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money

How to spend money wisely

Spending money is everyone’s need, it is a basic need if you want to survive on this planet. It is our responsibility to utilize our financial expenses wisely. Problems come when someone is not spending money properly or spending more than they make. If you spend money wisely, you can save for the possible difficult times. There are many ways in which you can spend your money wisely and become stress-free.

Save money on your eatables

  1. Always buy groceries in bulk, you can save money from per item.
  2. Try to make food at home.
  3. Write down the items you want to buy before going to shop.
  4. Always buy from the grocery store that has cheaper items.
  5. Try not to eat from restaurants except on special occasions.

Save money on transportation

  1. If you have a bike, always try to use it on near-by short journeys.
  2. Use public transport to save money.
  3. Know when to buy a car, if there is no need don’t buy a car.
  4. Check tyre inflation and clean your car for proper mileage.
  5. Must go on tyre rotation, tire rotation helps in increasing the life of the tyre.
  6. Prefer cheaper transportation.
  7. Check what you need in vehicle insurance there are a lot of hidden charges.
  8. Keep track when airline tickets are cheaper and try to plan your journey according to the dates.

Always try to pay in cash

Debit cards and credit cards increase your spendings because they contain more money than actually, you need to spend and also it does not register as a real purchase. Do not bring more cash with you than you need when you go out. Always withdraw money once in a week or month. Don’t fill your pockets whenever you run out of the money.

Save money on your personal items

  1. Buy generic drugs.
  2. Buy clothing material when it is on sale.
  3. Sometimes prefer second-hand items there are stores that have the latest and good second-hand styles.
  4. Sometimes washing your clothes incorrectly can cost you more money and you have to buy the same item again.
  5. Be conscious, try to make your decisions in a good way. Try to keep a balance in your daily routine.

Do your research before buying the expensive thing

Research yourself before buying the expensive item and try to compare it with other similar items and figure out which is best and of good quality. Also, check the previous customer reviews. Find an item in your budget that lasts longer and of good quality.
Remember, the budget is very important.

Save your money

If you spend money wisely it becomes easier for you to save money. The more money you save, the better your financial health.

The following are some saving ideas:

  1. Make an emergency fund.
  2. Don’t do unnecessary transactions.
  3. Plan your meals.
  4. Avoid unnecessary fees.
  5. Avoid unnecessary shopping.
  6. Break your expensive habits such as smoking, drinking, or gambling. Eliminating these habits is good both for your health and wallet.

Choose or prune your hobby wisely

Example: If you have paid for a gym membership for one year (suppose it gave a discount on full-year membership) and after one month, you can’t go or you are not punctual, it is a complete waste of money. So always choose or pay for what you are passionate about.

Stop impressing other people

A lot of ordinary people spend unnecessary money on expensive brands and cars just to show off or impress people. Stop these kinds of things. Just feel happy for what you have and buy things which give happiness to you. Don’t fall prey to other people. Always choose your good and wise friends, who can address you when you are low.

Start investing your money

Try to invest your money in good plans in the bank or mutual funds. This is a wise use of your income.

Some miscellaneous ways to save money

  1. Save your coins, collect it in a jar and open when it is full.
  2. Withdraw cash from an ATM where you don’t need to pay extra charges.
  3. Look for referral coupons and cashback offers.
  4. Buy seasonal tickets.
  5. Try to look for a second source of income.
  6. Love and respect your passion and try to figure out the source of income from that.
  7. Make a habit of watching and learning.

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