We all thought about saving money at some point in our lives and what if we could have earned more money. Money is the most crucial thing all over the world. In today’s high rise in prices nearly in every aspect causing trouble in our day to day life. We need money to live. It feels good to save a certain amount of your hard-earned money and if you find a way to earn some extra cash, then it is a win-win situation. We should save money as much as possible for the betterment of our life, in case of any emergency we can use it and it helps us secure our future. We need to have the right mentality and mindset for this. Without proper determination, it is quite hard to implement.
There are so many ways to save and earn money. Many people have tried and trying various options to save money, searching for different and new ways to save. It doesn’t matter how much you earn, it is important to save. And we should look for some extra income. We all wanted to live a better life.
The more money we earn, the more we live better. Our monthly expenses depend on our monthly income. If we earn an extra bit of money apart from our main source of income, then we can use that according to our wish and need or we can save the total extra income for our future endeavours.
11 Best practical ways to save money :
Spend like an unemployed person
An unemployed person would take the cheapest way possible to live his/her life. Think like them, act like them, spend like them. Even who earns less amount of money, cannot spend freely because of the limited amount. They always spend on those things, which is necessary to live a day to day life.
When we have a good amount of money in our hand, usually we wish to spend it on anything that we want. Don’t spend your hard-earned money on anything. Think what is important to you and exactly what you need. Spend on them. If you can restrict yourself from spending on things that you don’t need then you can save a lot of money.
Make a monthly/weekly budget
We all need some stuff or services which is essential to us. Make a list of things that you need monthly or weekly to live. If you don’t make a list or track what you are spending on, then it becomes difficult to save money from your monthly or weekly expenses.
Keep a record of it. Go through your list and check if there is a way to cut down your spending. You will have a clear idea of it. That will help you to make your monthly/weekly or even a daily budget. Try to keep it simple and tidy. It will give you a clear idea of how you can save some money.
Make short term / long term target
if you have a target in your mind of doing something in the future that requires a certain amount of money, then it will motivate you to save and you will have a reason to save some money for that particular short term or long term target or goal.
Without a target, you will not find that motivation that will push you to save. Or if you want money to fulfil some of your dreams then save it for those dreams. This is one of the best ways to save money. You just need a reason to convince you to save money.
Do not use your credit card unless it is necessary
I think you should lock away your credit card. Many people spend a huge amount of money on credit card bills. Try to avoid your credit card. You don’t need that credit burden on your head every month.
Use cash or debit card or use any kind of online money transfer apps. By doing this you can save the money you spend on your credit card bills. Use it when you feel it is necessary but not before that. Try to make a habit of ignoring your credit card.
Try to avoid street foods or restaurants
Always try to have your food, coffee or tea at home. It saves you a whole lot of money and it is good for your health. Make your breakfast and eat it before going to work. Pack your lunch bring it to your office or workplace. Have your dinner at home.
Yes, once in a while it is ok to eat outside or in a good restaurant. Everybody should enjoy a portion of good food in a good place but not inadvertently.
Squandering money on food in some lavish restaurant that one can get at some cheaper place is nothing more than an imprudence, yes until and unless you are not a billionaire. Make a budget for it.
Try to go to a cheap and healthy restaurant. It is ok to spend on restaurants once in a while but not every day. For a daily basis try to eat homemade food.
Make different types of money plans
Do not just save your money, invest them in a different kind of plans that has a guaranteed return on your money. Many financial companies or even the government has various types of plans that we can choose from the market.
You can invest in the retirement plans that will provide your pension after your retirement. You can buy an insurance policy for you that has a guaranteed return on maturity. There are so many plans in the market to choose. Pick the right one for you and your family. Get a full knowledge of it.
Invest in something
Ok I admit, it is a bit tricky and risky. But you can give it a try if you feel it is worth the risk. Invest the minimum percent of your savings and consider it a loss. Only invest the amount you can effort to lose. In the market, we have many options to invest in. You can invest in a mutual fund or you can invest in bonds.
If you have any knowledge of share market, then you can buy shares and sell them when it is profitable. To invest in those kinds of things, you need to have a piece of good knowledge of the market and the products. Avoid this kind of investments if you don’t want to take any risks.
Carry the amount you need
Always carry the amount you need for a day. I have seen people spending way more money when they have more cash with them.
If you don’t have extra cash with you then your spending will be within the limits of your budget. Always carry an extra amount of cash with you in case of an emergency and keep it in a safe zone of your purse.
