If you ask someone how to save money, they will give you several opinions and plans to follow. But later you will find many of those tips or plans to be unfeasible. Therefore, saving money can be considered an art. The following is a set of possible and realistic plans that really can help you save a large amount of money by the end of the year.

In the current era, after the world’s economic crisis, everyone seems to be in a state of stress in terms of their job and monetary issues. If you are one of those who have been spending a lot on your lifestyle, entertainment, smoking, drinking, or other habits like that, you need to reconsider your habits. They can be changed positively.

Ways to Save Money This Year

First, save then spend:

This is really a wise approach. Whenever you are paid, first deposit 8-12%, into your savings account. For example, for every 1000 earned, transfer 100 to savings. This will give you a healthy savings account in the end.

Design the budget:

Put down your daily expenses that are really necessary to live and multiply them by 30.  You now have a rough estimate of your monthly expenditures. Don’t include entertainment, drinking, clubs, and other stuff like that.

The surplus activities mentioned in the last line of the previous point must be reduced to zero or at least 1%. You’ll be amazed at the savings at the end of the month.

Don’t use credit cards:

They not only inspire you to spend more while shopping but also there is an additional burden of “interest” on your pocket. They by themselves are not bad; rather it’s your own matter of control.

Separate the saved money from spending money.

As we discussed earlier, you should always put the savings in a separate account. If your savings account is interest-bearing, you can save even more.

Keep a track record of your savings.

Every weekend or at the end of the month, assess how much you have spent above the budget you had designed. If it is too much then be careful the next time.

Cut down your expenses as much as you can.

Evaluate the things that you are spending on. If they are not necessary, you can avoid them to save money.

Expenses such as a costly apartment, luxury car, or big car exceeding your family’s needs, buying new clothes randomly without needing them, using a landline telephone even if you have a cell phone and Yahoo or Skype things for free, and using too much electricity on heating or cooling your house are the things where you can efficiently cut your expenses down to a great value.

These were some pieces of advice for making you aware of how to save money. Taking these actions can make you save so much that your eyes open with wonder by the end of the year.

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