60 WAYS OF SAVING FOR THE FUTURE

 

Saving money is one of the things people regarded as fundamentals of personal finance, some wealthy people considered saving money as useless as they believe only in investment. We cannot say they are wrong but the fact that fingers are not equal has justified that saving is important.

Basically, we save to secure tomorrow; that is, we save for future which no one can predict. Saving is one way to gain financial freedom and can prepare us to fit to tackle most emergency that may occur.

There are several ways of saving but for the sake of this article, I will like to mention 101 ways to save money. Below are a few ways we will like to show you:

 

CONVENTIONAL SAVINGS TIPS

 

  1. PAY YOURSELF

There are several ways to save money but of all, this is what I consider the best way to save. We all work to earn money but for who If not for yourself? You work to earn for yourself and that is why it’s important to pay yourself before any other person. You can pay yourself by dedicating a certain percentage of your paycheck to your personal saving and as well making the habit a priority such that you can make the saving automatic.

 

  1. HAVE A SPENDING PLAN

Identifying what you are spending your money on is one of the easiest ways to save money. Having a spending plan help you mitigate any problem disturbing you from saving; for instance, money dedicated to foodstuffs will not be used for buying clothes. There is no financial freedom greater than controlling how you spend as you will be able to include some savings and through a spending plan, you will be able to ensure that your income superseded your expenses.  This may be difficult in the beginning but it will definitely pay once it becomes a habit.

 

  1. BUDGET WITH CASH AND ENVELOPES.

Having a problem with overspending is not impossible but it can be mitigated through an envelope budget system. All you need to achieve these is determination and discipline. You budget a certain amount and once it’s gone, it’s gone. You put a stop to spending regardless of any situation that comes up. I once tried this and it really works for me. I opened a saving account without collecting the card, once I deducted my budgeted amount from my paycheck, I saved the rest and that’s all. Even if I spend my budgeted amount finish earlier than I thought, I still don’t touch my saved (enveloped) money.

 

  1. COPE WITH STRESS WITHOUT SPENDING

When you are stressed, it is very easy to think of buying something to relieve yourself but things don’t work that way, it is best to find a sustainable way to relieve your stress since buying things to relieve your stress was never part of your budget. Staying on a budget will guarantee your saving.

 

  1. SELF DISCIPLINE WITHOUT COMPROMISING

The fact that others are doing it doesn’t mean that you should do it, even while under pressure, it’s okay to say “no” without having any other rethink. You don’t have to spend money that you don’t have or go off budget because you are pressured by friends, kids or family.

 

  1. BUILD AN EMERGENCY FUND

Regardless of how rich or poor you are, an emergency is something that can hit anyone at the least expected time. Saving up for an emergency is one of the best things to do as getting help in an emergency situation can be frustrating and difficult. Majority of American always fall victim of an emergency fund.  A low-income family saving little to cover up for an emergency is far better than a moderate-income family that doesn’t plan for an emergency time.

 

  1. DON’T JUST SAVE MONEY, SAVE

Many people don’t know the value of banks but in the real sense, banks have an important role to play when we talk about saving for the future. When you spend less and keep the rest, there is a tendency to spend more but when you put the rest in a savings account, the chance of spending it is slim if you are determined and discipline. While you save in the bank, it’s easy to plan for the future.

 

  1. SAVE AUTOMATICALLY

Sometimes you may have an intention of saving but then, something unexpected may come up and then you spend the money but when set up an automatic saving then saving become easier. It put that cash out of sight and mind at the same time. You will get used to the balance of your paycheck after the deduction of your saving and in no distance time, you will regard the balance as your paycheck. Every pay period, you can arrange for a certain percentage to be automatically transferred into your savings or retirement account. In case you receive your payment through a bank account, you can also arrange with the bank to always automatically transfer a certain amount into your savings or retirement account.

 

  1. START SAVING FOR YOUR RETIREMENT AS EARLY AS POSSIBLE.

Experience is the best teacher in life, we have seen thousands of old people who are unable to live the life they are accustom to after retirement, it does not mean they didn’t save for retirement but they may have started late. There is a huge difference between people that start saving for retirement earlier and people that start late. If you ask me for the ideal time to start saving for retirement then, my answer will be the 20s. If you start saving in your 20s, your money will have enough time to grow. Each year interest will add to your saving and increase your interest for the next year. This implies that you are gradually creating a wealthy retirement for yourself through compounding.

