People
generally tend to not pay much importance to the role of small savings in
providing a big enough saving. Small savings do not seem significant enough.
However, that is an erroneous attitude towards money. Small savings, completed
on a daily and monthly basis, can add up to a big total over time, say a year.
In fact, you can make small savings that will contribute to a big investment
you want to make.
Here are
some smart tips to save more money.
Pay
Credit Card Bills on Time
Credit card
fines are big enough to make you feel the pinch. That is, if you fail to pay
the minimum amount due within the stipulated period. If that is still not scary
enough, consider this statistic: in the US, credit card holders who fail to pay
the minimum amount due for more than 60 days face an average penalty of 28.45%
interest rate. Even if you are unable to pay the entire outstanding, make sure
you pay the minimum due before the stipulated last date.
Pay Off
the Entire Credit Card Outstanding
Credit card
outstanding bills, when carried over time, can attract exorbitant charges such
as 48% annually. If possible, pay the entire credit card outstanding. Else, pay
as much as is possible without affecting your finances too much.
Book Air
Tickets Well in Advance
The earlier
you buy an air ticket, the lesser is it going to cost. Plan your vacations or
travel well in advance, may be 6 months or more and look for discounted
tickets. Airfares vary depending on airliners, so look for the cheapest
available tickets. Look for offers provided by the airlines and grab them. You
may also book return airfares on the same airline so that it costs lesser.
Stay
Close to Your Workplace
That way,
you will not only save a lot of money and gas but also avoid a lot of
commute-related stress.
When
Shopping, Look for Discounts
Sometimes,
departmental stores offer huge discounts on products they sell. Usually, there
are certain time periods such as Christmas and Black Friday. Plan your
purchases, especially the costlier products around those periods.
Let Your
Money Not Stay Idle
Do not stash
cash at home; it is not going to grow. At least put it in the bank so that it
earns some interest. Even better, constantly look for investment avenues that
can earn you handsome returns. Let your money work hard for you. For that, you
need to put it into a field where it can play, work and grow. That, however,
does not mean that you should put your money into speculative investments.
Stay
Below Your Means
While it is
in human nature to crave, you need to balance your cravings. If anything that
you crave is not a necessity, it is not going to cause any harm if you cancel
or postpone the decision to buy. Instead, put the money away for investment or
other useful purpose.
This all saving
plans are going to benefit a lot from your decision in the future.
Alex is an expert financial advisor and blogger. Whenever he finds some
tips and tricks useful for sound financial health he spread those ideas
throughout the internet so that other people can get help from that. With his
long term association with Snug Loans, he met many people with different
financial issues and always tried to fetch a reasonable solution for them.
[Source: http://www.financeadvicelive.com/2015/05/the-power-of-small-savings.html]
