Top 10 Ways To Save Money And Avoid Bankruptcy
To some people, making money is easier than saving it while to some, it’s easier to save than earning it. The key to financial freedom is not to make so much money but in having total control in saving it. If saving money is so easy as some people looks at it then all these money making machines companies and individual will never go bankruptcy. If you are looking for ways to save money then be sure to learn how to control your expenses.
Don’t be surprised to discover that some of the rich people even rich celebrities has list of debtors. It makes you to wonder how these people that earn so much money become debtors? How do they fall on hard times financially? The answer lies in their unpredictable income expensive lifestyles, plus the continuous demands from family and friends who want a share of their money. There are so many ways to save money and avoid high-roller ways.
Simple Ways To Save Money
1. Don’t Surround Yourself With Shoppers
When you surround yourself with people who believe that money is made to be spent anyhow then you will have hard time saving money. Truly money is made to be spent but not with the mind-set of spending it left and right. Hanging out with shoppers will make you to be more inclined to spend extra money yourself in order to fit in to their lifestyle.
If you don’t want to go bankruptcy be sure sure to hang with friends that have the same parsimonious and penny-wise mind-set as you. By doing that you will be less likely to spend money unnecessarily. Money spenders will run you dry whether you believe it or not.
2. Learn From Income Taxes
If you are looking for ways to save money then let income taxes teach you how to save. If you can keep in mind that 40% of what you earn will be going into income taxes, you will learn to save. I am not saying if you make it big, that it’s bad to loose yourself a little bit and do some spending. I am only pointing at moderation. Too much of everything is bad, if you spend too much its going to get back at you.
I have been in company of people who spend money as if they have money printing machines at their home and after some years things went bad and they are now regretting why they didn’t save during the rainy days. You should understand that nothing last forever in this world and that includes money. Just because you are making it now doesn’t mean it might not go down in the future. You need to protect your protect your income by saving.
3. Control Your Spending
This is one of the most important ways to save money. Like I earlier pointed out. If you can control it then you can save it. I know so many people love to spend money during a heavy income success. I am guilty of this too but in doing that, its also good to control the spending. If you can’t control your spending, it will be hard for you to control your unpredictable income expensive lifestyles. And that automatically means that your income saving level will be very low. If you are serious about saving money then you must learn to control your spending.
4. Avoid Mortgages
If you can buy only the things you can afford, you won’t be having sleepless night trying to pay back mortgages. Money is unpredictable and it’s not advisable to go and take something such as a car on mortgage hoping to pay for it when your next check comes. If you have taken up mortgage, here are the tips to help you in paying off your mortgage faster
5. Check Bank Offers
You might be surprised to learn of some banks in your locality that offers good sign-up bonuses when you open an account with them. Some might even comes with good interest rate better than your current bank. You switch to a different bank that can help you to save and earn more money. After all it doesn’t cost you nothing to move bank account to another bank. That interest rates will help in your saving.
6. Save By Selling Unwanted Items
I know there are so many unwanted items in your house. Why don’t you sell them and save some money. You don’t have to wait until they lose their value before you can make money with them.
7. Return a Purchase
If there are any recent unnecessary purchases you have made, check to see if there is something that can be returned. If you want to save money make sure you avoid getting yourself in the position of buying things that are not important.
8. Rent Your Parking Spot
If you live in a city that has great location, you can rent your parking spot for some people. In big cities, people are always short of where to park their cars and there is nothing wrong if you sell your parking spot to save money. To do that simply post ads around the neighborhood, social media, or better still make a listing on craigslist. You would be surprised how much your parking spot can fetch you.
9. Save Using Discounted Rates
Taking advantage of discounts offers will help you to save more money. Check the company you work for to see if they offers discounted rates for the things you use.
10. Check Credit and Debit Card Spending
Don’t rely on credit credit card for every purchase you make due to the interest rates. If you can’t do without credit cards then keep a list of the things you need and buy them in bulk at the end of the month. In doing that you save money.
These are some of the ways to save money and avoid being in debt. All of them are just simple ways anyone who is serious on saving money can implement.