Saturday, July 21, 2012

How To Save Money Every Month

I just can't let this article pass us by. So I am re-posting it here. Here's some practical ways we can save on money monthly. I love what Moneymaking's idea to stop bringing your credit card for a month. I feel this is a real challenge to all of us. There's a false security in bringing our credit card with us, in our wallets, isn't it. We often tell and even convince ourselves that we might need it, "just in case". So we end up using it. If there is a supply, we usually create the need.

Well, here's what I want to focus on: what activities should we do. My friend from Fiji, Savenaca, always tells me, "No more theories, theories. Just do it!" So here goes:
1. Stop bringing your credit card. At first, you will feel very restricted but you will slowly realize where you are spending money on. It’s amazing that we remember our purchases so much better when we pay in cash.

2. Try Paying All Your Bills by Check for 3 Months – Stop all the automation for 3 months and see what happens. When you have to spend time to handle payments, you will find a way to cut out the ones that aren’t absolutely necessary.

3.Pretend You are Broke for 2 Months – The ramen days are over but that doesn’t mean the hard earned money that we have should go to waste. Try it. It’s quite fun (I lived with $34.01 a week once and learned a few things)

4. Add Up All Your Monthly Recurring Subscription Cost for the Year – It’s amazing how pricing strategy works. $37 a month is actually closer to $450 a year. It’s not that cheap after all.

5. Check Your Credit Card Statements – One of the worst money suckers are the ones that automatically charge our credit cards. It’s no wonder why my credit card balance is 4 digits every month and I left the card in the freezer.

Try to do any one of these very practical ways to save money. No 1 and 3 are doable, don't you think so?

To our debt-free life,

 Photo credit

1 comment:

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