Personal Economics

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13 Simple Money Saving Tips
Economics, whether that of a state or of a single individual boils down to one basic thing in the end; how to allocate limited resources in the most efficient way possible. Balancing out your needs and wants in relation to your income could prove tricky at times, especially when prices keep going up and incomes seem to be stuck at the same level. But fear not, there are some hacks that you can try to apply that might save you a pound here or there.
1-      Tax yourself
You get tax deducted out of your salary whether you like it or not. Try to do it to yourself voluntarily. Each month deduct a fixed amount of money out of your salary as soon as you get it. Make sure this money cannot be withdrawn easily, so that you think twice before using it up. The smallest amount of money deducted from your salary each month will go a long way towards building yourself a savings pool.
2-      Become a conscious spender
Keep track of how you spend money. You don’t have to carry around a notebook and note down everything you buy, but at least keep conscious track of what you’re buying. That way you can track whether you’re on budget or not.
3-      No credit cards
Yes we all love them. But not all love is good for you. Credit cards provide you with a detached way of spending money because they don’t affect your pocket directly. Debt will keep building up and one day you’re going to wake up with L.E 40,000 in debt because of the 4 credit cards that have made a snug home out of your wallet. Scrap credit cards and remember that debt is slavery. If you don’t have it don’t spend it. This could sound extreme to a lot of people, so if you’re a credit card addict, cut them down to one card and pay it off frequently.
4-      Not all wants are needs
Wants and needs are definitely not synonymous. Those overpriced pair of black sling backs are not necessary, especially if they will be joining the other two pairs you own. Distinguish between your needs and wants. Of course you can splurge every while. But don’t make a habit of it. Remember that spending money on unnecessary things means that you have also wasted time spent on working hard towards buying something that you don’t really need.
5-      Cook!
These days cooking seems to be out of fashion. What ever happened to coming back home from work and whipping up a quick healthy meal? Yes it’s hard for working women, but it’s definitely better than spending your money on take out that isn’t even good for you. Stop clogging your arteries with all that junk food and cook yourself quick healthy meals for lunch and dinner, even if you go for a salad. It’s easy on the pocket and good for your health.
6-      Don’t be an impulse buyer
Don’t buy something just because it makes you feel good to do it at that particular moment. Pause and think if you really want it and don’t do it just because it compensates other feelings. No one likes a home full of useless junk that was bought at a whim.
7-      Go green
Saving energy also saves you money. Turn off lights and air conditioners in rooms you’re not in.
8-      Create a real budget
Yes with excel sheets and everything. There’s nothing wrong with taking your personal finances seriously. It doesn’t mean that you’re skimpy, it just means that you are conscious about how you spend your money. Keep track of your income and expenditures and allocate money wisely. Make sure you are realistic though. The more realistic you are with your money allocations, the easier it will be to stick to your budget.
9-      Cut down on unnecessary spending habits
You eat out four times a week? Make it two. You get a weekly manicure? Make it once every two weeks – better still, learn to do your nails yourself. You buy lunch everyday at work? Pack yourself a homemade lunch three times a week and save on the calories while you’re at it. You have a membership at a gym just out of guilt and never actually go? Cancel it and go walking three times a week.
10- Delay big expenses
If you know that you will be needing to spend a big amount of money on something this month, do it at the end of the month. This way if you are pushing the limits of your budget it will only be a few days to payday.
11- Controlled grocery shopping
Make sure that you have a list of things you need when you go grocery shopping and stick to it. This will most likely stop you from buying unnecessary things. Also, never go grocery shopping when you’re hungry, you’ll end up with a cart half full of unnecessary snacks.
12- Treat yourself
Yes treat yourself to a luxury item every once in a while. Holding back on buying yourself things you like for long periods of time will only worsen the situation if you’re an impulse buyer. So release the pressure and splurge occasionally.
13- Cell phone bills
Cell phones are an integral part of our lives, ok we know that much. But that doesn’t mean that you have to run up a 2000 pound bill every month, especially if it’s on social chit chat. Make your calls short and to the point instead of spending hours and consequently hundreds of pounds on discussing the latest episode of Desperate Housewives.
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