Here are some tips to save money.
By devijay78
@devijay78 (1573)
India
December 13, 2010 1:57pm CST
These are what work for me and I save much following these. Would like to share them with all of you.
1. Buy grocery in bulk so that you have to pay less. But make sure you store them properly so that they don't spoil.
2. Always cooking at home is much cheaper and healthier than eating out. If I eat out once, it costs around 500 to 600 rupees(11 to 13 dollars). But if I cook at home, I use that money for about one week!
3. Collect all the loose change you get from each time you go out or shop. And store it in a piggybank. You will be surprised by how much you would have saved at the end of one or two months.
4. Whenever you get your pay, keep aside at least 30% of it in the bank as savings so that it is there with you in case of emergencies.
5. I take the public transport most of the time and avoid going by autorickshaws because they charge extremely high rates.
6. Buy good quality products so that they last long and you don't have to spend for repair or getting another one within a short span of time.
7. Do not buy things which you do not need. It would be very tempting especially when we impulsive shopping, but it will burn a hole in your pocket.
8. This is in context to the above point. Make a list of things you need and buy only them. Resist the temptation to buy more.
9. Take only the sufficient amount of money necessary.
10. This is a VERY IMPORTANT point. AVOID TAKING CHILDREN WITH YOU WHEN YOU SHOP.
They demand things which we would definitely don't use and loose interest in them the minute we take them home.
11. I save small amount every month in a recurring deposit and by the end of the year, convert it to an fixed deposit and start another recurring deposit. And do the same with it at the end of the year or club it with the existing fd and deposit that every year so that you get more out of your savings.
12. Having a life insurance is a good investment too. I do not know how it is in other parts of the world. I am talking about India. Those small amounts of money which you keep paying every quarterly or even every month for the insurance will help you in the long run. If you die unexpectedly, the money goes to your family. Even if you are alive at the time of maturity, it will be useful to you.
13. Invest in gold as well. If all other fails, gold can be sold and its value will always rise and will rarely fall. And never keep buying and selling often(recycling). If you buy gold, it should not be sold at all. Only in case of emergencies.
14. Living in a own house is much better than a rented one in the long run. So if you do not own a house, and if you have the financial stability, go for it. Even if you pay the loan for 20 years, at the end of the tenure, the house is yours. But if you live in a rented house for that long, just imagine how much you would loose.
15. And finally, whenever or whatever you save, save small amounts so that it does not pinch your pocket. If you are very enthusiastic and start saving huge amounts, the after a month or two, you would have to wthdraw all the saved money because of shortage.
Hope these are of some help to all of you. And please feel free to add more if anyone has any bright ideas and which you follow and which has worked for you. I would be glad to learn new ways to save money.
They demand things which we would definitely don't use and loose interest in them the minute we take them home.
11. I save small amount every month in a recurring deposit and by the end of the year, convert it to an fixed deposit and start another recurring deposit. And do the same with it at the end of the year or club it with the existing fd and deposit that every year so that you get more out of your savings.
12. Having a life insurance is a good investment too. I do not know how it is in other parts of the world. I am talking about India. Those small amounts of money which you keep paying every quarterly or even every month for the insurance will help you in the long run. If you die unexpectedly, the money goes to your family. Even if you are alive at the time of maturity, it will be useful to you.
13. Invest in gold as well. If all other fails, gold can be sold and its value will always rise and will rarely fall. And never keep buying and selling often(recycling). If you buy gold, it should not be sold at all. Only in case of emergencies.
14. Living in a own house is much better than a rented one in the long run. So if you do not own a house, and if you have the financial stability, go for it. Even if you pay the loan for 20 years, at the end of the tenure, the house is yours. But if you live in a rented house for that long, just imagine how much you would loose.
15. And finally, whenever or whatever you save, save small amounts so that it does not pinch your pocket. If you are very enthusiastic and start saving huge amounts, the after a month or two, you would have to wthdraw all the saved money because of shortage.
Hope these are of some help to all of you. And please feel free to add more if anyone has any bright ideas and which you follow and which has worked for you. I would be glad to learn new ways to save money.10 responses
@okroger88 (24)
• United States
14 Dec 10
It's also a good idea to use grocery coupons at the supermarket and seek out where
the double day coupons are. Coupons can be used like money and you can get big savings at checkout time.
