When you are paying by cash you are saving yourself from the 70 % extra on credit card)

4) Learn Cooking

I know you are rolling up your eyeballs wondering how on Earth is learning to cook going to help you save money. Seriously, this is a personally tried and tested recipe to save money guys! (Excuse the pun, it was unintended :)) Whatever tips that I share here on my blog are for the most part based on my personal experiences and of course experiments.

One such experiment lead to this awe inspiring and amazing discovery that my poor cooking skills were the biggest reason for my poor savings! A close look at my family’s monthly expenses revealed that most of it revolved either around eating out or buying ready to eat food from the stores.

Now, anyone who lives here in Oman knows how costly and expensive both these activities are. And add to that the cost of travelling to eat our or to buy stuff from the stores.

So, to cut a long story short I decided to learn cooking and recreate some of the magic that my favorite restaurants were dishing out and charging hefty amounts of money for. It is almost a year now that I polished my previously non-existent cooking skills and now my kids are thankful for better tasting (read edible) food and my husband is thankful for both edible, human grade food and also for helping add some zeroes to our savings.

5) Go For the Cheaper Option

Most of the things that we buy have varying price ranges across multiple brands. Always be alert when you shop and make it a habit of comparing at least 5 different brands before you buy anything. This kind of comparative shopping is quite easy to do when you are shopping at malls.

They usually have all of the brands lined up together in one place. So next time you are out shopping (for basic stuff like grocery or for expensive stuff like electronics) do not absentmindedly keep on buying the same old brand just because you have been used to it for long.

The only disadvantage of doing this is that your shopping take much longer to finish. But this will pay off as soon as you start noticing significant savings in your monthly bills.

The bottom line is that all money saving tips work only if you have the determination and will anyone to implement them. Resolve today to save more money and spend less.

 

Author: MuslimHuda

I am a medical consultant, professional blogger and an online entrepreneur. I love to share my knowledge with my readers and in the proces if it could help even one person, I would consider it to be my good fortune.

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