Hi! I am Savio DSilva. Below in my article on "How to Save Money" are various measures, easy tips, quick suggestions, hard facts or simple advice that will help you save a hell of a lot of money for you and your family in 2014. How you spend that saved money is purely upto you. You could save it for the future or you could go on a nice long vacation to Egypt or Europe or America or wherever. Whatever you do with it, one's thing for sure you earned every single cent of it.
Why a "How to Save Money in 100 Easy Ways" ArticleI have been conducting Money Management lectures as part of our Personality Development course for over a decade and participants of these courses have given me excellent feedback on this topic. This has inspired me to believe that these money saving tips here will help you too.
I am India's best ranked counselor and am the only Indian to have counselled over 7000 clients in over 100 different countries. My expertise both as a soft skills trainer and as a certified counselor have helped me come up with this article on 'how to save money in 100 easy ways'.
I am certified Numerologist. I LOVE playing with numbers and money is mostly about numbers, figures, digits and stats. I have seen many Mumbaikars and Indians go completely broke in the last few years because they did not read and follow this article. I want to help people like you save money each year!
I have personally tried and tested almost all of these money saying tips mentioned here. I am not like those financial gurus who says one thing in print and does the exact opposite in their own life.
This report or article on "How to Save Money" can also be titled "How to Earn Money". This report has been written mainly for residents of Mumbai, India but it applies to almost anyone living anywhere in the world.
2014 - The Year of the SpenderI learnt very early in life that a Rupee saved is a Rupee earned and I owe a lot to my dead grandfather for having taught me that. During 2011 (which some financial wizard namely Me is calling the year of the Spender) I guarantee you that every rupee you end up saving will be a rupee earned for you and your family.
According to GlobalRichList.com, Iím in the top 10% richest people in the world. But there are billions more people out there who are not in the top 10 percent, and theyíre not in the top 20 either. The majority of our planet is living in poverty.
Economic recession aside, we sometimes look at the world as a prosperous place with a few unfortunate pockets of poverty strewn about. Itís so easy to forget that the majority of the world lives in poverty, or pretty damn close to it. Easier for us living in India, at least.
The UN definition of poverty is living on less than a dollar a day; Iíd suggest thatís a number chosen to keep the sheer statistical size of this situation from light, since itís hard enough to live on $30 a day. Sure, not as extreme, but by no means easy in many areas of the world. We are incredibly lucky to be a part of this miniscule percentage of people who are, by all means, rich.
Whatever affects America and the Western world will soon affect Mumbai and India. Be aware of the latest happenings in USA, UK and other major parts of the world as our local NEWS channels often don't report major events in the western and oriental world at all.
I have been reading about the world economy for over 7 years now and am well versed with the business news as well. Thanks to Google News for always keeping me ahead of the ordinary Mumbaikar and Indian. And, you only need to spend 10 minutes on Google News to find out what are the major news or events in the other parts of the world.
Learning about the world economy helped me save money and possibly helped me make wise decisions regarding investments, my business, my life, etc. I hope this article on "How to save money" will do the same for you.
The report that follows contains pointers from research done on over 100 different websites owned by top financial experts and millionaires. Most pointers have been placed here directly from these financial sites and blogs so you may find that some points or money saving tips are repeated again and again. I see it as a good thing and the purpose has been intentional in doing so. It will help us remember key points much better and you can start applying them again and again.
The goal or objectice of this money saving article, report or essay is to save money for You and Me. The goal is to teach you the many ways of saving money in everyday life. The goal is to teach ourselves that a rupee saved is a rupee earned. So, let us all get together and apply these easy, simple ways of saving money so that we may learn not just how to save money but also earn money for yourself, your family and each and every human being on this planet.
2011 is being called the Year of the Spender by me and a few other financial writers. Let us turn the year of the Spender into the Year of Savings & Earnings. Read on....
100 Ways to Save Money1) Buy only what you need.
2) Buying quality stuff always saves money.
