Family Investing

6 Ways to Save Money That You Probably Haven’t Thought Of

There are many reasons why you should save money and learn to practice prudence, and it is a skill that will definitely come in handy as you mature. First, you learn to be patient, second, you become more resourceful, and third, you have more money to buy something really useful. Furthermore, you can easily end up with bad credit if you are not careful and knowing how to save money can help you fix that problem, or better yet, avoid it altogether.

You have probably heard all kinds of money saving tips, like set limitations, or calculate how much you can spend, or even things like “don’t buy items you do not need”. These are all basically saying don’t spend your money, which is good advice, but not really useful, considering how much we all love spending our cash and acquiring new things.

So, here we will go over some tips on how to actually have more money at your disposal, by simply altering some of your habits a bit.  

Extended warranties

First of all, whenever we buy something, we feel protective of that new item or gadget, after all, it is brand new. However, it is why we easily walk into the trap of purchasing an extended warranty and paying more. Just stop for a second and think about it. How many times have you used your extended warranty, and did you really care for the thing you purchased for a whole three years?

If you indeed are a bit clumsy and prone to breaking things unintentionally, then sure, buy the extended warranty, as it is probably a wise decision. However, if you buy new and similar items after 3-4 months and get bored from using the old one, then the warranty is useless. You should only buy it for the items you rely on daily and constantly, like your computer or cell phone.    

Save money on electricity

Saving money on electricity won’t make you rich, but you are bound to save at least $50 or even more if you know how to approach this issue. For starters, you can see if there are other providers out there who can supply you with the electric power at a lower cost. You can do some research online and change your provider, if possible.

Then you can also invest in power saving items and gadgets. You can start by buying green or environment-friendly light bulbs. These might be a bit more expensive when compared to the regular light bulb, but they last longer and they consume less power, so they will immediately pay for themselves.

You can also invest in installing solar panels, if you are living in a house and there is nothing that blocks sun rays, like other buildings or trees. You will be able to pay less for electricity, you will increase the value of your property, you will get charged less for tax returns (in some countries), and you can even sell electricity.

There are other power saving appliances you can look into, and basically start investing in them, because all of them are profitable in the long run.

Don’t pay for delivery

In case you do a lot of online shopping, you also have to pay for a lot of deliveries as well. Have you ever considered doing some calculations and finding out just how much money you have spent on deliveries only?

For those who shop online frequently, not paying for deliveries can mean a drastic increase in their budget, you can definitely save up to $50. All you need to do is simply look up online stores that do not charge for delivery, and luckily there are a lot of them. So, try to shop at least using these stores, since you have the opportunity to save some extra cash.    

Gift coupons and discounts

Another really good way to save cash is to rely on discounts and gift coupons. This can also become your new hobby, searching for the online coupons and discounts for the items you usually buy. You should bear in mind that these can be really persuasive and you might also buy things you usually wouldn’t just because there is a massive discount.

In other words, do not fall for it; if you neither need nor want the item and are only motivated by a good deal, don’t make a purchase. You can also get discounts in various stores by using apps, filling out surveys or by making an account on their website. In all honesty, there are tons of shopper incentives in every town, and you are bound to discover them if you do a thorough search.

Weekly challenge

A weekly challenge is an easy and somewhat fun way of saving money. It is rather simple, you set yourself with a weekly challenge of how much money you need to put aside at the end of the week. You can opt for either $1, or $5 or even 10$, and for whatever sum you choose, you need to double at the end of the following week, and you repeat this until the end of the month. So, with $5 you can save $50.  

Don’t buy brand new gadgets

When you want to buy a new phone, or a new tablet, you should know that getting the most recent product means unnecessarily spending money. Technology moves forward so fast that by the end of the year that product will be old news. It is far better to buy a refurbished gadget, from a trusted brand at a significantly lower price.

The one you want to buy will eventually become a refurbished product, so you can buy it then, and if you really believe in your brand, then you should have no issues with previously used tech. If you don’t believe the refurbished product will function good, then don’t buy that brand in the first place, since it is not worth it obviously.  

These were some creative ways to help you save more cash, while still retaining your shopping habits. I hope you will find these suggestions useful and I hope you will be able to generate enough savings for buying more expensive, but more useful items.