 

  1. USE THE 24 HOUR RULE.

It’s not all the things that we purchase that are a necessity, drawing a scale of preference for our need and adopting the 24-hour rule can help us limit purchasing expensive or unnecessary items on impulse. Instead of buying at a glance, it’s good to think over any purchases that are not a necessity for at least 24 hours. It is easier to do when shopping online as you can add such items to your cart or wishlist and remove or purchase them later, after thorough thinking.

 

  1. TREAT YOURSELF, BUT USE IT AS AN OPPORTUNITY TO SAVE.

Saving opportunity is not limited to when you collect your paycheck or monthly basis. You can save the cost of your nonessential indulgences. For instance, I used to pay $50 to the gym every month, any amount I decided to do just a walk out and little exercise on my own, I save the money into my account.

 

  1. CALCULATE PURCHASES BY HOURS WORKED INSTEAD OF COST.

Check your income and balance it with your purchase, this will help you in spending wisely. Divide your wages hourly and calculate how much you earn per hour. If you want to purchase a gown of $100 and your hourly earnings is $10, place the value of the gown on your hourly worth and be convinced that the gown worth your 10 hours otherwise, shift your grand to something lesser.

 

  1. BLOCK PURCHASING TEMPTATION

Unsubscribe from any advert link and marketing emails especially from your favorite stores. Every advert and marketing emails are meant and have the ability to tempt you to buy even what are not necessities.

 

  1. HELP YOURSELF TO SPEND WISELY

Be the reminder of yourself that you really do not need to buy things that are not a necessity. You can cover your card with an inscription that will caution you to spend wisely. For instance, “Do I need this now?” when you see this on your card, you may have rethought.

 

FAMILY SAVINGS TIPS

 

  1. STICK TO ONE SHOP A WEEK

Doing one large shopping is actually one of the easiest ways to save money, it will help to cut down on impulse buys, save the cost of transportation, reduces wastage such as takeaway and may also earn you a discount. Making a list of your weekly need should become and habit, it will reduce prices of some of the items and also save you time and stress.

 

  1. TAKING A CUT LUNCH TO WORK

Part of the ways to reduce your spending is by taking your lunch to work. For instance, if you pack your lunch and that of your husband a few times a week, it will save your family a few dollars. Also, you will be certain of what you prepare that it’s healthier than anything you can buy outside. Two way win, saving few dollars and eating healthy food.

  1. MAKE SCHOOL LUNCHES AT HOME

Including your children in this healthy routine is one of the ways to save hundreds of dollars and also ensure healthy living in your family.

 

  1. SHARE A CAR WITH FAMILY.

It does not necessarily mean that you should have the same number of cars with the number of persons in the household. You can share a car with your wife especially if your place of work is located in the same root. This will save you the cost of maintenance, insurance as well as gas consumption.

 

  1. SEARCH FOR A BETTER RATE ON CAR INSURANCE.

You will be open to a lot of insurance companies, compare as much as possible to get the most economical deal. Don’t be too conscious of saving and compromise for a low rate insurance because in the long run, if you have an accident you could end up losing more than what you have saved.

 

  1. REFINANCE YOUR CAR.

If there is an improvement in your credit situation or the rate is lesser than when you purchased your car, you could get a better satisfactory deal. But the worth of your car should be more than what you owe.

 

  1. BUY A HYBRID CAR.

If you are going to keep your next available car for a relatively long time, purchasing of a hybrid car can save you hundreds of dollars annually. You can use this tool to compare by the U.S Department of Energy to know your break-even point and annual savings.

 

  1. PURCHASE LESS EXPENSIVE GAS.

If you have tried saving funds through carpooling, biking, public transport, walking etc. and they are neither effective nor practicable, at least can save on gas with Gas Buddy.

