10 Best Money Saving Tips

 Most of us have daily thoughts regarding saving money and controlling our expenses but we fail due to unawareness of methods to do it. To help you out in your plans, we have come up with 10 best money saving tips which one must check out before any action:

1. Record your expenses
The first step towards saving money is to record the expenses you have incurred. One needs to figure out how much he is exactly spending. Keep track of all the expenses- every coffee, household item, metro fares, and each every petty expense. By doing this, one can know all the relevant and redundant expenses that have incurred. This is important because sometimes we all do impulse buying.

2. Make a Budget
After having an idea of what were the expenses during the month, one can begin to organize such expenses into a workable budget. The budget should outline how the expenses measure to the income earned- so that one can limit overspending.

3. Plan on saving money
Now that you’ve made a budget, create a savings category within it. Try to save 10 to 15 percent of your income. If your expenses are so high that you can’t save that much, it might be time to cut back. To do so, identify nonessentials that you can spend less on, such as entertainment and dining out.

4. Set Savings Goals
One of the best ways to start saving is to set a goal for it. Set a short term or long term goal and make your every possible effort to achieve it. Dream Big by visualizing what you are saving for. To maintain your motivation keep dreaming about your goal. For example, you save for buying a house in 2 years. Keeping this in mind, work on a daily basis.

5. Eliminate your debt
After struggling with the savings and budget part, still not meeting the desired consequences then you need to consider eliminating the debt part. You need to know how much you spend servicing your debt each month. Once you are free from paying interest on your debt, that money can be easily put into savings.

6. Pick the right tools
You need to be clear about your short term and long term goals. Look carefully at all your options and consider things minimum balances, fees, and interest rates so that you can choose an optimum mix.

7. Decide on your priorities
After your expenses and income, your goals are likely to have the biggest impact on how you allocate your savings. Be sure to remember long-term goals—it’s important that planning for retirement doesn’t take a back seat to shorter-term needs. You should have a clear idea of where to start saving. For example, if you know you’re going to need to replace your car in the near future, you could start putting money away for one now.

8.  Less use of credit cards
Credit cards, while gloriously convenient, can be exceptionally deceitful. We tend to use them frequently, not considering the impact they’re really having on our personal finances. If you use cash, however, your subconscious is more likely to feel the pain from losing that money, resulting in a more conscious effort to curb your spending.

9. Make comparisons before doing Big Purchases
This is crucial for big purchases. Impulse buying is a major contribution to why our bank accounts aren’t where they should be, so if you really want to buy something, wait a day or longer and see how you feel then. Chances are that you’ll be less tempted to make the purchase unless it is something you really need and make proper comparisons to get the lowest possible prices with the best quality.

10. Pack your lunch
This may sound funny and bizarre, but it is an important part of daily routine which needs to be maintained. Try to prepare a meal and stick to it in order to be healthy and spend less over these wasteful things. Have a cheat meal also, but maintain your diet in order to be fit and fine physically and mentally.