Warren Buffett, a great American an American business magnate, investor, speaker, says, “Don’t save what is left after spending, but spend what is left after savings”.
Got this quote when browsing Internet to find saving advice for young people. We decided to collect money saving advice from blogs, forums... to share with you.
Hope some of them help or encourage you to archive saving goals.
Shoping
Start up a basic herb garden. Fresh herbs can be surprisingly expensive at the store. You can even sell or gift the excess.
Buy basic food items in bulk. This way, you save money and always have ingredients for the aforementioned 'frugal weeks'.- Tuuli Ilonen
Smart Shopping : Only buy what you really need. Plan to shop. Do not let the sales get hold of you everytime you are out for just window shopping and end up buying things you dont need. Do street shopping and learn bargaining. They expect you to bargain and so they quote higher prices. You might get a good deal. Do compare things online before buying. Go ahead where you get the best deal. - Deepmala Yadav-
Don’t buy clothes in big quantity and maintain minimum clothes like these great people. Make yourself a brand.- Joyram
Always look for discounts Be it shopping, travelling, ticket booking to your favourite show or eating out. You will find many deals where you would save a lot of money. Yes it requires some research but it is totally worth it! Next time, before you buy anything just type 2 words before that: “Discount on…”
Read on: The Diderot Effect: The Big Secret to stop wasting your money
General Tips
Record your expense The first step to saving money is to figure out how much you spend. Keep track of all your expenses—that means every coffee, household item and cash tip. Once you have your data, organize the numbers by categories, such as gas, groceries and mortgage, and total each amount. Consider using your credit card or bank statements to help you with this.
Not many one do this tip, but whoever do this, save 15X more money than others. - Bruce Cross
Make a budget. You need to know where your money goes. You need to have plan which guides your spending and saving habits. You can find good templates from the internet, just modify those a little bit to suit better for you - Mat
Clear your credit card debt One of the golden rules of financial planning is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative. - Charles Martin
Wanna simply manage credit card? Check out Credit Wallet feature by Money Lover.
Investing is Saving
Investing in health is the best and most rewarding investment. Investing in prevention is much less expensive than paying medical bills for disease treatment. Therefore, it is a low-risk and very high-yield investment.- Lorna Ye
Invest on stable things The best advice to save money is select an investment option and link your account with the investment using direct debit option. This would deduct the amount from your account on a specific date. Try to provide a debit date close to your salary day so that the amount is deducted as soon as you get salary. This way, you would have less money to spend and hence you will save it.- Bruce
Updating...
I have a sheet on the fridge that has my budget for credit cards for that month. Every purchase I subtract and when it hits zero I’m done for the month! We use cards for gas and groceries, so there is an incentive to not splurge or that last week we’ll be pretty hungry! – Paul
Opt for public transport. It’s way cheaper and you do your bit to prevent the environment from degrading further. Try to stay as near to your office as possible. It’ll reduce your daily commute expenses. Sign up for loyalty and frequent-flier programs of flight carriers, so that you can save money on that front.- Bibekjyoti Roy Nandi
Use Money Lover to keep track of your expenses, monitor budgets and start saving for small goals.
Related: What is Money Management? Definition & Example