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How to be Frugal?

One of the problems people encounter these days is the fact that we have nothing to get during emergencies simply because we haven’t saved any even from the start. Technically, that’s one of the attitudes mostly people have. In other hand, there are some ends up saving nothing due to other expenses that are needed to be prioritized. Yet, still not a good practice though. Thus, we end up owing our friends, and relatives and such.

What could possibly the best solution to it? There you asked. Of course, in every problem there are solutions. Good thing that we have options to choose for. So far, the best way to solve this issue is to learn how to save and of course learn how your savings grow too.

There are plenty of ways on how on how one can successfully save. And the following are just some of the stuff that can help individuals like you.
  • Always keep in mind, in order to get success in saving never to forget the best formula= Income/Salary minus (-) Savings equals (=) Expenses/Budget for the whole season (it can be good for month or weeks).
  • As much as possible, learn to list down all the things needed to be bought and to be paid off for the entire season until you get the next budget.
  • In terms of food, it’s really advisable to cook in your own. It doesn’t just help you save but it also keeps your family safe and healthy compare in consuming those foods available in the market or fast-food chains. 
  • Always try to canvass for products’ prices. It will help you save more especially that there are varieties of brands of products are out in the market these days.
  • Try to avoid using credit card/s. Although it can help us in other means yet it is not really helpful in saving up your money for the future. Unlike borrowing to friends, credit card needs you to pay for interest which makes it not really a helpful source.

If you’re on a budget, these practices are really good to apply. It will not just help you to be practical but it will also help you to be responsible in different fields too.

Meanwhile, saving has a lot of purposes too. Aside from keeping it for emergency needs, it can also help individuals and you, yourself too! How? Simple, the following are just some of the ways on how both parties could benefit of your money:
  • Depositing your money to (a) bank/s. It’s very common for individuals who are saving to put up their money in banks. Aside from keeping it safely, it also grows through the interest paid by qualified borrowers of the bank/s. In other hand, you don’t just earn by the interest but you also earn a good deed by helping those people during in their need.
  • Investing it to business/es. Aside from putting your money to bank, investing it to a business is also a good idea especially that there are varieties of businesses available to choose for, Binary Options (try to read for more details about it) for instance. However, before fixing your decision try to look for a good business that is suitable for you and at the same time can really help you earn or double your money then since not all businesses give good outputs.

How can it help individuals? Probably, if you start up a business there you could help individuals looking for a work or other sources of income to earn too. And if you come up with a good one, you will be able to open for a position or positions rather that job seekers may find. There, you can help them in that way.

These are just some of the ways on how one can earn out from his or her savings. After all, it will just depend on the person if he or she prefers to keep it safe and never risk his or her money at all or perhaps, does it and earn instead. In short

5 replies:

Tammy Graham said...

We looked at our savings account statement the other day, it pays 1%. That was almost funny.

Cindy Batchelor said...

I should make my husband read this! lol. He is the big spender in our home!

Sofia said...

We try to save as much as we can and we buy only what we need. But owning your own business is tough. Thanks for your tips.

Corinne Schmitt said...

Great tips. We employed a 7-day rule in our family. If we want to buy something we have to wait 7 days before purchasing it. Usually this eliminates impulse purchasing and gives us time to consider whether we really need the item or not.

Lexie Lane said...

Great list! The most helpful for us has been the credit card usage. If you don't spend what you don't have, then you won't have to worry about it later on. Only way to keep yourself on check!

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