@devijay78 (1573)
• India
16 Dec 10
We have sodexho meal passes which do not have any discounts but are given as part of my husband's salary. Maybe there are other coupons which give discounts. That would be a great idea too.
@jpso138 (7851)
• Philippines
14 Dec 10
Great ideas indeed. This is certainly useful most especially that its the holiday season. Many people will be buying different items as gifts and for themselves. Well, I do hope that many will be able to read this ideas of yours. I find number 10 as very important indeed. Hahaha, often, when I bring my child shopping, there is always the possibility that me and my wife would be spending for something that is not part of the budget.. toys!.
@devijay78 (1573)
• India
14 Dec 10
I have been thinking about writing this for a very long time. But did not have the patience or time to go about it. I found some time yesterday and there you are! I may have forgotten a lot of other points which I will keep adding later in this discussion, maybe? It is my hope too that a lot of people read this and are benefitted from it.
You know, that is why I did write the line in capital letters. I know it happens in all the families where there are children and teenagers. So it is a MUST that you do not take your children shopping with you when you go. It will hurt us and them but it is better than getting hurt financially. I have a room full of toys which my daughter just asks for but rarely uses. And an attic full of boxes filled with toys. That is why I have written this point as very important.
@kalav56 (11464)
• India
14 Dec 10
I would like to add a few more-
-1]Do not go to malls to buy your grocery. You would tend to buy more than what is needed just because they look attractive. If you must buy your grocery in some big store like that , take a definite list with you and do not give rise to temptation.
2]Control your desire for indulgence .THere is no end to eating .
3]Visit a sensible doctor[who won't alarm you] for your usual ailments like fever, cold etc and check about his reputation.I have heard of some doctors suggesting a scan for an ordinary stomach ache.
4]If you have no plans for a purchase, never give rise to temptation.Keep your heart free from yearning for something when you do not have the wherewithal.
5]Never buy anything in instalments because interest is expenditure and it adds to your cost.
Having saved in these different ways as quoted by DEVIJAY, you can always buy whatever you need with down payment.If there are unforeseen circumstances that prevent you from buying somehting, take heart that there is always a tomorrow.
Regarding your views on buying ahouse devijay, I am against buying a house paying EMI.Whoever pays this EMI, it is a burden on one's shoulders.
@devijay78 (1573)
• India
14 Dec 10
I think that even if we go to malls, if we carry only sufficient cash and no other card, we won't be able to buy even if we are tempted. So I never take extra money with me nor do I carry my credit and debit card with me when I go to big malls. I do end up yearning for everything under the sun, but when I reach home, I am happy that I did not take money with me so that I do not end up buying something I absolutely don't need and regret later.
About the house. I said, owning a house is much better than renting it. If you have saved enough money for it, it is fine. But most of us are not well off and we do have only some amount with us for a down payment. The rest will have to be paid in installments. I do agree that the interest on the amount is atrocious, but paying in installments and then owning the house after 15 or 20 years is better than living in a rented house your whole life. Saving for many years and paying full cash to purchase a house is not possible for middle class people and salaried people. Moreover, you do have an asset which can be passed down to your children after you are gone.
@devijay78 (1573)
• India
14 Dec 10
Thanks. No points to add from your side? I am sure you have your own method of saving money. Would you like to share it with all of us?
@angeline1 (144)
•
14 Dec 10
I like your tips.I will use this tips everyday to save money.great job.
@devijay78 (1573)
• India
14 Dec 10
Use whichever works for you angeline1. Hope you do save enough money to get through comfortably in tough times. Good luck.
@buggles64 (2709)
• United States
13 Dec 10
These are all excellent ideas. Shopping with coupons also a great way to save money. The one thing that I have learned is to pay yourself first, so always take a little out for savings before you pay any bills. Also, make sure to have some fun, while you are saving all that money. We have started renting movies from redbox..one movie a week is only $4 for a movie night.
@devijay78 (1573)
• India
14 Dec 10
Hi buggles64. We do have a lot of fun. All these savings are apart from spending for our other activities. We do go watch movies in the theatre. And rent dvds too. Here renting is less than a dollar. So no big expense there. We go to the beach, visit relatives, go shopping for things sometimes. All this done together as a family is fun. My husband does get sodexho meal pass for 1600 rupees. But my provisions go way beyond that. So I use the pass as well as money. I never actually touch my savings. I keep some amount in my savings account always ready to withdraw so that if there is any emergency, I know that I have this money to rely on.
