Categorized | Money, Saving

7 Ways to Save Money Significantly

Posted on 16 February 2010

Big amount of money can be saved if you can hold back the consumer in you. Instead of saving money by cutting down on little things, it’s quite important to recognize things that can save big money.

  1. Quit Smoking

    Obviously this isn’t for those you don’t smoke. But for those who smoke, it’s a huge money saving opportunity. If you are addicted to smoke a pack each day, quitting smoke can easily help you to save around $5 per day, which equals to $1,800 every year. Along with gaining this amount, you also save money that you probably would have spent on health issues like insurance, medicine costs, etc. This is one of the best ways to save money.

  2. Purchase used items

    You can reduce your overall expenses by around 25% merely by purchasing used items whenever possible. ways to save moneyVarious things like vehicles, clothes, machineries, seasonal things, etc., can be bought at a lower price at auctions and consignment stores. May be it isn’t possible to purchase everything ‘used’. However, try to do it whenever possible. It will save a great deal.

  3. Cut down home expenses

    It seems that most people believe moving saves money. However, it is far away from truth; moving is quite expensive. Also, there are many home expenses that you can cut down. If you are at work most of the time, it’s wise to disconnect your cable. Wash clothes at home. And there are many such things you can do to save around 20-30% of your expenses incurred at home.

  4. Are you addicted to driving?

    Most people are and they don’t realize it. With gradual increase in gas price, it’s advisable to choose public transport or carpool. And you save much more than just gas. There won’t be any insurance cost, nor there would be any maintenance cost. A recent survey shows that an average American can save up to $1,411, merely by driving 50% less than before. Another way to save money; get rid of your vehicle. You will benefit from the remaining 50% and by selling the car as well.

  5. Home Sweet Home

    Saving indoors can save you as much $1,800 on an average, says a recent study. Most people aren’t able to meet their budget targets because they spend more eating out. Few other outdoor activities like movies, traveling, etc., cost much more than you think. I know it’s impossible to cut down 100%. Hence, try to reduce it as much as possible.

  6. Say ‘NO’ to credit cards

    The biggest enemy of saving is credit card. It encourages impulsive spending. Your monthly minimum may not be much. However, understand that you are paying just the minimum amount, and you still have to repay the maximum part. This keeps you buried under debts for years. Hence, stop using credit cards. However, before doing this, try to accumulate an emergency fund.

  7. The Biggest Garage Sale

    Go home, check your closet for things that you haven’t used since last 5-6 months. If you have survived without it till now, it is very likely that you might get on without it. If you dig enough, you will get many such things that you can get rid of. However, most of us are attached with the memories of old things. Get rid of it as well.

These are simple ways to save money and a huge amount can be generated by following these tips. However, most of these techniques require dedication especially quitting smoke and saying no to credit cards.

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