Saving money is one of the hardest things about our modern life, but the most difficult thing here is getting started. You first need to identify the best ways of saving money and how to take advantage of those savings so you can achieve your financial goals. With the following tips on saving on personal finance you’ll be closer to your financial goals.
Clear your credit card debt
Your credit cards represent your most expensive debts and these should be cleared out in order to ensure a healthy personal finance plan. Maybe, you feel that credit cards are the best way of paying for services and goods, but unless you can clear the balance every month, you should really opt for a low-cost loan.
Make a shopping list
For those who aren’t used with planning ahead all the small details regarding their shopping sprees, this will be very difficult. By making a shopping list and setting a budget you can buy just the food you need for eating well while saving up a lot of money. Supermarkets are the best way of burning all your income because they really know how to convince you that you need their products. The result is that we buy more that we can eat and we must often throw away a big part of what we purchase. With a simple shopping list you can save on food enough to get you on a dream vacation.
How much are you paying on life insurance?
Statistics show that we are living longer than our ancestors. This is probably the reason why life insurance is getting cheaper by the day. Maybe, it’s time to check how much you are paying on life insurance and search for cheaper alternatives.
Book in advance
When you book online in advance, you usually pay less. And this applies to mostly anything- from air flights, train routes, park tickets, to concerts and museums. If you start searching for tickets and promotions earlier and pay them online then you get to save a lot of money.
Smoking is a very expensive habit. Apart from all the controversy about its effects on your health, it is causing serious damages to your budget. Each cigarette you buy is about 40 cents. If you smoke 20 cigarettes a day then this adds up to $3000 a year.
Bring lunch from home to save for a new car
You spend an average $5 a day on lunch, $1.5 on coffee and $1 on snacks. At first, it may seem like small change, but this $7.50 a day adds up to $1,800 a year. In five years the total is about $10,000- the price of a brand new car. Indeed, making your own lunch at home also costs because you need to buy the ingredients, but it reduces your costs considerably. And, believe me; it can taste a lot better when you know that you are finally saving money on your personal finances.
Save on gas and electricity
Gas and electricity bills are increasing by the day and for most people these add up to $2,000 a year. You can save more than $450 a year by switching to another supplier. As a result of the flawed privatization, anyone can switch no matter how many times he wants to any number of companies that charge less. This is a trick that will help you fix your bills for up to four years. You can switch with just a few clicks of the mouse and a new supplier will be already waiting to take care of all the formalities.
Opt for a pay as you go mobile
These days, a phone isn’t a luxury anymore, it is a necessity. If 10 years ago, a mobile was a luxury status, today having one isn’t such a cool thing. What makes the actual difference is the type of phone you afford, the packages of internet access, minutes and texts. Getting a high end phone with a decent mobile services package usually costs about $50 a month and that means $600 a year and the mobile companies include a free phone in this price. The alternative is to buy phones for a fraction of this price by using a pay-as-you-go voucher and get a prepaid card.