10 Effective Strategies to Save Money

Illustration by Serj Marco via Dribbble
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Are you a shopaholic and spending huge bucks on products? Well, it’s not everyone’s cup of tea to save money. You must hone money-saving skills to enjoy the benefits offered by online retailers and e-commerce stores.

“Do not save what is left after spending, but spend what is left after saving.” is one of the famous quotes from Warren Buffet for every young aspirant to look into before shopping for the desired products. If you do not have control over the expenditure, you cannot control the actions you take.

Most of the people become millionaires by saving a little for a longer period. Why don’t you give it a try? If you are surfing the internet for tips on saving money online, this article is for you. We have curated the list with our vast experience in marketing research, referred to hundreds of online publications, and customer feedback. Check it out!

List of 10 Incredible Money-Saving Tips

Saving money is quite challenging for many people due to the deductions via EMI, personal loans, and other interest charges every month. Hence, we have provided below some useful money-saving strategies. Have a glimpse:

  1. Grab Online Coupons and Deals
  2. Invest in Goals
  3. Spend a Little
  4. Hide your Savings
  5. Say No to Loans
  6. Look for Alternatives
  7. Pay using Digital Wallets
  8. Perform Deep Analysis
  9. top Playing Gambling
  10. Pay Bills Regularly

Let us dive more into the topic now!

#1. Grab Online Coupons and Deals

First and foremost thing in the list is to get the online coupons and deals. Top-notch merchants across different niches like health, groceries, kitchen appliances, fashion, beauty offer huge discounts and coupon codes to attract customers. It is considered as one of the best marketing strategies to gain more leads in less time. You need to do the proper research work by visiting the different brands and applying the coupons that tend to provide items at a maximum discounted rate.

#2. Invest in Goals

Set Your Key Goals
Illustration by Bobby Voeten via Dribbble

Figure out your investment goals in life to avoid unnecessary hurdles during last-minute payment. If you are planning to buy something in the near future, it is recommended to make a financial plan a couple of months ahead. Be it an air conditioner, smart TV, premium, etc, you have to adjust the savings on salary accordingly.

You can also invest in health insurance premium plans to achieve a lump sum amount for 10-years or even more. The potential risks involved with health insurance companies are quite less. So, what are you waiting for? Start investing in insurance plans that meet your preferences.

#3. Spend a Little

People often spend money throughout and save a little during month-ends. Of course, we all have electricity bills, mobile recharges, internet bills, etc., but there won’t be much savings in this approach. If you can save at the beginning (X-amount) and spend the remaining money, the chances are high that you can become wealthy soon. It is because the amount of money you save depends on how much you spend.

People often believe that online shopping increases the amount of money spent on grocery items. Not exactly! You can make a quick decision as you know the no. of items added to the cart. Depending on the home needs and budget preferences, you can add or delete items from the cart. Adding up, the eCommerce stores will deliver the groceries to your doorstep with free shipping services.

#4. Hide your Savings

Did you ever imagine why savings are hard? It is because you have the liquid cash in hand to spend on groceries, home appliances without having a second thought. As a result, you end up with zero savings.

What if you can save at the beginning of a month? Yes, it is possible! All you need to do is add the money to a new savings bank account and ensure you do not rely on spending with this new savings account. In this way, you can gain high interest rates when the tenure is for 5-years or even more.

#5. Say No to Loans and Credit Cards

Say NO! To Loans and Credit Card
Illustration by Mia Ditmanson via Dribbble

If you subscribe to any banks, you will be fed up with calls regarding loans and credit cards. Although the credit offers seem tempting, do not opt for such things unless there is a medical emergency. It will ruin your financial growth as you will be imposed high charges for every transaction you made through credit cards. Here are some of the reasons why you shouldn’t opt for credit cards without a strategic plan. Have a look:

  • High-interest rates
  • Poor credit score
  • May lead to bankruptcy
  • Hidden terms and conditions
  • Damages your financial growth
  • Sudden rise in interest rates for unpaid bills

#6. Look for Alternative Choices

Next comes in the list is to look for alternative ways to find the desired product at low-prices. While shopping online, you may come across desired products at expensive rates. Due to budget constraints, you may not be able to get the desired product. The best possible way is to look for alternative brands that offer quality products within your budget range.