 

  1. REVOLVE YOUR TIRES AND MAKE SURE THEY ARE PROPERLY INFLATED.

Burdens from driving are been shouldered by our wheels in different forms. Front wheels shoulder the burden of braking and weight. The left and right wheels wear differently due to high-speed left turn off highways.  Revolve them (spare tire inclusive) every 7,500 miles or thereabouts, by doing this, you will not only save less frequent tire replacement but also you are improving the handling of your car, which in turn cuts down on gas.  Properly inflated tires can boost gas mileage by 3%

 

  1. DRIVE WITH LESS AGGRESSION

Going by FuelEconomy.gov, more careful driving cuts your gas mileage by 33%on the highway. Fast acceleration, over speeding and braking, are inefficient. Mileage can also be improved as much as 10% by getting a device that gives you adequate feedback.

 

  1. DO NOT SPEED.

Usually, there is a reduction in Gas mileage at speeds above 50 mph, and for every 5 miles over that threshold, there is an increment of 15 cents a gallon on your gas cost.

 

  1. PAY OF YOUR MORTGAGE AS FAST AS POSSIBLE

You may well be spending three times as much as the purchase price of your house if you have been extending your payments over the typical 30 years. The implication of this is that if you buy a house for $100,000 with a 30-year mortgage at 9.5% you will actually have shelled out over $300,000 by the time you make the last payment. According to one newspaper article, any increment of just 5 percent could reduce almost 7 years off a 30-year mortgage. The mortgage could also be reduced to 19 years by paying an extra 10 percent.

 

  1. DO NOT DRAW YOUR ACCOUNT BELOW THE MINIMUM IF YOUR BANK ACCOUNT OFFERS FREE CHECKING OR WAIVES THE SERVICE FREE IN EXCHANGE FOR MAINTAINING A MINIMUM BALANCE.

Keeping your check up-to-date requires a high level of discipline, but it’s so simple to shun these unnecessary charges. Anyway, keeping your check register up-to-date isn’t a bad practice.

 

  1. DON’T BOUNCE CHECKS.

One of the best ways to show the whole world that you are a person of no integrity is by bouncing checks.  Furthermore, rubber checks a waste of life energy of a whole string to other persons that they must spend some of their valuable time on earth trying to obtain from you.

 

  1. EVALUATE WHETHER YOU ACTUALLY NEED AN EXTRA CAR OR NOT

Savings could be made on gas, oil, repair, maintenance, parking, insurance, licensing and fines if you eliminate the need for multiple cars.

 

  1. TREK TO DO LOCAL ERRANDS WHEN POSSIBLE

How far is too far to trek? Short hops in your car when the engine is settled are a prominent cause of automotive wear and tear and poor gas mileage.  Compare what it cost you in terms of money with the reasons you use your car for errands less than a mile from your home. Is it Convenience? Speed?Safety? Try trekking instead.

 

  1. MAKE USE OF PUBLIC TRANSPORT

Public transport has proved to be very cost-effective, most especially when parking seems to be a problem. Recollect that the cost of taking your car downtown is not just the cost of parking. Costs of gas, wear and tear on the car are also inclusive. If the IRS computes mileage at 27 cents a mile, shouldn’t you (53.5% in2017)

 

 

 

 

  1. KEEP ON AUTO LOG.

Recording and keeping a concise automotive log is excellent practice and it is a tool to diagnosing. The auto log contains the record of everything done to the car with the date and odometer reading when it was done. Ascertain that the amount of each gas fill-up is included, the number of miles per gallon you are getting at each fill-up, quantity of oil put in, tire rotation or replacement, tune-ups, replacements, and repairs. All fleet operators make use of this kind of car record and in turn, can save enormous repair bills. You will have all necessary information to keep you on top of your car’s health and also it provides information of what has happened to your car in the past to your mechanics which will be highly appreciable by them. For instance, a drop-off in miles per gallon can alert you the need for a tune-up. Part can be replaced at regular intervals before rupture, clung or fail (applicable to plugs, condenser, points, air and gas filters, PCV valves, oil and oil filter). In conclusion, people with cars that have run 100,000 miles and above all agree on one a simple maintenance procedure that is frequent oil changes. Robert Sikorsky, author of Drive it Forever, recommends frequent oil changes as the best thing you can do to give your car longevity of life. Your lowest oil change interval should be the manufacturer’s “severe service” recommendation, and Sikorsky even encourages people that by 20% in the winter and 10% in the summer.

