Saving money is all about controlling your spending and steering away from purchases that look so tempting. Remember, self-discipline is a muscle that can be built like any other. Here are some key tips to help you put your self-discipline into practice.
- Avoid Expensive, New Purchases
Buying new cars and furniture is not a good investment. These items cost heaps in the first place and will devalue from the moment you take them home. According to Forbes, buying a new car might be the worst investment.
Always buy second hand when possible. The depreciation rate will be significantly less. You can even buy old furniture and cars, keep them for a few years, and sell them for around the same as the purchase price.
- Be Cautious When Shopping Online
It’s hard to flex your self-discipline at all times. The problem is that 24/7 access to the internet also gives you the constant opportunity to shop online. It’s all too easy to get into a spending state of mind and blow money on purchases you simply don’t need. In fact, getting intoxicated and shopping online is becoming a new trend.
Try and limit the amount of time you spend on shopping sites to reduce your chances of blowing cash.
- Pick Virtual Books Over Real Ones
You need to get with the times (if you haven’t already). Amazon and Kindle have revolutionized the reading world by their offing of eBooks. In fact, according to the Consolidate Times US News, Walmart is now starting to sell eBooks.
If you’re an avid reader, then you will find that in most cases eBooks are cheaper than their paper counterparts. You also won’t need to pay postage fees if you by them online.
- Set Up Automatic Transfers
It’s all too easy to live week to week and not save anything for the future. But what if you don’t have a choice? How about setting up a payday transfer. These simply involve a small chunk of your paycheck being deposited into your savings accounts. This is easy to set up online and may help with your self-discipline.
- Learn Some Delicious Meals
If you’re spending too much on eating out, then it may be because you’re bored of your own cooking. If so, it’s time to spice things up in the kitchen. Get friends or family to teach you some of their best recipes. You may be able to develop your passion for cooking even further. The end goal is to look forward to cooking up your own meals rather than overspending at a restaurant.
Final Thoughts
Saving money isn’t so much about the size of your salary: It’s more about living within your means and avoiding frivolous purchases. When it comes to money, you should avoid the sexy, exciting things and focus on those more boring. If you’re serious about securing your financial future, then it’s time to incorporate these tips into your lifestyle.
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