When it comes to managing finances, habits are what count the most or will determine how much one can save. Saving money requires discipline which can be nurtured through commitment and dedication.
Below are seven smart tips you can save money.
1. Control your impulses
Self-control is like a muscle that tires out with use. If you want to buy something, wait at least for 24 hours before purchasing it, and if it a big non-necessary purchase. If the item is a want and not a need, the urge will pass.
2. Become a ‘promiscuous consumer’
Do not be loyal to one brand as the vendor will take advantage of your emotional connection by charging you noncompetitive prices. In short, make sure you are flexible enough to switch whenever a competitor offers a better value.
3. Focus on recurring expenses
The recurring expenses provide the most fertile ground for boosting the savings. Look at your statements and identifies all things that you have spent money on over the past year. Then create a way in which can save on them, for example refinancing your home.
4. Take advantage of offers in supermarkets
This will see you paying less for more items. If one retail store will be having offers on its product, then the competitors will definitely script their own lower bids. The consumer can, therefore, compare the offers and go for the one that will see him/her save more cash.
5. Give up expensive habits
Quit smoking cigarettes, illicit drugs, and packs of beers. Not only are these stuff harmful to your health, but they also drain your bank account. Take for instance an average person who smokes five sticks of cigarette in a day spends about Ksh17,000 in a year.
6. Shop in bulk
Shopping for home and personal needs in bulk saves money on the unit price. Buying stuff in small quantities takes up a big chunk of the bank account.
7. Go shopping on a full stomach
Head to the supermarket after eating. Previous studies have shown that if individual shops while on an empty stomach may mean more food in the cart, thus hunger can influence the grocery list.
There are many other ways on how to save money if you are tight on your budget. Having money set aside can go toward travel expenses. Try going on vacation with your family. You can go to the local amusement park, or you can spend time at the local coffee shop.
Saving money has always been one of the great principles of life.
It is something that we should consider from our own lives to improve and grow. In some cases, it could seem as if the amount of money we have saved isn’t sufficient to live like we want to, but saving money is not a skill that will automatically come with time. Apply these few tips; then you will see drastic changes.