 

  1. KNOW BASIC AUTOMOTIVE MAINTENANCE.

You must have noticed assumptions which are yet to be talked about automotive maintenance. First is “you can naturally and intuitively know how to fix your car if you are a man.” The other is you do not and cannot fix your own car if you are a woman.” These two assumptions promote ignorance. If truly you think you know something, you really don’t need to learn. Men still strand themselves with an automotive problem they cannot fathom, a toolkit they can’t use (which are probably expensive) and an impatient colleague they can’t confess their ignorance too. If you believe you don’t-and furthermore, can’t-know something, you can hardly get the answer. Many women still stand around with flat tires, waiting for a Good Samaritan or a tow truck, when all they need to do the job is right in the trunk. Therefore find yourself a tutor and learn. This tutor may be your close pal, who does own an automotive maintenance and can tutor you on how to change your oil, do a tune-up and change a tire.

 

  1. SHOP FOR A REASONABLE AND RELIABLE MECHANIC BEFORE THE NEED ARISE

At times, adult education courses on auto maintenance are offered by local mechanics that are willing to impacts on their customers to make them knowledgeable about their own cars, therefore this may check the challenge of finding a trustworthy mechanic. Getting a mechanic before vehicles brake down is equally important as selecting a competent doctor medical crisis occurs. Make inquiries from your friends and neighbors where they get their car fixed if there are complications. When assessing candidates for the crucial position of your Mechanic, this series of question should be asked; is the shop clean? Do you feel you can trust him or her? What is the hourly rate? Is the mechanic certified? Is the work guaranteed? Though most mechanics are indisputably honest, some prescribe costly, needless work that does nothing or improve your car efficiency. Thousands and dollars can be saved by learning to do your own basic maintenance yourself, overcoming your own ignorance and selecting a trustworthy mechanic.

 

  1. PURCHASE YOUR AUTO PARTS YOURSELF AFTER COMPARING PRICES BY PHONE. IF NEED BE, HAVE A MECHANIC TO MAKE INSTALLATION

Usually, official factory parts for your car may cost more than “after-market” parts that are equally reliable. Rebuilt parts could be gotten as against new ones, and they give guarantee over them that they will last as long as a new one. Moreover, padding the price of parts is one place where service stations make a little extra on each job. Carry out your phone-shopping at auto supply stores with the model, make and year which your car is manufactured, the part name and possibly, the part number handy. Remember to bargain-ask if it’s available for sale or it is going to be discounted. If you cannot fix it yourself, check if your mechanic would be willing to fix it for you and you pay only the cost for his shop time. Some will and some will not.

 

  1. CARRY OUT ROUTINE MAINTENANCE (OR HAVE IT DONE) TO PREVENT FREQUENT BREAKDOWNS

Frequent tune-ups and oil changes improve years of your car’s life. It’s not only limited to replacing parts before they break down, but you will have the chance to observe the chassis and the whole engine. Are the hoses getting brittle? Are the belts cracked? Is the silencer hanger rusting out? Are the tires wearing unevenly? Are there obvious leaks everywhere? A car like all other machines responds well to this kind of love just like a human being.

 

  1. CARPOOL TO WORK

In some cities of the world, there is a ride-share program that matches to commuters from the same area. Place a notice up on your notice board at work or at your local grocery store. Inquire from your neighbors. The cost incurred with a car occupied by five people is the same as that occupied by just one person but at one-fifth the cost of each person. An effort is being made by congested cities by putting in high occupancy vehicle lanes so that carpoolers can zip by the single occupancy vehicles. (There is a bonus point for this for pollution from combustion engine while also reducing costs.)

 

  1. RENT AN APARTMENT THAT IS A WORKING DISTANCE TO YOUR OFFICE

People have identified that automobiles are very hazardous to the environment and are trying frantic effort to relocate close enough to their jobs to trek to their place of work. This will save them a few dollars every month.

 

  1. RIDE ON BICYCLE WHEN AND WHERE YOU CAN.

How far is it too far to ride a bicycle? Our place of work, rainy and hilly Seattle, has a special and growing cadre of bicyclists who are capable of tackling any terrain in any weather with rain-suits and ten-speeds. There is a movement in some part of the world to turn “rails to trail,” to convert old railways rights-of-way into bicycle trails. You can influence change if your town isn’t bike-friendly. Breakfast is the fuel cost you have.

 

  1. SURVEY A COMPETITIVE INSURANCE COMPANY

You would be amazed by what insurance companies considered as a sports car (for which they charge a higher premium). Ensure that the car you are buying isn’t what you will pay a hell of dollars to insure.