3) Simplify your wardrobe. Buy quality clothing and accessories.
4) Buy clothing, shoes, accessories, etc. just once a year during the 'End of Season' sales.
5) Make money with your clutter by selling it on auction sites like Ebay.
6) Take care of furniture and electronic items better.
7) Saving energy = saving money. Cut down on electricity consumption and save big.
8) Save money on gyms by walking in a free community park or working out at home instead.
9) Live in a smaller home in a location close to transport, shops, schools and hospitals.
10) Get your car or bike serviced on time. You will save thousands that you would have otherwise spent on spare parts.
11) Shop during sales and special discount exhibitions for products you buy just once or twice a year.
12) Shop when no one else wants to or no one else goes out to shop. Shop owners usually give bigger discounts at these times.
13) Collect excess coins at the end of the day in a jar. You will be surprised how much you collect by the end of the month.
14) Plan to save 25% to 35% of your savings each month for future requirements and unforeseen circumstances.
15) Have a monthly budget and stick to it firmly.
16) Unsubscribe to needless magazines, newspapers and clubs that cost you extra money each month.
17) Get rid of all your old stuff and junk at home by selling them on Ebay or donating it to a charity.
18) Start a new hobby that you could turn into a part-time career in the future during your spare time.
19) Always make and carry a shopping list when you go shopping.
20) Go shopping on a full stomach. Mall restaurants are very expensive and you could easily save a lot of money this way.
21) Order food from restaurants or go out for dinner just once a month. That way you spend more time at home with the family and you save more money that you can use for your next big vacation.
22) Learn to cook at home. Home food is always cheaper than outside food (and healthier).
23) Cut down on your social life outdoors and invite your friends to your home for a home-cooked dinner instead. It is always cheaper to socialize this way and your friends will probably invite you over for dinner to their place next time which will save you a lot of food money on that day.
24) Learn to wash and iron your own clothes. You will save a lot on laundry each month and your clothes will last much longer.
25) Coffee shops, fast food joints, malls, multiplexes, etc. are a real waste of money. Don't go to these places unless you really have nowhere else to go.
26) Do plenty of research before buying furniture items, electronics and home appliances. You find the best deals when you research deeper and harder before you purchase anything.
27) When it comes to buying a home always buy a home in an area that's developed and close to shops, medical care, schools, markets, bus stops, main roads, etc. Cheaper homes in distant places might tempt you but you will spend a lot of money on travel, shopping, outings, etc. by living in a far off, under-developed area.
28) I have said these tons of times before in my finance lectures - Never carry more than 1 credit card and ensure you always pay your credit card bills on time.
29) Resist the temptation to carry credit or debit cards when you go out shopping or dining. Pay by cash instead and leave your home with a set amount of cash and nothing more. The banks have a way of slowly and surely draining you off all your savings through sly interest rates, commissions, charges, etc.
30) Fill gas to its fullest and you will save a lot on useless trips to the pump station to fill gas.
31) Do a lot of research before buying a car and always go for the gas models rather than petrol or diesel. You will save a lot of money each month by doing this.
32) It's been over 10 years since I have a mobile phone service. And, I have managed to keep it prepaid for over 9 of those years with the same number. Wasting money on changing numbers and new mobile handsets can really cost you a lot.
33) Buy 1 good reliable cell phone and don't buy another one for at least 5 years. It may seem hard for some souls out there but I know hundreds of people who have the same reliable mobile phone and same mobile number for over 5 years.
34) Supermarkets come out with their promotional schemes every month. Find out the cheapest time to buy essential groceries and household products and buy only at that time.
35) Avoid buying on weekdays. Keep your shopping for early mornings on a Saturday or Sunday and do your grocery shopping just once a fortnight or month.
36) Buy fruits, vegetables, meats and grains once a week or once a month (if possible). And, always buy from supermarkets as it is much more cheaper there and of better quality than smaller stores.
