Savings have become a great deal lately. In this world of continuous competition, sources of income are dwindling or remain constant while the inflation rises consistently. In such a situation it becomes extremely important for all of us to device ways to save what we bring home accompanied off course by our search to always widen our sources for income. Let’s have a look at top five quick and easy ways to save money; after all it is these small savings which result in a big one in the future.
Limit credit card debt
Limit your credit card debt to the minimum amount possible. Set a fixed minimum for a month and follow it over the months. This will not only slow down spends but also help you reduce paying unnecessarily high credit card interest and charges. Use a credit card only when it is extremely important.
Use your bank ATMs only
If you are someone who withdraws money frequently through ATMs, then make sure you use only your own bank’s ATM. ATMs of other banks charge more withdrawal fees and you end up losing more money through bank charged every time you make a withdrawal; small yet important way of saving money.
Avoid impulse purchases
Many people buy things out of an impulse and then regret the whole thing. Make sure you think through your purchases, especially for high priced products which are not only costly but also high on maintenance expenses.
Use public transport
You can save a lot by replacing cab rides with public transportation mediums like buses and trains which are far cheaper and won’t burn a hole in your wallet. Keep the savings from this into an emergency fund which ensures that you don’t spend it on any impulse purchases as mentioned earlier.
Buy quality clothing
Though this one would sound absurd considering it is quite in contrast with the idea of saving money; buying quality clothing rather than cheap clothing will ensure than you buy lesser clothes. Check clothes for their stitching, color and texture to ensure that they don’t wear out for at least six months. #Finance #Investment #Youth