Home Saving Stop borrowing and save your money, 7 simple ways

Stop borrowing and save your money, 7 simple ways

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With the state of the economy being the way it is learning how to stretch your money as humanly possible can go a long way. Here are 7 simple ways to save your money and yourself from borrowing every month when your financial ends don’t meet.

In order to save you have to know what you’re saving for and where you can save therefore drawing up a budget can help you to better understand your costs and expenses and you’re not throwing money away.

Reviewing your monthly statements and subscriptions can make a big difference to your bottom line as some of your regular expenses such as getting a cheaper data plan for your smartphone aren’t set in stone, and is a way of money-saving opportunities for regular monthly services.

Track every single expense for a month and after the first few days you’ll start double-thinking all those purchases you’re about to make. In the end helping you understand your impulsive shopping habits. And you’ll have saved a lot more than you would have without tracking.

Challenge yourself to a spending diet where you’ll only pay for things that are necessities (rent, rates, and in turn helping you see which expenses you can cut back on to further save such as staying away from eating out or shopping, or even going to the movies.

Look through newspaper inserts or social media before you start shopping by following your favourite retailer on Twitter or Facebook for any info on shop sales.

Use coupons, take advantage of rebates or your cash back rewards, start a garden, cook more meals from scratch, reduce the amount of meat you use in your meals or wash your own car.

Making your payments on time to cut out any unnecessary added extra costs from late payment fees as in order to save every cent counts.