Money Saving Tips

If one of your goals is to increase the amount of money which you save on a monthly basis, you’ve come to the right place, simply continue reading to discover a few invaluable money saving tips.

Money saving tips:

1. Be willing to purchase items from different brands, instead of staying loyal to particular brands

Instead of being loyal to particular brands, it’s a wise move to purchase items which are on sale, regardless of their brand. As long as the item in question is a quality product, of course. As an example, if you’re looking to purchase a new television, make the most out of the sales that are on, instead of having your heart set on purchasing a television from a specific brand.

2. Freeze pre made dinners on Sunday night, which you can thaw out and eat throughout the week

If you are often tempted to eat out on weeknights, you’ll be far more likely to eat in and save money if you go to the effort to pre-cook a few frozen meals on Sunday night, which you’ll be able to thaw out and consume throughout the week.

As examples, if you like spicy food you may want to freeze a curry and rice dish, while if you prefer more traditional western dishes you may be interested in freezing a meat loaf or lasagne to heat up later in the week.

If you enjoy eating hearty meals instead of typical lunches such as sandwiches and wraps, you can even take your pre-made frozen meals to work. Simply thaw out each meal, the night before you plan to eat it and heat it up in your workplace’s staff microwave.

3. Before you purchase expensive items try to work out the cost per use of each item

Instead of giving in to temptation, if you’re considering making an impulse purchase that you haven’t budgeted for, consider the estimated cost per use of the item you’re interested in purchasing. As an example, if you see a pair of $200 shoes that you love but you can only see yourself wearing them a handful of times, the cost per use of the shoes in question would be high.

Whereas if you can see yourself wearing a $200 pair of shoes at least 200 times, the estimated cost per wear would be $1 per wear, which is much more reasonable.

When you make a habit of figuring out the estimated cost per use of the items which you purchase, you’ll be far more likely to make wise purchasing decisions and to avoid making impulse purchases.

4. If you have children make sure that you limit how much money you spend on treats and toys for your children

If you’re looking to save money and have children, you’ll be able to save a large amount of money each month, by limiting the amount of money which you spend on your children’s treats such as toys and video games. As children don’t need endless amounts of toys or video games in order to be happy and would normally much rather have your attention than new toys.

So if one of your goals is to save a greater percentage of your monthly income, it’s well worth taking the advice listed above to heart.