Only use it when you have no other options. It can save you some money.
Sell the things you don’t need
We all have something in our house that we don’t need anymore or we have no use of it. Do not keep them for no reason. If they have a resale value and others can use the things, then sell them for money.
We have many online sites where we can sell those things or you can sell it face to face with cash. If you do not sell anything that you don’t need then it is a waste of opportunity.
You cannot do anything with it so it will give you nothing in return. Selling is the best option in my opinion.
Do not spend on unnecessary things
Buy what you need, not what you want. Try to buy the things that are essential to you, what you need to live your life. Cut down the unnecessary spending.
It will save you a whole lot of money, that you can use it in the future. Always ask yourself before buying something that does I really need it or not. If you think it has a real use for you only then go for it otherwise it will be a bad expense. Same goes for any kind of service you avail for yourself.
Always bargain when you can
Bargaining is the best way to save a little bit of money. If you look at the amount, it may look like a very little bit of money. But by practising it you can actually save a certain amount of money over a period of time.
Try to buy in bulk that has an offer on it. Pay in packages for any kind of services, you may get a discount on that. Buy the products in a large number, which you can store for a long time. Bargain when it is possible. Grow your skillset of bargaining, it will help you to convince the other party to give you some kind of discount.
6 Ways to earn an extra bit of money:
Part-time job
If you have a certain amount of free time apart from your main job or work or business then use it to make some extra cash.
There are so many part-time jobs available in the market. If you fit in any of those jobs or your time allows you to do this type of job then you should take the opportunity if you wish to make some extra money.
Do not waste a large amount of time in a day that doesn’t give you any productivity. You can use your spare time to earn some extra bit of money.
Side business
Depending on your skills and ability you can do a side business if you wish to do. If you have enough time then a side business would be perfect for your second income source.
Find out the type of business you will be able to do and start it. It can be anything. Even you can start classes where you can teach anything you know very well.
If you are good at handcrafting, then sell the products on various platforms to run your business. You can create your own website for any kind of business. Promote, sell, advertise thorough that website. The list is big. If you do business properly and successfully, it can offer you so much more.
Work online for money
Nowadays, we can earn via the internet by doing any kind of online work. Different types of the website offer different kind of work like – data entry, form filling, typing, reviewing, posting adds, content writing etc.
If you need or want to make an extra bit of money then you can easily do this kind of work at any time you want. There are many websites you can find in the net who provides such services.
The more you work on these things, the more you will be paid for your contribution.
Work as a freelancer
Freelancing is another option for us to make money. Some people work as a full-time freelancer, some work as a part-timer and some work occasionally.
Basically, you get paid for working on a particular project. Many kinds of work offer you to work as a freelancer. If you have the skills and knowledge about that particular field then you can work as a freelancer and earn more money.
It gives you the flexibility to work any time or when you are free to do that stuff. Freelancers are self-employed.
Incentive-based work
The incentive is one kind of commission given by a company or a person for selling their products or services on behalf of them.
Work on a commission basis and earn some money. Usually, a company recruits you as an agent to sell their products or services.
They don’t pay you any salary. You will get a percentage as a commission of each product you sell. There are many companies and many types of products or services available in the market. It has the flexibility and you can do this anytime. You can earn a lot of money if you have the ability to sell.
Rent your home, garage or space
You do not need any time or skill to fulfil this category. All you need is a home, store, garage or some kind of space that you can give it to rent.
If you have a spare room in your house, you can give that for rent too. You can earn a good amount of money by renting your property.
I think it is one of the safest and easiest ways of earning. Every month you will get a hefty amount of money without doing anything. So, if you own any of this kind of property then use that property to income an extra bit of money.
At last…
Always try to grab an opportunity to save some money and earn an extra amount of money. Money can give us the security we need to live a life. Without money, it is difficult to survive in this world. So, think how you can save money as much as possible and then use your money to get or earn more money and look for the possibilities of making an extra source of income for a healthy, secure and peaceful life.
Saving money is quite difficult. The Parkinson’s law says expenditure will always rise to meet income such at the end of the month, income minus expenditure is equal to zero. This law is responsible for many people in the world. It’s so important, as a matter of fact, that W. Clement Stone once said, “if you cannot save money, then the seeds of greatness are not in you.” But saving money sometimes is a futile exercise because the Central Banks are always printing money making the money you have saved lose value. The best is to make more money and spend it as it comes.