 

  1. REPAIR AND KEEP AN OLDER CAR RATHER THAN BUYING A NEW ONE.

Several decades ago, it is sensible to trade in your car after 50,000 miles or every three years. Now it’s not necessary. Manufacturers are sure of their fuel-injected, electronic-ignition cars will perform superbly for at least that long thus, can afford to give up to seven years warranty. The older your car, the older the insurance rates.

 

  1. CONSOLIDATE YOUR ERRANDS TO REDUCE THE AMOUNT YOU DRIVE.

A single trip to the shopping mall to make a purchase of fifteen items saves a lot of gas than fifteen trips for an item each. Having a shopping list helps greatly in reducing costs if transportation. A crucial aspect of life energy (time) can be preserved through errands consolidation. Errands consolidation also assists to focus on assessing and projecting your needs for the entire week.

 

MEDICAL COSTS

Staying healthy is advantageous to your body as well as your pocketbook, as there is a hike in medical cost nowadays. Expenses could me magnificently saved by maintaining good health, as against waiting to treat illness. Healthcare starts at home, and there several deals that could be done to avoid getting sick initially.

 

  1. THINK OF GETTING MAJOR MEDICAL INSURANCE WITH A $1,000 OR MORE DEDUCTIBLE

Reports have shown that 85 percent of all illness is self-limiting. Your body system, if given rest and good nutrition, is designed to heal itself of most ailments. The three great physicians are Nature, time and patience. Even when the attention of an expert is needed, the total cost is still not up to paying the higher premiums for full coverage. Due to high patient resistance to the high price of medical insurance, several companies are providing these stripped-down major medical policies. Ascertain that your medical insurance provider has an A rating or better with A. M. Best, an organization which rates insurance company accordingly.

 

  1. COMPARISON-SHOP FOR PRESCRIPTION DRUGS, BLOOD TESTS, X-RAYS, AND OTHER PROCEDURES.

There are variations in the price of all the above listed. Many at times, we are been dogmatic about the medical institution that we don’t even query prices of their services, we just do as we are been told. Clinics and laboratories even have annual loss leaders, rendering relatively low-cost blood tests to entice new patients. Furthermore, be on a look for health fairs, where you can get basic blood work and tests done at a minimal rate or probably at no cost.

 

  1. You will be amazed at the price differences between hospitals on daily rates and operating room cost. One of the major constraints of third-party (bills cleared by an insurance company) for medical care is that customers themselves aren’t demanding low and affordable prices from hospitals.

 

  1. EAT A PROPER DIET.

The decision to take good care of your body on the physical level is a measure to prevent ill health. Give attention to the food you eat and make sure you are getting body required nutrients in adequate proportion. The reasons for this is to know what your body runs best on, don’t be adamant about the newly updated nutritional theories.

 

  1. ADEQUATE EXERCISE.

Aerobic, strength-building and stretching exercises are the three kinds of exercise you need. Fast walking, jogging, yoga, bicycling, swimming and so on provides one or more of these kinds of exercise. A word of caution: you do not have to join a health club or buy expensive equipment to stay healthy-you may end up physically fit and fiscally depleted. Besides isn’t it more rewarding to stack your winter firewood and walk to the store than to ride a stationary bicycle to nowhere? There are many books on the market to help you one of which is Fitness without Exercise by Bryant A. Stamford 1990, Bryant in his book gives many more examples value of everyday activities.

 

  1. MAINTENANCE OF PROPER ATTITUDE

Physical appearance is not all about proper attitude: emotional and psychological components of good health are equally important. What is your mental diet like? We are learning that unhealthy attitudes, beliefs, thoughts, and feelings produces stresses that play a role in causing disease. Question yourself, what benefits do you derive from being sick?  What is your body trying to communicate with you by being ill? A friend who is a Doctor recently told us that 75 percent of his is patients had no desire to be will, while another physician considers that a low estimate. Are you willing to be well? Wellness looks at the entirety of a person and at the “dis-ease” in his life manifested as a disease in the body.

