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Six Categories Where Saving Can be Maximized

May 26, 2015 5 Comments

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Opportunities for Saving money is everywhere. Whenever you pay for a good or service, the is an opportunity to save. Using coupons, discounts, bargaining, deferring buying decision, etc. can be used almost every time you pay. But saving money when there’s little or no possibility can be sometimes taxing for people around you.They may not like the idea of you bargaining everywhere you go out for shopping or asking for discounts. also saving money works best when you do budget for some fun.

Saving Categories to Maximize Saving

While having fun while you save, it’s perhaps wise to think about putting your best effort towards the spending category that can result in maximum sales. Trying to save money on your coffee may not bring the best result as saving money on gas. Analyze your spending history. I always recommend people to use Personal Capital tool to analyze spending, it is a free tool and it makes your personal finance easy to manage. Once you know where you spend your money most on, it’s easier to target that area.

There are very few lucky people on the planet who wouldn’t welcome a little more money in their pockets at the end of the month. Taking on board the advice in this 101 money saving tips article can significantly help but even a few changes in your lifestyle can have an instant effect.

If you spend most of your money dining out then there’s a great possibility of exploring ideas to home cook some meals, brown bagging lunch or brewing your own coffee.

If you see gas consume most of your budget, then you may think about car pooling with your colleague, getting a public transport or working from home/telecommuting option.

Below categories are where average population spends most money on.

Bills and Loan Repayments

Price comparison sites have blown open the market for finding cheaper deals, giving you the ideal job of simply filling in one form to find the cheapest results for insurance and gas/electricity, for example. Different interest rates for loans can have big effects; the difference between borrowing $10,000 at 3% and 5% over five years is more than $540, for example.

Similarly, when it comes to refinancing your mortgage, do a little research beforehand so that you can understand the terminology better. Mortgages are a long-term commitment, so don’t rule out over payments to bring your loan value down for next time.

One of the bill people cut to reduce budget constraints is cable TV. See if you can cut electricity consumption to reduce utility bill.

Fashion

We like a bright wardrobe with new clothes reflecting fresh trends, but that’s an expensive lifestyle. It’s also one that will, down the line, lead to you sending piles of clothing that you didn’t wear to charity shops, or the recycling bag if you haven’t looked after them.

There are several easy steps that can lead to you looking a million dollars but actually save you big cash. Swishing parties, buying online, avoiding store cards and even making your own garments are a start.

Buying clothes for children is another big item. Especially during their growing years. clothes become useless after a year or two. I published various ideas to save money while giving the best care for your kids, you can refer to it.

You can use comparison sites, like Google Shopping, PriceGrabber or  frugaa to save money on almost any online purchase.

Transport

It seems counter-intuitive to suggest that buying a new car could save money, but think outside the gearbox for one moment and you’ll soon see that a gas-guzzling old banger could be chugging through the petrol in double-quick time. And those niggly annoying little repairs soon mount up… do some repairs on your own.

Utilizing designated drivers, services such as just park, and even finding out if your local council does MOT checks, could all be big money savers.

Check at work if anyone else lives in the same area as you. You may give him/her a ride sharing proposal. You can talk to your manager fo allowing your work from home few days of the week.

Leisure

Letting your hair down for a weekend or evening is sometimes vital, but the financial aftermath can be painful. Ordering tickets online, signing up at Wowcher, Groupon and other similar sites, and keeping a stash of newspaper offers and planning ahead during the holidays as much as possible – such as creating a ‘holiday activity planner’ – could reap dividends.

There are many cost-effective alternate fun ideas that you can explore. Instead of traveling to expensive places, you can take a staycation. Take up hobbies like biking or fishing, they cost almost nothing except the one time cost of buying equipment.

Instead of throwing lavish parties, you can arrange for potluck events, where everyone brings their favorite food. Instead of flying, take a road trip, explore the surroundings in the process.

Food and drink

Supermarkets love to tempt you with buy one, get one free on products, and there’s little more disheartening as watching good food wither away – items that never should have been purchased in the first place. According to Lovefoodhatewaste.com, the average family throws away $90 of uneaten food each month.

Just a few wise steps can save money in so many ways. Did you know, for example, that you can freeze cheese, lemon and even sandwiches? Or that any restaurant that serves alcohol has to provide tap water, by law? As with all six of these areas, a little planning and research can save a lot of ‘dough’. It may well help to use the free and easy services of an online budget planner.

Kids

Any parent will tell you that looking after a child or two is an expensive business, but that can then be exacerbated with a few simple errors, particularly with a new arrival. An over-reliance on credit, failure to use the vouchers and offers that are commonplace, and above all – lack of planning – can cost.

Other mistakes include paying for subscriptions that aren’t needed, not bothering with sales for items that are barely anymore used than shop-bought products, and buying too many toys. One last thing; teach your child to be careful with money, to look after their toys and clothes, and to turn off appliances and light switches, and you’ll set them up for life.

For you, the spend list might not include all the categories I mentioned, you may have something else in it. If you think through, you’ll get ways to save money on that. Let us know how you are saving money and what’s your strategy where least change can bring most saving.

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Comments

  1. Anna Brook says

    May 26, 2015 at 9:29 AM

    Thanks so much for including JustPark in this great piece.

    We notice that you link to our old crowdfunding page, which is now defunct. Could you possibly update your link so that it takes the reader to http://www.justpark.com ?

    Thanks so much,
    Anna

    Reply
  2. Clarisse @ Make Money Your Way says

    May 26, 2015 at 9:57 AM

    I have a daughter and usually, I don’t buy branded clothes for her because she easily grows up and she can’t use it anymore. As long as the clothes are comfortable to wear and presentable then it’s fine with me.

    Reply
  3. Zee Hamdani says

    May 26, 2015 at 3:21 PM

    Ahh a great blog, highlighting such a common problem. Most of us will get reeled into buying more than we require because of the different offers we see around us and it is true that none of these things are needed but we end up wasting so much money anyways. Really need to put a stop to all this.

    Reply
  4. Lidia says

    June 2, 2015 at 4:43 PM

    One rule that I live by is to never pay full price for fashion items. With increased competition, retailers are desperate to meet their sales targets and end up offering deep discounts on their merchandise. You can learn about their offers by signing up for their email or just googling “your favorite retailer” + “coupon codes”. You will find sites like retailmenot. com, dealsplus.com or coupons.com with fantastic discounts from your favorite stores.
    Groupon is also another great option for entertainment. I recently purchased tickets to a very popular play I’ve been wanting to see for years and got the tickets for 50% less!

    Reply
  5. Sylvia @ Miss PF says

    August 20, 2015 at 7:45 AM

    I am so happy you mentioned Personal Capital! I love them!

    Reply

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SB

Blogger by choice and IT manager by profession. Finance is my passion and gardening is my greatest satisfaction. Born in India, settled in US, Husband and a father. I created this blog in 2011 with a vision to help others. Thanks for your patronage. More info on my "about" page.

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