37) Make a budget each month for socializing, picnics, entertainment expenses, vacations, outings, etc. and stick to it. It's amazing how much you can save when you know you have only this much to spend each month on entertainment and recreation.
38) Don't buy a second or third home in a far-off place like a hill station, village, etc. You will probably travel there only once a year and you will spend a hell of a lot on maintaining the damn place. Instead, book a nice cozy hotel room in a good vacation spot and you will save plenty of money each year on maintenance bills and more.
39) Shop at fixed supermarkets and stores. You get to know the place better and the staff that work there. It amazes me how much I save each month by going to just 1 supermarket and resisting the urge to go in for promotional schemes at other supermarkets and stores.
40) The biggest saver is watching less TV. You are less influenced by useless, pointless advertisements and more importantly you save loads of money by subscribing to a very basic cable connection that costs less. It's shocking that people don't take all the hidden charges that go with leaving the TV switched on for hours and hours each day. You need to pay for not just the TV connection electricity but also the Set-Top box, fans, lights, the heater, the air-conditioning, the pizza home delivery on match days and holidays, expenses for drinking more tea or coffee or drinks and more.
41) Studies have conclusively concluded that watching less TV per day and spending less time on the internet saves all of us a lot of money each month. We are less influenced by spot bargains and tempting sales offers on TV and the internet when we watch it or surf it for lesser hours.
42) Plan out a weekly menu at home and stick to it. I know a few smart people who do this and they save a lot on breakfast, lunch, tea and dinner expenses each month.
43) Always have a budget. Whether it's for food, clothing, shelter, entertainment, vacations or other common requirements.
44) Maintain a list of all the items you generally need from the supermarkets, stores, etc. each month and buy only that.
45) Don't buy products for more than 3 months at a time unless you use those products every single day or regularly enough.
46) Stick to brands and product labels you trust or have heard a lot of good things about. Resist the urge to buy new products that are selling for cheaper just because they are cheaper.
47) Maintain a monthly diary which tabulates all your expenses and do it on paper rather than on the computer. Go through this diary once a week and try and figure out where you can save further or spend more to enjoy a better quality of life.
48) Cut down on meats such as beef, mutton, chicken and fish. Cut down on expensive veggies like mushrooms, cauliflower, fresh peas, etc. Cut down on costly dairy produce such as cheese, processed carton milk, etc.
49) Cut down on daily shopping or thrice a week shopping for groceries and instead shop just once a week or better still once or twice a month.
50) Buy the best and largest sized fridge you can afford. This way you can stock a lot more in there and believe it or not the electric consumption is more or less the same as a mid-sized or smaller fridge.
How To Save Money Simplified51) Don't waste leftovers. Whatever leftovers are remaining can be used for making salads, sandwiches and soups.
52) Don't spend on junk foods, chips, colas and roadside foods. These items are just a waste of your hard earned money and will make you spend on medicines more during the future.
53) Shop without your kids (if you have any). Taking kids along means you have to spend on chocolates, ice-creams, junk foods and more which you would not have done had they been tucked away in their cozy beds at home when you went out shopping.
54) Drink lots of free & clean, filtered water. It will save money you would otherwise spend on teas, coffees, beverages, etc. throughout the month.
55) Use ceiling fans, table fans or air coolers rather than air-conditioners. You will save some money each month on your electricity bill by following this single step.
56) Save on your electricity bill by cutting down on using the water heaters, washing machines, electric tea kettles, microwave, toasters, blenders, etc.
57) Install CFLs to save energy. Compact fluorescent lights use about a quarter of the electricity of normal incandescent bulbs. They also need to be replaced less often. You save at least a few dollars a month by changing all the home lights to CFLs.
58) Drive smoothly, at a reasonable pace and use your brakes less often. Change your oils and lubricants on time.
59) Do research over the internet before going on your next vacation. I did this myself in the last few years and have saved thousands thanks to the research done on places, hotels, restaurants, sight-seeing, shopping areas, overall culture, etc.
