Nowadays, temptation to spend money is just everywhere. There was a time when you had to get off your chair and physically head to the shops to spend money. With the advancement in technology and accessibility, spending money is as easy as a few clicks on the laptop or mobile phone. Thinking of my son and his school fees to come as he grows older and all other essentials and wants that he will require through his adolescence has got me into a ‘SAVE MONEY’ mode. Here is my ‘BEST WAYS TO SAVE MONEY’ list which I find that is working for me.
1. BUY IN BULK AT THE WHOLESALE
The prices at the wholesale are usually cheaper than the ones you find at the retail shops. That’s because you usually have to buy them in larger quantities rather than individual items. The general rule is the larger the quantity purchased the lower the price per unit. Savings per annum can be significant if one were to shop at the wholesale. After doing the math, I have roughly saved $4,800 in the past year alone. On your next house run try out the wholesale and enjoy the savings.
2. USE COUPONS
Remember there is no shame in using coupons. Coupons often have great deals however at most times they come with a catch. For example, I usually get a discount coupon on a family meal at my favourite restaurant from my grocery shop. The coupon is only valid from Monday to Thursday which is how the restaurant attracts sales on its less busy days. What I had to do was move the family dinners with the good wife and little ankle biter from the weekend to Thursdays (sometimes Wednesdays) if I felt like having my favourite pizza that week. Coupons are available everywhere. If you lack the time to rummage through your shopping receipts to extract those coupons, delegate the task to individuals with spare time on their hands in your household.
3. START A PIGGY BANK
We all heard of the piggy bank growing up. Guess what, Mum was right because it really does help build moolah in the bank. We tend to accumulate coins and small change in our purses/wallets/pockets every time we head out the door. Best practise would be to come home and empty all that loose change into your piggy bank. Before you know it you would have a sizable deposit. Keep repeating this and it becomes second in nature. You can use an old shoe box or an old jar. You can use anything for that matter as long as it helps you save money.
4. OPEN AN ONLINE SAVINGS ACCOUNT
Opening an online savings account is probably the only way to save money, earn money, and manage your money all at the same time. It is so easy. First and foremost, head down to the bank and open the online savings account. You should be able to access the savings account via our mobile or internet banking. Secondly, on your pay day transfer your salary to your online savings account except for what you have budget to use in the next few days. Please ensure that your funds are easily accessible in case of emergencies. Check your balances daily and top up your transacting bank account according to your budget. The funds in the online savings account generates interest every day your money is in there. Thus, the longer you hold the money in your savings account, the more interest you earn.