If you’re not an expert on saving money but are interested in spending less money and saving more money, continue reading to discover a simple guide to saving more money.
How to save money:
1. Limit yourself to using just one credit card
Instead of applying for extra credit cards, in order to be able to fund your shopping sprees and impulse purchases, it’s a wise idea to limit yourself to using a single credit card. Try to only use your credit card for purchases which can’t be paid for in cash or using an online bank transfer, instead of becoming reliant on using your credit card.
2. Consider using a debit card instead of using a traditional credit card
You may be wondering how making a simple change such as using a debit card instead of using a credit card can help you save a large sum of money. The answer is that you’ll never be charged interest when you pay for items using a debit card as you’re using your own money.
Whereas when you make purchases on a traditional credit card, if you don’t pay the amount which you’ve borrowed of by the end of the month you’ll have to pay a high-interest rate on the money which you’ve effectively chosen to borrow.
3. Get into the habit of using cash in order to become more mindful about the amount of money which you spend
While it’s more convenient to pay your bills online such as your power bill and your internet bill, it’s still worth using cash to pay for items which you purchase in store. To be mindful about how much money you’re spending.
You may want to set yourself a budget when you go shopping and to get the specific amount of money which you’ve budgeted to spend out at a money machine so that you won’t have the option of blowing your budget.
Just be sure to leave your credit or debit card in your car or at home, so that you won’t be tempted to purchase extra items, that you don’t need on your cards.
4. Write down all of your purchases in a small notebook
Another way to become more mindful about your spending habits is to get into the habit of writing down all of your daily purchases in a small notebook. While you can choose to keep track of the items which you purchase and their prices on a smartphone app, sometimes physically writing down how much you’re spending on unnecessary items is a deterrent to spending more money on trivial items which you don’t need.
5. Ask your spendthrift friends to share some of their favorite savings tips with you
If one of your friends has always been an expert saver, you may want to ask them to share a few of their favorite saving tips with you. As everyone has unique ideas on how to save money.
So if you’d love to become an expert on saving money, you can’t go wrong starting off by implementing the money saving ideas and tips listed above.