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Amy Nickson On 4th Apr,16
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5 Secrets to save money by practicing good habits

It must be difficult for you to choose between a sport kit for your son or monthly payment for your home. Well, everyone will suggest you to make the payment first then give your child what he/she want. But, there is a concept of extra money which are very useful to fulfill your other needs like this. Why don’t you think about it? Yes! this might force you to do some sacrifice like bringing lunch from home or trimming unnecessary expenses at supermarket. But all these are actually good money habits you’re following. This good habits are not only good for making a small purchase, you can save big after a certain time as well. Read the article to know how some good financial habits can help you to save money.

Save money by practicing good habits

With some little effort and determination you can save a lot. You’re wise enough to understand the best options that is living paycheck to paycheck or planning for a Disney with your kids after reaching all needs.

1. Go frugal

Frugal living helps you to save more money than usual. So, practice frugal living to lead a life without any debt issues. Now, in order to go frugal you’ll have to give up on your impulse buys, your greed and jealousy towards other’s things. You can use discount offers and coupons to shop for items and buy gasoline during cold weather (morning or evening) and so on.

2. Make more than one payment

You can save money on your debt payments if you make more than one payments and more than minimum payments each month against your debts. This helps you to pay off your debts earlier than usual and you save money on the interest. Moreover, if you carry high balance on your accounts, creditors tend to increase the interest rate.

3. Don’t borrow if not needed

Avoid your borrowings if not necessary. The more you borrow more you’ll be in debt. As you’ll have to make the debt payments, you will be left with no money to save. So, the best part is to avoid borrowing if not needed.

4. Plan vacations in advance

You can also save money if you plan your vacations in advance. This helps you save money because if you plan your vacations much ahead of time you’ll get various discounts on booking the hotel, flight tickets and so on. You’ll also be able to buy travel insurance much ahead of time and get the time to shop around for various insurance offers and get the best one as per your suitability.

5. Buy items in bulk

In most shops if you buy items in bulk you get a certain amount of discount. When you’re buying non-perishable items you can buy things in bulk. However, when you’re buying items that can perish this strategy cannot be applied. What you can do then is plan with a few friends or neighbors and go shopping together. Not only you’ll have company, you can buy things together which will make a bulk shopping.

Conclusion

The best thing to do is changing your money habits. You’ll have to lead a disciplined life in order to save money and dismiss all financial obligations. Only if you’re able to save money throughout the year, then you can stay away from debt, you’ll be able to lead a stress free life. In addition to this, you should also put the money that you have been able to save into a savings account.

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