60) Buy quality products always. Quality items may cost more up front, but they last longer and generally provide better results than cheaper, inferior products. Examples of items you should buy of higher quality include furniture, clothes and shoes, vehicles, computers and other electronic devices and other items that will see a lot of use.
61) Be more careful. I have 2 friends who I dare say are extremely careless by nature. They leave their cell phones in taxis, drop laptop computers by mistake often, break remote controls and other small electrical devices, etc. This happens with them almost every 2 months so much so that they end up spending a lot of their savings on new products or getting the old ones repaired.
62) One of the best investments is investing on a reliable internet connection at your home. You will need the internet for tons
63) of things including shopping research, vacation research and more. Don't compromise on a good internet connection 24x7.
64) I sometimes find it surprising and amusing that many parents allow their kids to watch animal and travel channels claiming it will increase their general knowledge. One survey done in America has concluded that most serials on these channels are outdated and of no daily relevance to human beings. Do you know the most watched shows on these channels? It was the animal and reptile shows. Now tell me honestly, when was the last time you saw a real cobra or black mamba in your life. And, how exactly are these shows useful in your child's healthy upbringing.
65) Avoid taking any loans this year and try to clear up all debts as soon as possible. The interest rates add up and soon you will be paying triple or even 4 times the actual credit card amount or loan amount.
66) Carry your lunch to work. It will save you loads of money each month by doing this.
67) Save money by joining a DVD rental library (if you really love watching a lot of movies).
68) Drink less alcohol, smoke less and (once again) avoid junk food and cheap roadside foods.
69) Build your DVD movie collection or simply watch HBO at home. Trust me; many of today's movies are not worth watching. And, the money you save from your entertainment outing will come in handy elsewhere.
70) Download MP3s off free sources online and listen to them more rather than the Radio. Most radio stations are just an extension of useless TV channels and irritating adverts.
71) Switch all your bank accounts or financial investments to popular banks. If they crumble the government will reimburse you.
72) Invest in fixed deposits rather than trading shares or investing in mutual funds. This is not the year to play around with your money. You will earn a healthy income on each thousand dollars you put in a fixed deposit. And, you can always break the deposit anytime if you badly need the cash.
73) Go on vacations in the off seasons and when things are slow at work. You will end up saving on your vacation expenses and nobody will even notice you missing from work when there isn't much work to do.
74) Spend wisely on more short vacations or even a 1 day picnic rather than go on just 1 long vacation. I know a friend who goes on 1 major foreign vacation each year and he spent thousands of dollars on his last 24 day European tour without even enjoying himself there. Compare that with my best friend who goes on a short vacation almost every 4-6 weeks and spends just a few hundred dollars each time. You check who are the smarter one and the happier of the two.
75) Go for free film shows and festivals at the Consulates, movie halls, etc. I have been going for the International Film Festivals for the last 10 years and have found it really cheap. Just a few dollars for a pass that lets me watch 30 or more movies that week. I don't need to visit a multiplex again for the entire year.
76) Fill your fridge. Lower your electricity bills by stocking your fridge with water bottles. The less empty space you have in your fridge, the less cold air will escape whenever you open it.
77) Wait before purchasing. Wait at least 30 days before making major purchasing decisions. It will help you truly think about if you need it or should buy something.
78) Cancel your land line. Save money every day by using a prepaid cell phone and skipping the land line.
79) Avoid wasting money on sending silly text messages to friends and colleagues. They don't really value your messages or else they would have told you to "stop sending them already".
80) Avoid taking part in opinion polls, replying to spam emails, etc. It's just a waste of time and money.
Easy Ways to Save Money81) Don't take part in reality show gimmicks who ask you to vote for a particular contestant to stay on or whatever. The text messages usually cost you much more than ordinary messages and can add a lot to your phone bills.
82) Don't subscribe to caller tunes or fancy ring tones. Once again, it's just a waste of your hard earned money.
