Savings is a way of keeping some amount of money apart as a reserve for the future. The money could be for investment or for retirement. One good way of saving for your retirement is putting money in a good pension plan. If there is a provision for a pension plan in your place of work make use of it, if there isn’t get one.
You may want to buy a car in the future or build a house or send your children to the best schools or take holiday to a luxurious place in the world. It is with your savings that you can make sure this is accomplished.
You can also save for seasonal expenses like during Easter, Christmas, Thanksgiving. You wouldn’t want to wait till this holiday seasons come upon you before you start running around for the money therefore you need to have some money before hand.
These are the ways you could save some money for the seasons and for other things you want to do. There are so many ways to do this but I will be enumerating just 16 ways.
1 Bulk buying: This entails buying things in large quantities. When you go to market instead of buying a loaf of bread, buy 5; instead of 20 cups of rice, buy a bag or two. It’s cheaper when you purchase in lager quantities as you get a discount in price. Besides it saves you the time required to be frequenting the market.
2 Buying from cooperatives: There are some cooperative shops available everywhere. Things are cheaper in these shops. Cooperatives stores come about when people get money together to establish a store. They buy from the major distributors or manufacturers so that it will be cheap and sell to their members cheap. If you see a coperative store near your home, buy from them, things are cheaper there.
3 Stop smoking and drinking much: Put simply, stop or at least reduce your bad habits. Smoking and drinking too much is not good for your health. I’m sure you want to be healthy and enjoy your wealth in good health not waste it all in the hospital. So stop getting drunk, stopping smoking 10 packet of cigarettes everday, you will be healthier and save a whole lot of money.
4 Reduce your communication cost: Our means of communicating with each other can be very costly at times. Check what you are using currently, if it is taking too much money from your pockets, try to cut the cost. Check for cheaper internet cost. Check the different phone companies and see the one that offers cheaper calling rates and go with them. Text messages to loved ones instead of calling them everyday. Use email to communicate more often than calling, you will save more money.
5 Take lunch to work or office: If it cost you $10 to have lunch at your place, by cooking your own and taking it to work, you will save about $260 in a single month. Thinks about that.
6 Do your Laundry: Wash your clothes yourself instead of going to the drycleaner. You will save a lot of money as you can buy soaps cheaper from cooperatives and buying it in bulk.
7 Buy only necessities: Before you bring pout your money to pay for anything make absolute sure that it is hat you really needed. To be sure write down all you want in a week or month, then arrange according your scale of preference, then buy only the first thing on your list, give some time and buy the second, continue that way and see how much you’ll save.
8 Use a list when you got to market: This is vital. Using a list when you go to market helps to make sure that you will only what you need just like above. Also buying with list helps you to avoid impulse buying.
9 Reduce your expenses: This is a classical way of saving some money. Check your income and expenses, if your expenses is way much more than your income, find a way to reduce spending so much. Learn to live below your means.
10 Bargain Buying: This involves checking for different prices before buying so you buy from the cheaper merchants. Always shop around for the best price before parting with your money.
11 Stop impulse buying: Impulsive buying happens when you got to market to buy 4 things and come back with 10 things. Anything you see that was on sale you think buy. You justify it by saying your self oh I need this and you buy. Away of stopping to is only buying with a list and stick to the list.
12 Have a medical checkup at least once a year: This will ensure that you don’t more money treating illnesses that could have been prevented by regular check up
13 Sell off items you no longer use: Go through every inch of your room and bring out items you’ve not used for a year, you’ll be surprised. Sell them off. You’ll get some money for xmas.
14 Cut up all your credit cards and keep one: Credit cards make you buy more than you need. It makes you buy often more than you would have bought if you wee without one. So cut up all your credit cards and keep only one. Make sure you pay off this one every month.
15 Use public transport instead of your car: You will save a lot of money from fuels as well as the stress you will save yourself talking your car to the mechanics for repairs.
16 Book airline ticket on time: Booking airline tickets on time helps to cheaper fares, so make it a habit to book ahead of your travels.
17 Import things and Sell: That’s right. Import goods that are highly needed in your country and are a bit costly. You can easily online and find out where its cheaper, bring it in, sell and make your money. To know the easy way of importing goods into Nigeria, clcik here.