Saving money should be your top priority. But Why save money? Well, so you can afford your future. So you won’t have to rely on credit to get you by. So you can do some fun things. There are lots of reasons to do it. Endless reasons.
- Get a Piggy Bank – Put up a piggy bank at your home. This creates a visual reminder to capture those little handfuls of change you come home with. At the end of the year, you’ll have a nice little savings fund for a fun purchase, or even to fund a real savings account.
- Cherry pick the grocery deals – As you get better at meal-planning and list-making habit, you can start using your local grocery chains’ loss leaders for bigger savings. Each week, grocery stores publish their sales—and some of those advertised prices are so low that the store would be losing money if all the customers were to only buy the sale items. Making your meal plan with the grocery circular in hand will allow you to figure out what meals will be cheapest for you to make that week, based on each chain’s loss leaders. Then, buy only those loss leaders at each grocery store, and get the rest of your ingredients at whatever supermarket generally offers the best prices. This turns grocery shopping into a much longer affair—it takes several hours to pore through the circulars, make your plans, and then go shopping at several different stores—but the savings are certainly worth the time.
- Use Open Source Software – Utilize free, open-source software like OpenOffice (like MS Office) and Chrome Internet browser.
- Use Cash for Better Negotiations – Larger ticket items definitely benefit from you waving around cash. You’re able to negotiate great deals when they see you’re a serious buyer.
- Consider a Movie Subscription Service – If you currently spend a lot of money on entertainment at the theater or at the movie rental store from month to month, consider saving time, gas, and money by subscribing to an online movie service like Netflix/Prime.
- Buy in bulk, but be careful – This is a money saving tip that could potentially bite you in the butt. It is much cheaper to buy most items in bulk, from crackers to cereal to toothpaste to shampoo. However, some individuals (including yours truly) cannot handle the temptation of having a 20 more package of cookies in the house, and end up overspending on food that’s eaten far too quickly. So only purchase in bulk if it is something you know you can handle storing in your house before use.
- Annualize Your Spending – Do you pay Rs.2000/- a week for snacks at the vending machine at your office? That’s Rs.24,000/- you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum.
- Get Atleast 3 Quotes before you buy – A great tactic for negotiating that everyone should start practicing right now, is to gather at least three quotes from three different suppliers before making a final decision on any major purchase—that even goes for things like your internet bill if you’re taking the right work from home jobs or full-time remote jobs. This practically guarantees that you save money on major purchases.
- No Credit Cards – Cut up the credit cards and live only on what you make. No interest. No late fees. No problems. If you currently struggle with credit card debt, consider lazy pay or some other apps that give you small amount of credit which won’t haunt you later.
- Daily Spending Goal – Set a daily goal for yourself: how much money you’re going to spend during the day.
- Embrace the 80/20 Rule – The mindset you need to get into immediately with your finances, and as an entrepreneur in general, is the 80/20 rule. In case you’re unaware the 80/20 rule, otherwise known as the Pareto Principle, states that 80% of your results come form 20% of your efforts. Once you’re aware of this you’re going to see it popping up over and over again in your life.
- Be Purposely Low in Cash – Do not take a lot of money with you when you go out, so even if you have the temptation to buy something you will not, if its really that important you will surely go back home to get the money. If it’s not, then you just saved yourself from spending money.
- Work out of a library or a co-working space – If you’re just looking for a place to work then instead of shelling out thousands of Rupees to rent some office space just head down to your local library. These days most modern libraries will freely provide you with everything you need to get to work, from free internet, quiet rooms, and other amenities for you to use. Plus, lest we forget, you’ll quite literally be surrounded by thousands of books covering virtually every topic known to man that you can use for free to your own delight.
However, depending on your own business’s needs, then you can use a tool like Coworker to find yourself a co-working space near you. For a membership fee you can get access to conference rooms, high-speed internet, and the chance to meet like-minded people by joining a community of local entrepreneurs.
So, that’s all flakers! Let us know in the comments section below as to which one is your favourite?
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