83) Don't give free money or excess coins to beggars. It's the government's job to take care of them, not yours.
84) Tip people only when they offer you a good service and not because everyone else is doing it.
85) Challenge yourself to save a little money every day. I started a 30-day challenge called ďA Hundred A DayĒ 2 years ago and have managed to save up quite a lot of money in the last 2 years.
86) Open your windows during the day and switch off the fans during the cooler months.
87) Dry your clothes outside on your balcony rather than use the washing machine to dry them. Stats reveal the drying process uses up most of the electricity.
88) It may sound a bit silly but drink your cups of coffee at work rather than at home. You save quite a bit this way and you will be more energized at work after a good hot cup of coffee or tea.
89) Use less detergent when you wash utensils and clothes.
90) Avoid hiring a maid and learn to wash utensils and clothes yourself.
91) Avoid late fees. Always pay your bills on time. You can easily save a little a month this simple way. And, you will also reduce your stress levels a bit.
92) Use the cooking gas for cooking as much as possible. It uses no electricity, is good for the environment and will lower your electricity bills a lot. Also, food tastes better the traditional way rather than the microwave way.
93) Get a haircut once every 3 months rather than every month. Avoid getting facials, massages, etc. which usually cost 5-10 times more than the haircut.
94) Stop drinking cold beverages, packet juices, processed milk, etc. Save a few more dollars each month by eating fresh fruits and drinking plain water.
95) Cut up all your home delivery menus from fast food joints, expensive restaurants and pizza parlors.
96) Don't call long distance. Use Skype, Yahoo or MSN Messenger to talk free for hours to people anywhere in the world over the internet.
97) Processed foods such as cornflakes for breakfast, canned beans for lunch and canned tuna for dinner are a lot more expensive than porridge for breakfast, fresh beans for lunch and fresh fried mackerel for dinner.
98) Sleep for 8 hours a day and eat a wholesome breakfast in the morning and you will probably save a lot on your lunch and dinner bills. Studies reveal that those that skip breakfast spend more on lunch and tea bills every month.
99) Avoid the temptation to go for lifetime free credit cards, free texting schemes, etc. as when you get the bill you soon realize nothing much in this world is truly free.
100) Buy pulses and grains in bulk once every 3 months or so and store them in big containers at home. Look out for the cheapest deals at local supermarkets and buy them then.
Why You Should Save MoneyNow, that you have learnt how to save money it is imperative that we learn why we are saving this money in the first place.
First of all, 2014 is the year of the Spender. Need I say more?
Secondly for Emergencies. If there's one certainty in life, it's that unexpected things can happen at any time. Whether it's a natural disaster, an unplanned illness, a terror attack, a bomb blast, an accident, the loss of a job, or a bad investment, the financial repercussions of an emergency situation can be debilitating if you aren't properly prepared. A well established savings account can help prevent a financial crisis when these situations arise.
Thirdly for Debt Prevention. The main reason that people go into debt is because they make purchases that they can't afford. In these instances, they usually turn to credit cards (which charge high interest rates and are often hard to pay off). A well-funded savings account can allow you to purchase the items outright and avoid the pitfalls of borrowing money.
Lastly to Plan for the Future. Everyone has something that they are striving for. Whether it's money to buy a new car, pay for an education, or fund an early retirement, many of the things that we want can end up costing a good deal of money. An efficient and disciplined savings plan can help you achieve those goals sooner and without the drawbacks of debt.
Now that you have learnt how to save money through some pretty easy or simple ways I have just one questions to ask you before closing my "money saving" report and that question is "Are you going to put some of these tips into action right away or are you just going to click on the "close window x sign" on the top right hand corner of your computer screen and say "oh well, the article on How to Save Money" was great but I don't really need much help in saving money.
We need to save more money for a better quality of life and happier future. Thanks for Reading this far. And, here's hoping that you can save a lot of money through this article just like I have.
You should probably send this to your family members, colleagues and friends and help them save a lot of money in 2014 as well.