Do you freak out at the end of each month with just $10 in your bank account? Why is it easier for some to save money while you struggle just to save a dollar?

Saving money is not as difficult as you’d imagine. So here are some practical tips I use in my life without having to change my lifestyle.  

 

1 PAY OFF YOUR DEBTS

Credit cards bills are bad debts due to its high interest rates. Pay off your credit card balances with a convenient repayment system. With the right discipline you’ll pay off your outstanding balance monthly and avoid late payment charges. Use cash only unless there is a special rebate with credit card purchases.

 

2 keep track of your spending

Track your daily expenses to control spending. I do that almost every day on my computer. If I didn’t have access to my laptop, I log it into my mobile or on a piece of paper. I then transfer the day’s expenses into my simple tracking sheet [Click here to download].

 

3 automate your life

If the expense tracking sheet doesn’t help you save (lack the discipline, eh?) set up a new bank account. Request the bank to automatic transfer one fourth of your pay into this new account every week or month. Do not get an ATM card from this bank account. What you put in this account every month should remain there and you’ll soon see your money tree grow!

 

4 think green, be green

Replace incandescent bulb with compact fluorescent bulbs. Their compact size and high light output offers an energy saving of about 80% compared to an equivalent wattage of an incandescent bulb. They have an average life of 10,000 hours which is 10x better than the incandescent bulb.

 

5 go five-star

Replace your 14 year-old refrigerator. Refrigerator consumes the most energy in comparison to the rest of your kitchen appliances. By changing your old refrigerator with a new 5-Star qualified model you’ll save at least 25% energy off your overall electricity usage.

 

6 BUY & SAVE

Buy non-perishable items during sales in bulks. However do not buy something you don’t need just because it’s on sale. You’ll be wasting money and storing space. Take advantage of seasonal sales. There are at least three Mega Sale in Malaysia. The best time to shop in the US and Europe are often after celebrations like Valentines, Halloween, Thanksgiving and Christmas when retailers are desperate to clear stocks.

 

7 WRITE A LIST AND CHECK IT TWICE

Make a shopping list before you buy the weekly groceries. Thoroughly check your household supplies and write down only what you ‘Need’ and not what you ‘Want’. Be discipline and stick to your checklist.

 

8 RETAIL IS NOT THERAPY

Do not use shopping as a therapy. Take a walk in the park, read a good book (check out our Top 10 Brain Books), have coffee with friends to de-stress. There are always other methods to relax without spending your hard-earned money.

 

9 BORROW, NOT OWN 

Borrow books or magazines from library, friends or drop by book rental stores. For avid readers, there are many books available in our local library. You can also exchange the latest books with your friends or rent them from your local rental books stores. If you need to own a particular title, you can get second-hand books for a cheap price from bookstores like Pay Less Books. 

 

10 Meet up with friends

Save phone bills. Arrange appointments with friend at home or at theirs’ for a chat instead of talk long hours on the phone. If you’re overseas, download Skype™ and talk on the Internet as long as you like on your laptop for free.

 

11 Cook and eat simple healthy meals

Plan and prepare easy to cook dinners with spouse, your kids or with your family. Explore different recipes available online. Be the next Jamie Oliver! Eating healthily and have fun the same time. Dine-out only on special occasions.

 

12 Explore local
Travel local. There are many great beaches, parks, gardens, scenery and natural wonders to explore in your country. You don’t have to go far to enjoy life when it’s really all in your own backyard.