9 Ways To Save Money

There’s a way out of that financial hole

Your bank balance is in the red, a look at your credit card statement nearly gave you a heart attack. It’s official… you’re broke. What happened? You have a job; you make some extra money here and there and you still don’t have enough. Maybe the problem isn’t what you’re earning, maybe the problem is what you’re spending.

1. Credit card

It’s all so easy isn’t it, you see something you like; you whip out your card and the article is yours. Try leaving your card at home. You not having access to it will make for saving you money. This might seem scary at first, but you’ll soon get used to it. Not only that, at the end of the month, seeing a much lower credit card bill might actually make you smile.

If you can manage it, pay more than the required minimum payment. Credit card companies charge a hefty interest rate and the more you owe, the more they charge.

2. Do I need it

During lunchtime, plenty of men and women go out and do a little window shopping or browse the racks of stores. Next time you see something you like, ask yourself… do I need it or do I want it? If you want it but don’t need it, keep walking. Tell yourself ‘You don’t it, you don’t need it.’

Another way is to think about a purchase. Sleep on it. An item might look mighty attractive at first, but given time you might find that it’s too expensive, not really want you to want, or you might come to your senses altogether and admit that you can’t afford it. Once you get into the habit of thinking about a purchase and saying ‘no’, you might start liking the feeling.

3. Expensive vs. cheap

Nobody likes cheap clothing or cheap shoes. But do you really need designer gear? $500 for a pair of shoes, $300 for a handbag, $1,000 for a wristwatch, $300 for a dress shirt… no wonder you’re broke. The next time you need something, visit a non-label boutique. Chances are you’ll find what you need for a lot less.

4. Books

Are you an avid reader and you love browsing bookstores? It’s wonderful and uplifting, I know, but books cost a lot of money, especially if you read one or more books per week. Try reading e-books, it’s not as nice as holding an actual book, but the cost is less. Cheaper still is the library. If you don’t fancy handling books that have been in other people’s hands, you can read library books on a tablet or computer.

5. Lunches

You’d be surprised how much money goes to takeout lunches. If at only $10 a day, that’s $50 a week, or $200 a month. If you don’t fancy packing a lunch from home every day, limit your takeout lunches to Tuesdays and Thursdays. For Monday, Wednesday and Friday, pack tasty sandwiches, colorful salads, or pack leftovers from dinner last night. It’s easy to heat something up in the microwave.

6. Alcohol

How about what you drink? Beer, wine, and spirits are not exactly cheap. Limit your pup visits or try drinking non-alcohol drinks when you’re thirsty. If you’re in the habit of paying for drinks for your friends, stop doing that or limit your buying to one round.

7. Outings

We all need a certain amount of entertainment, but if you’re broke, it’s time to slam on the breaks, and cut back on cinema/theater visits and dinners. Instead, watch a movie on TV or on your computer and try cooking something at home. If you can’t cook, talk to your mother, your aunt, your girlfriend/boyfriend, or colleague, chances are one of them will give you a few pointers. If you don’t have anyone who can help, go online and search for ‘easy recipes’. Where there is a will there is a way and you’ll get the hang of it soon enough. There might be a flop or two along the way, but eventually, you’ll get it right.

8. Girlfriend/boyfriend costs

Do you spend a lot of money on your girlfriend/boyfriend? You probably buy drinks, lunches, dinners, entry to the cinema or theater. You don’t have to, you know, in these modern times men and women can pay for themselves. If a man or a woman is offended that he/she has to fork out some cash, maybe it’s time to say goodbye. Why should you have to pay for everything?

9. Lottery

Perhaps you think the lottery is the answer to all your problems. Unfortunately, it isn’t. Keep track of what you spend on lottery tickets and scratch cards… you’ll be amazed. Sure, be in it to win it, but do you have to play for so much? Limit yourself to one lottery draw.

If you’re broke, maybe it’s your own doing. Get in the habit of saying no to certain things. Once you see black instead of red numbers on your bank account and you see your credit card balance diminishing, you’ll find more pleasure in that than in any purchase. And who knows, before long you might even have a healthy savings account.