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Niche Topics (Money and Lifestyle) is about helping you manage your finances so that
you live comfortably within your means. We share frugal living ideas such as save
money around the house, cheap to make recipes, budget-friendly solutions for everyday
living, recycling crafts, helpful hints to buy things without getting burned, and
With the world facing an unavoidable wave of recession at the moment, it’s a wise
thing to be prudent in everyday expenditure and save every penny you can wherever
possible. This will go a long way in helping you build up nest egg for future, and
also prepare you for any economic uncertainty such as an unexpected job loss.
Unfortunately many people make bad financial decisions and overspend their income
each month. As a result, they may find themselves in unmanageable debt and not able
to save up any money.
Saving money is hard to do but it can be done if you make a deliberate effort to
track your daily expenses and control unnecessary spending. For a start, you should
seriously cultivate the good habit of saving to generate cash, regardless of the
amount. Here are some proven save money ways that won’t hurt your lifestyle too much.
How to Make Yourself Save Money
Rule number one, pay off your debt. The sensible approach to savings is to clear
your debt first. Pause and think for a moment – if you’ve a pending credit card debt,
you’re actually paying high interest rate on it (a whopping 17-20%). This is not
something you want to do when you’re trying your level best to make savings and get
If it is beyond your present financial status to pay off the entire debt, at least
commit yourself to pay off a set amount every month.
Then, when the debt is cleared, put the money you would have paid interest each month
into a regular savings plan. At the end of the year, you’ll be pleasantly surprised
at the accumulated amount, no matter how small it may be.
Next, find ways to save money in your everyday life. For example, take a packed lunch
to work rather than eating at the cafeteria. Cutting down on those expensive designer
beverages and bottled drinks is also a great money saver. Avoid the vending machine
and make your own homemade snacks instead. As you can see, a small difference in
your eating habits has a BIG impact on your ability to save cash every single day.
And, if you’re a smoker, consider quitting because you pay more for your life and
Look at the way your spend money on big ticket items. Ask yourself whether the purchase
is a need or a want. Are you spending on wants rather than needs? More than often,
many of us are guilty of buying things on the spur of the moment, and then end up
with impulse purchases that we’ll regret later. So, think twice before you buy that
pair of Christian Louboutin shoes.
Get yourself a piggy bank or a cookie jar. Put all spare change – pennies, nickels
and dimes – into the jar and place it in a conspicuous location. If you can see it,
you’re more likely to drop some loose change into the jar. I like to use glass jars
as I get a sense of achievement watching it filled up each day.
Put your unexpected windfalls to work. Perhaps you worked overtime recently, received
a tax refund, a bonus, a small inheritance or got lucky with lottery? Since it’s
extra money and not part of your constant regular income, put that spare cash into
Some employers put money into the company’s pension scheme, so you might want to
consider joining it. Many people chose to opt out, fearing that their monies may
not be secure but this is not true in every case.
Alternatively, pay yourself pension through a stakeholder scheme. You often can’t
cash out until you reach a stipulated age. Therefore, it can be very helpful in fighting
the temptation to spend that sum of money now. Moreover, there’s tax relief on everything
you pay in.
Maybe you’re already making a monthly mortgage payment, why not write a slightly
inflated amount? It can be as good as saving as it usually means that you’ll clear
the mortgage sooner, own your home more quickly and that equates to paying less interest.
One last tip to make yourself save money is, examine what you were paying when interest
rates were higher. Consider paying that much now. That way, you save money indirectly.
Having said that, there are many other simple ways to save a bit of money every month
but the most challenging task is to make yourself take that much needed first step.