Last Updated on
How To Spend Your Money Wisely & Save More ? : Quick Facts !
Think what will happen when you need money and your wallet is empty? This article deals with ways to spend money wisely.
It does not matter how much money you earn or you have, spending them wisely is always the better idea.
These days, in our world of instant gratification, it is very important than ever to be able to stay focused on saving your earnings in any way you can.
Therefore to help you to cut your expenses and keep check on your spending habits, below are the few ways to spend your money wisely:
Spend time to set a budget:
To get an accurate image of your financial status, keep a track on your expenses and earnings.
Always review your bills of each month and add those spending to your budget for that month and make sure they do not exceed your budget.
Try to categorize your budget into different categories like food, entertainment, clothing, fees, bills, etc.
After tracking your monthly expenses, limit your monthly income and create your monthly budget.
Make sure that the budget you are setting is less than your income and leaves a margin for the monthly savings from your income.
Advanced planning of your purchases:
Making the decisions of what to buy in the shop can make you spend more and balloon your expenses.
It is always preferred to make a list of the things you want to buy in advance before you go for shopping.
But only making the list before shopping is not important, the important step is to stick to that list while shopping actually.
Many people usually make the list but they cannot stick to it and this leads to their extra expenses than they desire.
Compare the costs between same products of different companies and brands:
When you want to buy a particular product it is always a wise choice to always compare the prices of the same product of different companies and brands.
Do not buy the product as soon as you see it. Check for the prices and then decide what company’s product you want to buy according to your budget and your choices for the brands and companies.
Plan your weekly meals:
Instead of purchasing groceries every day for your meals, purchase them in advance for a week.
This will surely help you save some of your money on the groceries you pay every day.
Also it helps you save your time on the grocery shopping every day..
Keep check on your restaurant Bills:
Now a day every one prefers the restaurant food and the fast foods or the street foods and there lies many reasons behind it like, corporate working hours giving less time to cook, peer pressure, ready food served on table, cravings for favorite food etc.
And this makes our expenses rise cumulative to our earnings.
So it is very mandatory to keep a check on your restaurant bills and it is also preferred to reduce hotel bills not only to cut down your expenses and save money, but also to keep you healthy and fit always.
Also eating healthy can reduce your future expenses on medicines and doctors.
“Spend wisely and stay healthy as well as wealthy and also wise!”.
You may use services like Zomato to get good discounts on food
Think “Do you really need it?” before buying:
When you go for shopping especially with friends, usually you end up buying the stuff you actually don’t have need of and waste your money.
Sometimes you buy some things not because you need it but just because your companions are buying them.
So before you buy anything take a minute to figure it out that do you really have need of that particular product’s purchase and then only buy it.
By just giving a minute to this thought can also save you from unnecessary expenses and help you save money.
Before you click on “BUY”, wait for 1 day:
With the emerging technology, now shopping is also just a click away from us. Want to purchase something just go online and you will have it.
And it is our habit to surf the shopping sites just to check it out only because you have time, especially girls and women.
Therefore whenever you are checking out any online shopping sites before buying the stuff you like directly just add it on your wish list for a day.
When you do this, you will realize that the item you wanted to buy was not you actually needed.
This will help you not only to save money but also be more thoughtful with your spending.
Go for DIYs:
You must have heard a lot about DIYs (do it yourselves) right? This will not only help you save your money but also makes you a creative and innovative person.
I am sure that you will encounter the self that you were never acquainted with.
The DIYs are not only cheaper but also make of your choice and in the way you love it or want it to be and this gives you satisfaction and happiness.
For some great DIYs visit This link
“Because along with spending money wisely, being happy is also very important”.
Cut short your parlor visits:
Being presentable is also very crucial these days everywhere. And to be presentable one should not only dress good but also should look good.
This makes our parlor visits a little more frequent and our expenses higher.
I am not saying to not to go to parlors at all, but I am saying that we can obviously cut short our parlor visits a little by opting for the home remedies for some of our expensive parlor treatments.
One can go for a homemade face glowing mask skin instead of face glowing treatments at parlor.
This would not only save your money and crunch your expense but also will help your skin be healthy away from the chemicals used by those people in parlor that damaged your skin.
Hence going for homemade beauty remedies work as the win win situation by not only saving money but also by keeping our skin and hair healthy.
Be wise enough to make choice between ‘quality’ and ‘quantity’:
It is not always that one should go for a quality product or always opt for a quantity of product.
One should be wise enough to choose between the quality and quantity while purchase products.
It is not always that a poor quality, quantitative product will save you money but instead it may increase your expenses in getting them repaired every now and then.
Also it is also stupid to go for a good quality expensive product that you are going to use very sparingly and quality is not its major parameter.
Hence it is always recommended to think of the purpose of the product you are buying and then buy it for its quality or its quantity.
Be creative while gifting:
It is not always necessary to buy an expensive stuff while gifting anyone. It is usually seen that the most expensive gift you purchase for someone is least used.
When you gift something to someone the emotions behind it are more important than the actual price of the gift.
A rose given with love has more value than a diamond given with a motto of receiving back something in return.
So always focus on the emotions while gifting. Make a handmade greeting card or a gift with all the memories you have with them and gift it.
You will not only save your money but also see a satisfying happiness on other person’s face.
For some great gifting ideas visit this link.
Learn to keep your emotions under your control:
Spending excessively and shopping your favorite stuff to make yourself happy is often a way to escape from certain emotions and suppress it under your shopping happiness.
If you check it with yourself you will come to know that you spent because you were bored or were feeling lonely or stressed. This leads to budget collapse in long run.
Therefore be cheerful always and try to keep your emotions in your control not only for your budget and savings but also for your mental and physical health. This is again one of the best ways to spend money wisely.
Read a personal finance book:
Being informative and gaining knowledge of something you need in your life to manage your money is the best way to actually do it in your life.
It is known since ages that “Books are our best friends”.
Hence one should read at least one personal finance book which will help you to manage your finances, earnings and expenditures wisely from the experiences of others and advice of the experts.
I personally prefer ‘Rich Dad Poor Dad’. This is one of the best book I have ever read on finances and money. You may buy it from here.
Investing you penny wisely:
When you earn you must also invest your money in something that will give you good returns on your investment and help you earn money with your money.
Investment at right place may earn you money cumulative but a wrong investment proves to be very dangerous.
Therefore it is recommended to invest money wisely on the advice of someone you trust on and has good knowledge and experience in investment. This is one of the best ways to spend money wisely.
Map your financial goals and track your progress:
Try and be very specific with your financial goals. They are the one you are working for and want to achieve them in our life.
Saving can be easy and exciting at first but with time you may lose motivation. To avoid veering off from your goals check in with your goals on regular basis.
Also keep an eye on prize.
Once in a while take time and track your progress in saving for your financial goals and make or change your strategy accordingly.
In spite of all the fact is that, there are many ways to save money.
You should find your own ways that work for you, and slowly start incorporating the strategies into your life towards your savings for your financial goals and achieve them. This was all about ways to spend money wisely.