Save Correctly-Start Saving Your Way to Success

Saving has the ability to help you achieve financial success for you and your family when you do save correctly, consistently, and exploit it to its fullest. Success through saving is achieved when you save correctly by doing these things:

o Maximize your savings.

o Create a plan to save a considerable portion of every paycheck.

o Constantly think “save” rather than “spend.”

More than 59% of all American families view saving as what is “left over” from their income and spending habits. You will never be able to reach financial success under such circumstances! Meager savings is why many people believe there are no rewards to saving. The rewards come when you begin to save correctly. When you create a plan to pay yourself first, and increase your savings over time, maximizing how much you save and accumulate. When you begin to maximize your savings you are not hoarding money, or living in misery because you cannot buy anything; rather, you are saving toward your personal success. When you begin to save correctly you will begin reaping the genuine rewards.

What is meant by saving correctly? How can you really save your way to success? You must save more than just a measly 2 or 5 percent. The latest reported numbers show that Americans, on average, are only saving a minuscule 1% of their income. This is not saving; this is just putting aside what is left over. True saving is when you maximize your savings–saving 30, 40, 50% or as much as 80% under certain circumstances! You must invest your time to develop a budget and savings plan allowing you to increase how much of your income you save each much. Stop saving what is left over at the end of the month, and place saving and saving your way to financial success as your top priority–start saving first out of every paycheck.

To save correctly, you must think “save” rather than “spend.” You do not save to buy something, such as a car; rather, you are saving toward success. “The word saving has come to mean “spending” in our society. People are fooled into thinking they are saving money when they are in fact, spending it. For example, a housewife will buy a new household appliance because it was advertised with the words, ‘Buy now and save $49 off the regular price!’ You do not save money by spending. Then there is the man who subscribes to the bank’s ‘Christmas Savings Plan’ to save money for Christmas shopping. That is not a plan for saving–it is a plan for spending.” wrote George M. Bowman (How to Succeed with Your Money, The Moody Bible Institute of Chicago, 1974). When you save money only in order to spend your money, you are not saving your way to success.

Saving money to buy an expensive item does not help you reach success. Once the expensive stereo, car, or fancy dress is bought, the money is gone. True saving is when you keep your money, become wealthier, increase your assets and net worth, and then become a financial success because of it.

If you spend all your money, how do you expect to become successful? Maybe you will win the lottery, but unless you are extremely auspicious, do not count on it. There is a better system with much more favorable odds of up to a 100% guarantee. That system is saving. Save your money and you will become successful.

How To Save Money? Heres’ 25 Money Saving Tips To Work On

How to Save Money?

If I ask you how to save money? Either you would be confused or overflowed with hundreds of money saving ideas. There are some common ways to save money applicable to the masses and there are some exclusive money-saving ideas researched and applied to you only. Things are good and effective so far as you apply your tips and tricks properly. Here I am enlisting 25 realistic and simple money saving tips for the readers. Please note that all these money saving tips may not have the fullest implications in one’s life, but a few out the of money saving ideas listed below have a qualitative impact on your pocket.

25 Realistic Money Saving Tips

1. Accept payments by cheque or online:

This is one of the best ways to save money. It’s a human tendency to spend more with cash rather than from bank account. Research shows that a person finds it more inconvenient to withdraw money from the bank or buying goods with cards than by using hard cash. So, this is the best way to save money for them who have an irresistible tendency of spending cash money.

2. Go for exchange programmes:

Before buying a new durable or capital goods like electronic gadgets, appliances, go for selling the used one. There are many sites that assist you in selling your old products through advertisements like OLX, Quikr etc. Now the product sellers are too offering exchange programs. Online shopping sites like Amazon, Flipkart etc. are giving opportunities to their buyers to exchange their old ones with the new product. Selling or exchanging the old products definitely reduces the cost price of the new one.

3. Consider buying cars at the end of the month:

If you are planning to buy a car, this is the best way to save money. How? See, in most of the cases in the last week of the months, the sales representatives and car dealers are under pressure to achieve their targets. They go desperate in selling cars to customers offering good discounts or selling car accessories free of cost or at a much-discounted price. This way you get your car at the most advantageous costs.

4. Do not jump the gun:

If you see a product billboard or lucrative offers, don’t go for the buy immediately. Hold your mind and think whether you need it? If it’s your requirement, what’s your budget? By holding your buy for a day or more you may be able to do the product’s cost-benefit analysis. This way you can save your money on unneeded purchases.

5. Go by the list while shopping:

Whenever you go shopping, prepare a list beforehand about your requirements. You may wonder how to save money by going with a list? If you do shopping by list, it is possible to stick to the budget. Moreover, the list helps you to do the shopping more quickly than without a list. A study shows, if you shop quickly, the chances are high that you will not go for unnecessary buying.

6. Avoid outing with friends, invite them:

Many of us face this problem. When you go for an outing with friends, it’s unsocial for you to abstain yourself from contributing. Moreover, taking foods and drinks at restaurants and bars are no way cheaper than you have it at home. So, instead of going to the restaurants and pubs, invite your friends to your home. This is the best way to save money who are interested in maintaining social networks as well as concerned about how to save money.

7. Use LEDs:

I’ll keep this within top money-saving tips. Rather than using incandescent lights, you should go for CFLs, LEDs. They are high power efficient and reduce power bills considerably. These new technology lights even have a longer life than the traditional ones. By using LEDs and CFLs, you can save both from maintenance and durability.

8. Do periodical maintenance:

If you are using multiple electronic appliances like ACs, Washing Machines, Water Purifiers etc. it’s better to render periodical maintenance. The same should be with your car too. By conducting regular maintenance, you have to incur maintenance charges which are much smaller than any major repairing or overhauling charges. At the same time, if your appliances or cars are under periodical supervision, their longevity and efficiency level also improves.

9. Sell your old books:

This money saving tips is especially for the students and the parents whose children have passed out and have a pile of books covering a considerable space in their room and want to evacuate them. There are a number of sites that buy used or old books from us and pay accordingly. One of such sites is BookScouter. This searches the best match buyer for our old books.

10. Rent out your extra space:

If you have a big house and leaving a part unutilised, it’s advisable to rent the same out and earn some extra money to meet household expenses. There are some companies that take your property on agreed terms for a specific period and convert into a homestay. Some of these companies are Airbnb, Oyo Rooms etc.

11. Take tiffin from home:

If you want to learn the ways to save money, this is one of the effective ways to save money. First of all, your saving starts when you take tiffin to your place of work or education and avoiding canteen or outside foods which are certainly costlier than your homemade foods. Next, savings is in terms of your health. By abstaining from outside foods, you are indirectly reducing your medical bills.

12. Use public transportation or carpool:

If your circumstances permit, it’s a good move to go through public transport. Using a public transport is way cheaper than using private cars. Moreover, if you and your neighbour or your colleague have a common route to the place of work, carpool is a good option. Things can be done on a rotational basis. This saves money as well as the climate.