Save Money With These 7 Effective Tips

You wonder where all your salary has gone at the end of the month? Be sure, you’re not alone with these questions.

I had to face these problems also. It’s time to share some simple but also effective ways, that helped me to decrease my expenditures.

The following tips are simple and instantly feasible. They are for free and will have a tremendous impact on your daily finances.

Tip #1: Transparency and Control

The key to decreasing your expenditures is to make sure, you are in full control of your money. Dispense with using credit or debit cards.

You will lose an overview of your spendings. Using the ATM a “hundred of times” to withdraw only a small amount of cash each time, is by far not the best idea. The better option is to plan how much money you need per week and withdraw the whole amount at once.

Tip #2: Collect Payback Points

Why not get paid for shopping? For sure you have stores where you go regularly to do your daily errands.

Many stores offer a payback program or customer cards. For every dollar you spend there, you will collect a certain amount of points. When you have collected enough points, you can use them to pay for your purchases.

Tip #3: Non- seasonal Shopping

Summer is almost here, the best time for buying new summer outfits? NO, better use the strategy of non-seasonal shopping.

Whenever the demand is high, prices are high as well. Better buy at the end of summer and take advantage of some huge discounts. You can wear these outfits in the next year.

But make sure to buy only clothes and accessories that will be still en vogue in the next fashion season.

Tip #4: Withstand The Manipulation

Supermarkets and discounters are trying in different subtle ways to manipulate their customers.

One instrument, that they do use, are huge sized shopping carts. In a huge shopping cart, your groceries do look less because of the empty space left. But that’s an illusion. Most likely you have already put more into the shopping cart as you planned to buy.

If possible use only small shopping carts or better shopping baskets of normal size.

Tip #5: Pay Your Insurance Contributions Less Frequent

Most insurance companies offer the option to pay contributions monthly, quarterly, or annual. Most of us pick the monthly payment method. At first sight, monthly payments seem to be cheap and affordable. But in most cases, this isn’t the best choice.

Most Insurance contracts follow a general rule: The lower the frequency of payment, the cheaper it is. That’s why you should check your insurance contracts and try to switch the payment method to annual or at least quarterly.

Tip #6: Stop Wasting Water

Water is the elixir of life, don't waste it. Reduce the amount of water you spend in your household. It will save you a notable amount of money constantly.

There are different ways to reduce your water spending. My favorite is to use water-saving showerheads. Next time in the DIY store you should consider buying one.

Furthermore, please turn on the washer only if it is fully loaded. If you have one or two pieces, that need to get ready for tomorrow's party, consider washing it by hand.

Tip #7: Optimize Your Energy Consumption

People are often not aware of their high energy consumption. These two tips will help you to decrease your energy costs:

Install programmable thermostats for your radiators. This technique gives you the full control of the heat in every room and the time you want to heat the room.

Install energy-saving lights. They will use less energy, and their lifetime is, in general, longer than normal lights.

These 7 tips on how to save money helped me to decrease my spendings a lot. Now it’s your turn to implement them, and maybe think about further possibilities to decrease costs.

If you know more interesting and creative ways on how to save money share it with us in the comment section below.

This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any major financial decisions.