@Masihi (4413)
• Canada
13 Dec 10
Hi, Devijay, thanks so much for the list of tips. I do have a savings, but it's on a much smaller scale, and I spend about $450 per month on my debt anyway (principle and interest) I am on welfare, though. I do manage to put together $20 per month on most months for August, which is a lean month, and my husband doesn't work as he works for the school board.
Whatever change I have left over from each month, I put into a jar and save it for August as well. I also pay in advance on the bills I pay (internet, phone, power) I usually have enough money added onto my bill so that I won't have to pay any of the bills in August.
I do buy food in bulk a lot, and also half-off specials on meats. They might not be fresh, but hey, it's still good and healthy.
Any gift cards we get from Christmas support programs, and if I'm allowed to save some, I usually save a portion of them for August's food and gas. (it all depends on what program the welfare department puts me in) I do spend some on a turkey and veggies and gifts for my kids, though. In fact, one time I had a gift card for a well-known bookstore (Chapters) and I kept it over the period of the year, then although it was for me and my husband, I decided to purchase games as xmas gifts for the family, nice wooden chess game and wooden checkers game. They're for this xmas for all of us as a family.
I also find that I don't spend a whole lot on myself, as I want my kids to enjoy life the best they can given our circumstances.
We do all of our baking, my husband loves baking bread and I bake the sweets and - yes - even our own professional-style pizza :-) We buy those huge bags flour at wholesale stores.
LOL I can go on and on, but I'll save room for others to talk! 
@devijay78 (1573)
• India
14 Dec 10
Being frugal is one way to save money. You have your financial position well organised and under control.
That was so sweet of you to think about your family's interests before yours. I don't spend too much on myself too. I just spend the right amount necessary and not a penny more than that. My husband loves to cook, but he does not have the time to do it. He works from 8:30 A.M to almost 10 P.M. So by the time he comes home, he is tired. Sometimes, he works even on sundays. So doing stuff together is a definite question mark.
Thanks for the prompt response and hope you do find yourself enough funds to put you through August every year.
That was so sweet of you to think about your family's interests before yours. I don't spend too much on myself too. I just spend the right amount necessary and not a penny more than that. My husband loves to cook, but he does not have the time to do it. He works from 8:30 A.M to almost 10 P.M. So by the time he comes home, he is tired. Sometimes, he works even on sundays. So doing stuff together is a definite question mark.
Thanks for the prompt response and hope you do find yourself enough funds to put you through August every year.
@hardworkinggurl (37063)
• United States
14 Dec 10
These are excellent tips and I thank you for taking the time to list them all so eloquently. I have had so many financial issues this year. So basically I removed anything and all I do not need to assure basic needs can be met.
I have both AlertPay and PayPal earnings so I do not immediately transfer them to bank account. This way I have something there saved sort of like savings.
I am still hoping that 2011 will be a better year, so that I can get myself back up on my feet. So the bottom line for me just not spending absolutely anything unless I have to.
@devijay78 (1573)
• India
14 Dec 10
Thanks hardworkinggurl. And that is great work on your part too. Not spending anything unless it is very much needed, in itself, is a good habit. If you keep it up even after you get a good income, you would save a lot for your kids and your future.
@glamgirldoll (313)
• Philippines
14 Dec 10
Wow. Thank you so much for this excellent techniques in saving money, this can really help me and my family for saving. I am very thrift but sometimes, I run out of cash because of too much shopping. As a student I have this problem everyday when it comes to saving my money and buying the things that I wanted and needed. The only technique that I use is not bringing extra money for school. I do that to decrease the temptation of spending too much. And because of that, I dont have a choice but to settle with that, and every 2 weeks or probably a month I go to the bank to deposit what I've saved and boom. After few months I have saved a lot of money. Spending money is easy but saving money is a lot easier when you have some techniques.
@devijay78 (1573)
• India
14 Dec 10
Hi glamgirldoll. I do the same when I feel I am spending much. I do not carry much cash with me all the time. I have a little only for the basic requirements. If that gets spent, I then go to the atm later on to withdraw. Otherwise, I make do with whatever I have. You are absolutely true. Saving money is a lot easier when you have some techniques.