 

  1. MINIMIZE STRESS.

Note that you can only be unduly stressed by life, life is not unduly stressful. We are lucky to be a part of the land that has abundant instructions on how stress can be handled so that it will not deplete our bodies. Most skills aiming at reducing stress teaches us how to unhook stimulus from an automatic response and reinterpret “stressful” events as “opportunities for growth,” “interesting adventures,” or just “someone else’s problem.”

 

  1. STOP SMOKING CIGARETTES

Smokers are exposed to several health challenges, advantage attached to abstinence from smoking is not limited to fewer health problems, but insurance companies honor that fact with lower rates. Furthermore, an individual who starts working at age twenty with a pack-a-day habit could retire early on the amount he spends on smoking.

 

  1. REST PROPERLY.

According to a Reader digest article, before the inception of an electric light bulb, people sleep for about nine and half hours a night, but now, if you sleep for more than six and half hours nowadays, people will tag you as lacking drive and ambition. Lack or inadequate sleep leads to short-term memory loss and reduces the ability to concentrate and make decisions.  Depriving yourself of deserved rest is hazardous to your health. Meanwhile, money can’t restore a good night rest.

 

  1. IF YOU ARE OVER THE MEDICALLY ESTABLISHED HEALTHY LEVEL FOR YOUR BODY TYPE, LOSE WEIGHT.

This helps save some cost on the purchase of food, both costly diet programs, and the expensive treats. In recent times, the size of your paycheck has no direct relation to the size of your waist, but it might be used to have a column in your Monthly Tabulation tagged “food I eat that my body does not require.” A large number of physicians agrees that being substantially over your medically ideal weight increases the susceptibility of getting sick.

 

LIVING CIRCUMSTANCES

Housing is usually one of the costliest items on your Monthly Tabulation. The rule of thumb for housing used to be that 25 percent of your paycheck should go for rent. Now it’s closer to 33 percent. People complain about mortgage bondage-being tied to a job in order to keep up payments on the house. The “more is better” mentality has us in thrall when it comes to trading up to ever-larger houses. Here are some ways to rethink your housing costs.

 

  1. RENT HOUSES THAT ARE NOT FOR RENT

Long term rentals can also utilize this strategy. Journey around the neighborhood where you want to reside, watching out for telltale signs of an empty house, well-grown grasses, shades down or curtain on the windows, untrimmed bushes, unchecked mail and leaflets. Inquire the owner through the tax office.  Most times, what is responsible for the empty house is death, difficult experience with past tenants or divorce.

 

  1. TRY HOUSE-SITTING.

Several agencies deal with house-sitting positions, but opportunities could also be found by making it known to your friends, bulletin boards and newspapers. Once you are able to prove yourself, people will discuss your services. There a lot of people who will employ people to take care of their elders in exchange for a room, that alone can save you money spent on a mortgage.

 

  1. RENT OUT UNUSED SPACE IN YOUR HOME.

How many meters square does your house have? Have many meter square do you actually use? Is either of that space livable or private? You can rent out the unused spaces in your home and add the money to your mortgage payment. This will save you a few dollars at every time of payment.

 

  1. EXPLORE DWELLING IN AN INTENTIONAL COMMUNITY.

Feel free to people who you share same values with, either living together under the same roof or as part of a cohousing cooperative, intentional community, land, and rust or planned community.  Though costs vary, the economy of number obviously lowers everyone’s expenses.

 

  1. MOVE TO A LESS EXPENSIVE AREA.

If you have a dream of saving enough for the future, you can decide to settle down in a less expensive area. For instance, a one-bedroom, one-bath unit (house or apartment) could be as high as $980 a month in Honolulu and may be as little as $305 a month in Oklahoma City. If you choose to settle down in Oklahoma City, it shows you will be saving $675 monthly on a mortgage.

 

  1. DO YOUR OWN HOME REPAIRS.

You do not have to pay for everything; there are many things you can repair in your house without the help of anybody. There are many things you can learn even without visiting any training center through do it yourself training guides. Also, you can download free videos and e-book online that will put you through on how to do it.

 

  1. JOIN A BABYSITTING COOPERATIVE.

Instead of wasting money every month paying babysitters, you can join baby other parents in the neighborhood to form a babysitting cooperative. If none exist, you can orientate them to form one.

 

  1. DON’T BUY, BORROW FROM LIBRARY.

Majority of the books you want to spend on are what you can find and borrow free of charge from the library.

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