Sometimes it is also good to cut down the expenses on unnecessary subscription plans, housing services, junk foods, etc., to a great extent to lead a happy and peaceful life. Following this technique can easily save thousands of rupees every month.

#7. Pay using Digital Wallets

Mobile Wallet Payment Trends 2021
Mobile Payment Volume to Increase Tenfold by 2021 (Source: Statista)

Paying your electricity bills, movie tickets, rides, recharges is one of the effective money tips. Don’t know how? Read on! With over 6 billion smartphone users worldwide in 2021, shopping online and making payments through digital wallets have become a trend.

When you make payment using digital wallets, you will be eligible for exclusive deals and discounts on the total bill. It is one of the easiest ways to perform online transactions and is highly secured too.

#8. Perform Deep Analysis

A marketing survey reveals that people do not spend time researching how much they invest in shopping. If they could do that, they can save huge bucks without bothering about the month-end hassle. Marketing and finance experts also say that every individual has to adopt this technique to minimize the purchases of unnecessary things.

If you are not sure how to do the analysis, there are several free tools online that help you to keep a track of expenditure on daily, weekly, monthly, quarterly, and yearly basis. Sign up right away to enjoy the benefits.

#9. Stop Playing Gambling

People are addicted to online games like poker, gambling, pubg, etc., and do not even care about their goals. Experts also claim that playing games for refreshment is fine, and addiction can ruin the career.

Gambling involves investments, and without proper prediction, you may end up thousands to lakhs of rupees. It’s better to stop playing gambling right away than to lose everything you have.

Gambling Statistics
Gambling Statistics by The Recovery Village

Here are some of the reasons you should know before you actually start gambling:

  • High addiction
  • Affects your mood
  • Spoil your career
  • Not aware of strategic planning
  • Spending too much of money and properties
  • Problems in relationships
  • You may fall for gambler’s fallacy

#10. Pay Bills Regularly

Finally, we will end the list with the bill payments. Start paying your bills regularly within the deadline to avoid unnecessary charges. If you skip the EMI’s or loans for a couple of months, you will be imposed high-interest rates. It can be a burden for you to meet the daily expenses for entire family members.

Moreover, knowing the due dates and making it as a habit reduces mental stress, saves money, and boosts the credit score; which further allows you to get loans without any rejections. Here are some of the possible ways to prevent late payments. Check it out!

  • Subscribe for pre-payment notifications
  • Sign up for auto-payment methods
  • Do not cross the deadline
  • Choose the secured payment modes

Amazing Benefits of Saving Money

Saving money requires a lot of discipline and dedication. However, with proper financial goal-setting, you can start saving in less time. Here are some of the benefits of saving money that everyone should know. Check them out!

  • Build a better future
  • Invest in education
  • Plan for holiday vocations
  • Offers financial freedom
  • Build your own house
  • Achieve your short-term financial goals
  • Focus on calculated risks in business
  • Helps during medical emergencies
  • Prepare for your retirement
  • Volatility of social security
  • Pay pending mortgages at one-go

Final Verdict

In a nutshell, if you are finding it difficult to save money, then you should probably need to implement the above-listed saving tips like – grab online coupons and deals, spend a little, hide savings, say no to loans, pay bills using digital wallets, perform deep analysis, stop gambling in your daily life. They eventually help you set a barrier for investments and reach your financial goals in less time.

So, go ahead and start following the amazing tips right away. If you think we miss any important saving tips, please write to us in the comment section below. We would love to hear from you soon.

Happy Saving!

About the Author!

Ram Charan is a Sr.Content Strategist at GrabOn. He works closely with the marketing team to deploy strategies for building a brand from scratch. He has ample experience in providing omniscient solutions on money saving tips for readers who desire to purchase the products online.

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