Do you want to create wealth? Do you find it difficult to control your spending? Are you looking for ideas to spend less and save more? Read on this post. Here we have shared 8 ideas to spend less and save more.
The wealth is created by investing what you save. What you save is the difference between what you earn and what you spend. Therefore the art of spending money is as important as the art of earning money.
We are living in a time when Minimalism is practiced by people conscious about wasteful expenditures. They know material things will not give sustainable happiness. They survive on Minimalist budget and minimalist things.
“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like.” Will Rogers
You may not like to be minimalist. But of course, you shouldn’t be extravagant either. The real challenges in times like this is to strike a balance. Spending smart is the key to spending wisely.
Here we present 8 ideas to spend smartly. After reading this you will feel empowered to save more.
1. Compare Prices:
Trivago is for Hotel Industry likewise we need price comparison for every products and service. We are not in a perfect market and therefore comparing the prices at different vendors can help you save some money.
The purpose is not to compromise the quality and buy cheap but the agenda is to buy from the cheapest or cheaper vendor possible.
“The quickest way to know a woman is to go shopping with her.” Marcelene Cox
2. Buy in Bulk:
Many times buying in bulk is a smart spending strategy. When you buy in bulk you get a bulk discount.
Ask your neighbours/friends and make your order bigger. You get at a bargain price.
Handpicked related post: 2 wealth creation books to read when you are in the 20s
3. Order Judiciously:
When in the restaurant or hotel order one by one as you eat. Do not order everything in one go. Chances are you may not be able to finish all the dishes.
Dessert in the hotel forms a major part of the bill. You may opt for better and famous dessert outlet a little away from the restaurant at a cheaper price.
India is known for street food. A smaller outlet gives big restaurant run for their money. Every city will have famous dessert vendors.
4. Negotiate Better:
Negotiation is a key skill in any buying process. A few words of negotiation can open the door for cheaper buying forever.
“In life, you don’t get what you deserve. You get what you negotiate. So don’t be afraid to ask – the worst you can hear is ‘no.’” Christine Tsai
5. Avoid Temptation:
“Every moment of resistance to temptation is a victory.” Frederick William Faber
Avoid tempted buying. Marketing gimmicks force us to take quick decisions. Avoid. Say no to last day or last few hours or now or never offer.
Buy only if you need to buy. Do not buy because the seller wants to sale anyhow. Resist tempted buying decisions.
6. Pay on Time, invest on Time:
Paying utility and other bills on time saves on interest cost. Many times paying within the due date make you eligible for discount.. Avail benefits.
Save and invest in tax saving schemes to avoid tax. Taxes paid are gone forever. Money invested will come back with interest.
Handpicked related post: The dangers of remaining financially illiterate for young educated Indians
7. Think Smart
Buying smart is buying when you want it from where you want it and at your price. When buying a property, evaluate the option of daily commuting cost.
Owing vs renting is also an important spending decision. It is better to get on rent assets which are depreciating and requires maintenance.
Travel to countries which have currency cheaper than Indian currency. Plan your own itinerary and travel on your own. You will spend less than what you pay to a tour operator.
8. Don’t spend what you don’t have
This is very important. Don’t buy anything on loan (except home) or credit card. Earn and spend not spend and slog to earn,
Buying on loan and credit card also makes things costly. The price has an interest element.
“Every time you borrow money, you’re robbing your future self.” Nathan W. Morris
By spending less you are saving more.
By spending less you are saving the environment.
By spending less you are saving the planet.
By spending less you have less thing to manage.
By spending less you can survive on less and enjoy more.
You need for more money diminishes. You get time to do what you always wanted to do. It has multiple benefits you haven’t imagine.
You may like to read: What should be the first investment from your first salary?