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Ways to Develop a Habit of Saving More Money

Aastha Dogra
Periodic economic meltdowns have proved that saving for the future is important.

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With people rendered jobless due to the economic recession, it has become clear that you need to master the art of saving for a rainy day so that you can be prepared and save yourself from any untoward circumstances in the future.
Cut the Expenses
It is simple logic! Cut down all the unnecessary expenses and soon, you will be saving much more money. A good idea to do this is to prepare a list of items that you need before you set out shopping and then stick to the list!

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If you are staying at a bigger flat, consider renting a smaller one. Likewise, cut on your telephone bill, entertainment expenses, give up any membership of a club or a gym if not using, keep only one credit card, etc.
Make a Monthly Budget
Inculcate the habit of making a budget every month, listing all your expenses and incomes.
During budgeting, ensure that you save at least fifteen percent of all your income. This way, you will know that you have only an X amount of money to spend, as the rest has to be saved for the future.
Pay Cash
If plastic money has made shopping convenient and safe, its biggest drawback is that we do not think twice before buying something which is way beyond our means.
To save more money, try making most of your payments through cash. This will ensure that you buy only necessary things, thus saving a lot of money for you, which you would have otherwise paid as interest on credit card installments.

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Cook at Home
One of the ways to save extra money is to cook and eat food at home.
If you ever calculate the amount that you spend on eating out, you will be amazed that collectively it runs in thousands of dollars per month. So for saving money and also for a healthier and hygienic diet, start cooking on your own at home!

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Shop Intelligently
Another money saving tip is to shop from where you get discounts and good deals.
Buy grocery in bulk and look for discounts when you buy clothes. You can even get good deals in thrift stores, yard sales, stock clearance, garage sales, second-hand goods shops, end-of-season sales. Also, stop impulsive shopping; do not buy stuff you want but don't need.

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Save on Electricity
By conserving energy, you are cutting your expenses and contributing to save the environment from global warming. Make sure you switch off the lights, fans, TV and all other electric appliances when not in use.

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Buy energy efficient electrical appliances, use devices which operate on solar energy, lower the thermostat in your house by 2 degrees during winter season, and raise it by 2 degrees during the summer season.
Use Public Transport
A good idea is to travel by public transport. If the distance to be covered is less, you can even walk down, instead of spending money on filling gas in your vehicle.
Earn More
If you feel that you need to save much more than what you are doing right now, supplement your current income by taking a part-time job. You can even think of making more money by starting your own home based business.
Invest Properly
Investing wisely is very important so that the money does not lie wasted in bank accounts.
Cut down on your expenses and increase your avenues of income generation, and invest wisely in real estate and long-term schemes for a safer future.

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