10 practical ways to save money – KBC

A little bit of saving here and there goes a long way.

Saving money is haaard. If you feel overwhelmed about saving money, you’re not alone. Majority of the youth in this country have no savings at all. That being said, no matter where you are in your financial journey, realize that saving money is important.

Doing so requires that you become aware and honest to yourself about your spending habits. When you have a true understanding about where your money goes, then you’ll be able to know which areas to cut back on and save.

Some of these money saving tactics will have great immediate financial benefit while others will take more time. Go through them and find the ones that apply to you.

1. Cut down on your grocery purchases

When doing your grocery shopping, say in a supermarket, you may find that you’re purchasing more than you need. That extra packet of crisps, sweets or candles that you do not need add up to being quite an amount and a blow to your budget. Have a look at your pantry/store first before you head out to do your grocery shopping, so you know exactly what you need to get. Also, leave the kids at home when shopping.. you know why.

2. Practice automatic saving

Have a sum of your paycheck deposited automatically to your savings account. This will do wonders for you. If you have to manually transfer funds from one account to another, you may not do much saving since the spending temptation is all the way there.

3. Use bank accounts that earn you more interest and perks

Some bank account fees are exorbitant and do not make sense. Find out what fees you’re paying for keeping your money with your bank and opt for a bank that offers great interest rates.

4. Cancel automatic subscriptions

It’s time to cancel any subscriptions you don’t use on the regular. Be it Netflix, gym membership or even your data bundles. When signing up for a service, do not click on “auto-renew”. If you find that you can not go without the service in your day to day life, then you can go ahead and automate the renewal.

5. The 30 day rule

You come across an item today that you feel you need, but is it really a want or a need? Think about it first. Write it down and after 30 days you still feel it is essential then you can buy it.

6. Lists

How about you only shop when you have a list? Lists help you avoid impulse buying and unplanned purchases. Do not only create the list but stick to it.

7. Minimise energy costs

At home, you can save so much money on your electricity and water bills. Buy appliances that are energy-efficient, fix leaky pipes, take shorter showers, use LED bulbs and turn off power when not in use.

8. Invest in quality

Whenever you’re making a purchase, makes sure it’s a quality one. Quality goods such as clothes, shoes, furniture and machines last you a longer time than generic ones would. So in the long run you end up saving money because they do not break down frequently.

9. Stay in instead of going out

It’s almost true that every single time you step out of the house you’re going to spend some coins. Cut down on your entertainment budget by choosing activities that don’t require you to go out. For example, instead of eating out, prepare a nice meal for you and your friends at home. Instead of heading out for a drink, do your happy hour at home.

10. Bargain

Some people have the talent of bargaining and you too can acquire this skill. If you don’t ask if you can get a discount on something, you won’t know that you can. Ask about discounts for every single item you want to buy, and you’ll be surprised how much money you end up saving.

Good luck.