Print Posted By Raj Singh on 08/31/2017 in Economy

How deep will you go into your financial drain before you stop?

How deep will you go into your financial drain before you stop?

7 LIFESTYLE CHANGES TO ADOPT TO SAVE MORE MONEY

In more ways than we can possibly imagine, our daily lifestyles are to blame for our lack of savings and random spending sprees. Because of our lifestyles, we make so many poor money management decisions, resulting in maxed out credit cards, empty bank accounts (midway the month) and increased debt. The worst part? Most of us are stuck in a never ending vicious debt cycle that doesn’t allow us to get better.

Careful planning and determination can help anyone get out of the financial rut in life. Here are 7 lifestyle changes you can try to save more money easily.

Plan ahead for your income and expenditure

If you’ve been making random purchases whenever you get paid, it’s high time you made some changes. Start by listing all the items you need around the house, including purchases, refurbishments, bills, and savings. Next, separate them according to the most important in nature. That way, you’ll know what to spend on first when you make your next ATM withdrawal.

Buy in bulk

It’s common knowledge that buying in bulk always saves you more money in the long run. If you don’t see how that’s possible, consider the higher price you have to pay when items go out of stock (especially natural commodities such as fruit) or the additional transport costs you incur for every weekly shopping trip to buy the same item.

Look for discounts and deals on purchases

This may sound frugal, but anyone looking to save more knows that frugality tends to come in handy. Needless to say, buy only things that are essential. It’s no sense buying stuff on sale and saving a good deal of money on something which you don’t really need. Rather than make immediate purchases every time, scour the internet for deals on the same item or discounts going on in other stores first. In many cases, there is always a cheaper product somewhere with the same quality. You can also collect coupons and gift cards for future purchases, or sign up on websites dedicated to deals and discounts.

Cut dependence on credit cards

Credit cards may appear to be a blessing in disguise, but they only make you accumulate more debt. It gets worse when you fail to make your payments on time and get charged more in the process. If your aim is to start saving more money, start paying for the items you buy immediately. If you can’t afford an item, save for it instead.

Start exercising from home

I know this sounds easier said than done, because a gym membership is every fitness freak’s day-long dream. For others, it’s a personal trainer. In reality, both come at high prices, which only goes to dent your wallet further. Consider exercising from home to save more money while staying fit. With a little more determination, you can make use of some home fitness videos or take part in outdoor activities such as running, walking and more.

Buy used items once in a while

It doesn’t have to be a new product whenever you make a purchase. This is especially true for items you may use only a few times a year. To save some more money on your purchases, consider buying used goods instead because they are cheaper. Case in point:  A new novel from Amazon.com may cost $22 while a used version goes for $6 only.

Tip: Remember to check for the condition of the item first before purchase.

Go for subscriptions rather than individual purchases.

Almost every major company and business in North America has a subscription option for its services, right from magazines such as Vogue to retailer websites such as Amazon. Rather than buying the same item every time, make one major subscription for it instead and take advantage of the saving opportunity it offers. But of course, do this only if you want every edition of the magazine you buy.

Good luck!

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